Today, Chatbots are rapidly utilizing in every industry as it’s able to resolve real human agents’ difficulty in providing answers to question 24/7. A Chatbot is a computer program or an Artificial Intelligence which conducts a conversation through auditory or textual methods. Chatbots are usually utilized in dialog systems for different practical purposes, such as customer service or information acquisition. Some Chatbots utilize sophisticated Natural Language Processing (NLP) systems, but many simpler ones scan for keywords within the input, and then pull a reply with the most matching keywords, or the most similar wording pattern, from a database.
The number of bots on the internet is growing making them become effective players of websites and messaging apps while changing the way companies do business. In the web-based segment, Chatbot Market demand is growing fast as the Chatbot operators are personalizing the content and have control over the personality and behavior of this AI-powered solution. In 2017, the market in web-based segment alone held nearly 50 percent shares in the market and is predicted to lead in the coming years. While it offers highly conversational experiences through text and voice, which can be customized for use on various web browsers, mobile devices, and varied chat platforms, the AI-based Chatbot market is growing at a CAGR of 53 percent throughout the projected timeframe. The market is driven by the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles.
The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. North America is anticipated to dominate the Chatbot market by 2024 as this AI-optimized solution has gained traction in several sectors like BFSI e-commerce, gaming, and healthcare.