Conversational AI will be the Most Profitable portion of the Chatbot Market
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The report provides an analysis of the chatbot market across industry verticals with use cases in diverse sectors. It also provides an analysis of chatbot companies including their strategic initiatives, solutions, applications, and services. The report provides an assessment of emerging AI-based chatbot business models and associated economic impact on labor, investments, and ROI. It also evaluates the current state of chatbot developments and the role of machine learning and AI other technologies such as conversational AI.
Select Report Findings:
- The global AI-enabled chatbots market will reach $4.6B USD by 2026
- Hybrid voice and text chatbots market will reach $682M USD globally by 2026
- The use of conversational AI will revolutionize customer relationship management
- The global market for conversational AI in telemarketing will reach $201.3M USD by 2026
- Conversational AI will also improve telemarketing efficiency but become major robocall issue
- AI-based chatbots are poised to become the norm by 2025 as contact centers increase automation
Chatbots are leveraged in many different industries including retail, healthcare, banking and real estate. Examples of chatbots in these industry verticals include the following:
- Retail: Virtual chatbots can act as personal sales assistants, enabling customers to find what they are looking for online. These AI-powered bots can use history and user input to suggest items and applications to purchase.
- Healthcare: Chatbots have multiple uses in the healthcare history, including their ability to provide medical advice to patients. Assuming advanced enough chatbots are in use, they can respond to a patient’s queries based on a dataset, providing accurate responses to their health-based needs. Bots can also be used to schedule and cancel appointments, saving patients’ and healthcare workers’ time.
- Banking: Banks utilize chatbots for customer service, providing them with a better experience while making the system more efficient. Chatbots offer services such as providing account information, quick transfer of funds, and the ability to find nearby ATMs.
- Real Estate: Chatbots in real estate work to inform clients of listings and showings, enabling agents to multitask and perform their job more efficiently. These bots can also provide customers virtual tours and are available 24/7, unlike traditional real estate agents.
Artificial Intelligence (AI) enabled chatbots are taking Customer Relationship Management (CRM) to a new level as business-to-business, business-to-consumer, and consumer-to-business communications is both automated and improved by way of push and pull of the right information at the right time. Chatbots also provide benefits to customers as both existing clients and prospects enjoy the freedom to interact on their own terms. Our research indicates that over 50% of customer queries may be managed today via AI-based chatbots.
As the interface between humans and computers evolves from an `operational` interface (Websites and traditional Apps) to an increasingly more `conversational` interface, expectations about how humans communicate, consume content, use apps, and engage in commerce will change dramatically. This transformation is poised to impact virtually every aspect of marketing and sales operations for every industry vertical. For example, AI-enabled voice chat, also known as conversational AI, provides a completely human-like experience and will completely replace human-based CRM in some industries.
Based on our exclusive research into prepaid wireless service provider customer care, we believe that prepaid wireless service providers (and some post-paid service MVNOs) will be the likely first and best target service areas for AI-based CRM. More specifically, carriers will look beyond AI-based chatbots and other online CRM automation tools towards conversational AI, which will become very important for both cost reduction and customer satisfaction. This is because conversational AI will provide the best combination of human-like interaction, but with the full knowledge base of carrier service information.
Next generation chatbots will leverage hybrid voice and text solutions to provide an increasingly seamless and human-like communications experience. Conversational AI is continuing to evolve, eventually anticipated to provide a near perfect replacement for human CRM interaction, with fewer errors, and improved opportunities for product and service upsell to consumers as well as greater overall satisfaction.
Target Audience:
- Next generation UI companies
- Artificial Intelligence companies
- Communication service providers
- Internet and mobile app developers
Report Benefits:
- Market sizing for AI-based chatbots and conversational AI
- Understand the macro and micro-economic impact of chatbots
- Understand market dynamics, players, solutions and strategies
- Identify market leading chatbot companies, apps, and solutions
- Identify market opportunities for chatbots across many industries
With the purchase of this report at the Multi-user License or greater level, you will have access to one hour with an expert analyst who will help you link key findings in the report to the business issues you're addressing. This will need to be used within three months of purchase.
This report also includes a complimentary Excel file with data from the report for purchasers at the Site License or greater level.
