Chatbot Market Growing at a CAGR of 37.11% During 2017 to 2021

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01 Feb, 2017, 07:00 IST

PUNE, India, February 1, 2017 /PRNewswire/ --

Until the end of 2021 the growth prospects for the global chatbot market will be driven by the integration of chatbot with social media. The analysts forecast global chatbot market to grow at a CAGR of 37.11% during the period 2017-2021.

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The global chatbot market analyst says the social networking platform started as an interaction tool for social activities and to allow users to remain connected with friends, family, and colleagues. However, it is maturing into a tool for brand engagement and interaction between the brand and the customer. In 2014, there were around 1.82 billion active social media users. This opens up ample opportunities for both consumers and enterprises to use chatbot technology that can benefit both. If the user of a social networking site requires assistance regarding new features, security, and other issues of the site, interaction with the chatbot will help the person to find a solution.

According to chatbot market the report, customer relationships are crucial for effective revenue generation in any enterprise. The rising competition has made the enterprises strive for the largest market share and develop a wider customer base. To achieve this, the companies have started implementing enterprise solutions such as enterprise resource planning (ERP) and customer relationship management (CRM). However, it is difficult to maintain the same level of personal contact with all the customers. The lack of a centralized system to control continuous communication with customers with relevant and consistent data results in loss of customer base and exposes the business to risks. Order a copy of Global Chatbot Market 2017-2021 research report at http://www.reportsnreports.com/purchase.aspx?name=832204.

The following companies are the key players in the global chatbot market: Anboto, Creative Virtual, eGain, Inbenta, and Nuance. Other prominent vendors in the market are: CX Company, Ecreation, GetAbby, H-care, Next IT, Synthetix, and Viclone.

The banking, financial services, and insurance (BFSI) sector accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. BFSI sector is one of the earliest adopters of chatbot that witnessed a high degree of demand from its large customer base. In addition, factors such as the expanding customer base and limited corporate staff have compelled the BFSI enterprises to implement chatbots to provide the best value and service to their customers.

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