Table of Contents
1.0 Executive Summary
2.0 Introduction
2.1 Intelligent Chatbots
2.2 Chatbots vs. Virtual Personal Assistants
2.3 Chatbots and Conversational UI
2.4 Role of Machine Learning and AI
2.5 Chatbots vs. Traditional Apps
2.6 Chatbots Feature Functionality
3.0 Intelligent Chatbots Ecosystem Analysis
3.1 Chatbot Open Development Ecosystem
3.2 Types of Chatbots
3.3 Chatbot Architecture
3.3.1 Generative Models
3.3.2 Retrieval Based Models
3.3.3 Pattern Based Heuristics
3.4 Machine Learning and Response Generation in Chatbots
3.5 Chatbot Ecosystem
3.5.1 Native Chatbots
3.5.2 Third-Party Chatbots
3.5.3 Corporate Chatbots
3.5.4 Chatbots Delivery Channel
3.5.5 Technology Assistants
3.5.6 Chatbots Application Industry
3.6 Beyond Chatbots: Messaging is the New Voice
3.7 Potential Business Impact of Chatbots
3.7.1 Establish Scalable Customer Service
3.7.2 Develop Customer Intelligence
3.7.3 Small Businesses become More Competitive
3.7.4 Improve Customer Navigational Experience
3.7.5 Personalized Sales and Marketing
3.8 Developing Chatbots: Building Blocks and Costs Analysis
3.8.1 Building Blocks of Chatbots Development
3.8.2 Develop Prerequisite Capabilities
3.8.3 Development Options and Costs
3.8.4 Choosing a Self-Service Solution
3.9 Chatbots to Make Significant Impact on Global Economy
3.9.1 Impact on Global Job Market
3.10 Investment in Chatbot Ecosystem
3.11 Investment of Slack in Chatbots Ecosystem
4.0 Chatbot Market: SWOT Analysis and Use Cases
4.1 SWOT Analysis
4.2 Emerging Chatbot Use Cases
4.2.1 Dialog Systems
4.2.2 Toy Devices
4.2.3 Customer Service
4.2.4 Expedite Purchase Process
4.2.5 Improve Workplace Productivity
4.2.6 Booking Agent
4.2.7 Gaming Expert
4.2.8 Weather Forecaster
4.2.9 News Reporter
4.2.10 Job Hunter
4.2.11 Marketer
4.2.12 Hair Stylist and Retailer
4.2.13 Food Order Taker
4.2.14 Finance Adviser
4.2.15 Teacher
4.2.16 Legal Advisor
4.2.17 Salesman
4.3 Market Learning Self-Driving Car Device Failure
4.4 Amazon Echo Services to Hotel Suites
5.0 Chatbot Company and Solution Analysis
5.1 Anboto Group
5.1.1 Overview
5.1.2 Solution and Strategic Initiatives
5.1.2.1 Virtual Assistant for Customer Service
5.1.2.2 Intelligent Chatbots
5.1.2.3 Automatic Email Response and Management
5.1.2.4 Social Module
5.1.2.5 Feedback Management and Customer Engagement Suite
5.2 Apple Inc.
5.2.1 Overview
5.2.2 Apple Siri and Embedded Strategy
5.3 Artificial Solutions Ltd.
5.3.1 Overview
5.3.2 Solution and Strategic Initiatives
5.3.2.1 Teneo Platform
5.3.2.2 Natural Language Interface
5.3.2.3 Digital Employee
5.3.2.4 Natural Language Analytics
5.4 iDAvatars (IDA)
5.4.1 Overview
5.4.2 3D Virtual Assistant and Insyte Dashboard
5.5 Creative Virtual Ltd.
5.5.1 Overview
5.5.2 V-Person technology
5.6 CX Company
5.6.1 Overview
5.6.2 Digital CX Solutions
5.7 eGain Corporation
5.7.1 Overview
5.7.2 Solution and Strategic Initiatives
5.8 Eidoserve Inc.
5.8.1 Overview
5.8.2 Abby and IVR Solution
5.9 Existor
5.9.1 Overview
5.9.2 Existor Chatbots
5.10 Google
5.10.1 Overview
5.10.2 Solution and Strategic Initiatives
5.10.2.1 Google Now
5.10.2.2 Google Assistant
5.10.2.3 Google Home
5.10.2.4 Embedded Strategy
5.10.2.5 Allo
5.10.2.6 DeepMind Acquisition
5.11 Intel Corporation
5.11.1 Overview
5.11.2 Solution and Strategic Initiatives
5.11.2.1 Digital Personal Assistant for the Enterprise
5.11.2.2 Intel AI Acquisition Strategy
5.11.2.3 Intel Ginger
5.11.2.4 Next-gen AI Chip Strategy
5.11.2.5 Intel JARVIS
5.12 Microsoft Corporation
5.12.1 Overview
5.12.2 Solution and Strategic Initiatives
5.12.2.1 Microsoft Key Five Assets Strategy
5.12.2.2 Microsoft Cortana
5.12.2.3 Genee and Other Acquisition Strategy
5.12.2.4 Tay Bot
5.12.2.5 Xiaoice
5.12.2.6 Microsoft AI and Research Group
5.12.2.7 Industry Collaboration
5.13 Speaktoit Inc.
5.13.1 Overview
5.13.2 Solution and Strategic Initiatives
5.13.2.1 Assistant.ai
5.13.2.2 Api.ai
5.14 InteliWISE SA
5.14.1 Overview
5.14.2 Solution and Strategic Initiatives
5.14.2.1 Virtual Assistant Chatbot
5.14.2.2 Facebook Messenger Bot
5.14.2.3 Proactive LiveChat
5.14.2.4 Omnichannel Contact Center
5.14.2.5 eGOV
5.15 Facebook Inc.
5.15.1 Overview
5.15.2 Solution and Strategic Initiatives
5.15.2.1 Facebook M
5.15.2.2 DeepText: Text Understanding Engine
5.15.2.3 Third-Party Integration
5.16 Salesforce
5.16.1 Overview
5.16.2 Solution and Strategic Initiatives
5.16.3 Einstein
5.16.4 Acquisition Strategy
5.17 Amazon
5.17.1 Overview
5.17.2 Solution and Strategic Initiatives
5.17.2.1 Amazon Alexa Voice
5.17.2.2 Amazon Echo
5.18 SK Telecom Co, Ltd.
5.18.1 Overview
5.18.2 Solution and Strategic Initiatives
5.18.2.1 NUGU
5.18.2.2 Inclusion of Conexant Systems AI Capabilities
5.19 motion.ai
5.20 Indigo
5.21 Vokul
5.22 24me
5.23 Robin
5.24 Wunderlist
5.25 Cubic
5.26 Hound
5.27 SIRIUS
5.28 Yahoo Inc.
5.28.1 Overview
5.28.2 Yahoo Chatbots on Kik and Facebook Messenger
5.29 Helpshift
5.30 Haptik, Inc.
5.31 Aspect Software, Inc.
5.31.1 Aspect Mila: Workforce Chatbot
5.31.2 Aspect Chatbots based on ITR
5.32 Inbenta Technologies Inc.
5.32.1 Inbenta Chatbots to Skype and Facebook Messenger
5.32.2 Inbenta Chatbot Development Platform
5.33 Twilio
5.33.1 Twilio Supports HelloVote Chatbot
5.33.2 Exclusive Interview of Twilio
5.33.2.1 Overall Twilio’s Comments on Bots
5.33.2.2 Twilio’s Responds to Key Questions
5.34 IBM Watson
6.0 Conclusions and Recommendations
6.1 Chatbots to Redefine HCI
6.2 Marketing Guide for the Future
6.3 AI Chatbots App
6.4 Recommendations to Market Players
6.4.1 Chatbots for Consumer Market
6.4.2 Integration and Convergence in Enterprise and Industrial Segment
6.4.3 Recommendations to Investors
7.0 AI Based Chatbot Market Analysis and Forecasts 2021 - 2026
7.1 Global Markets for AI based Chatbots by Type 2021 - 2026
7.2 AI based Chatbots by Interface Type 2021 - 2026
7.2.1 AI based Voice Chatbots by sub-category 2021 - 2026
7.3 Global Market Size AI Chatbots by Value Chain Components 2021 - 2026
7.4 Global Markets for AI based Chatbots by Business Model 2021 - 2026
7.5 Global Markets for AI based Chatbots by Deployment 2021 - 2026
7.6 Global Markets for AI based Chatbots by Market Segment 2021 - 2026
7.7 Global Markets for AI based Chatbots by Applications 2021 - 2026
7.8 Global Markets for AI based Chat by Use Case 2021 - 2026
7.9 Global Markets for AI based Chatbots by Industry Vertical 2021 - 2026
8.0 Regional AI based Chatbot Market 2021 - 2026
8.1 AI based Chatbot Market by Region 2021 - 2026
8.2 North America AI Based Chatbot Markets by Country 2021 - 2026
8.3 Latin America AI Based Chatbot Markets by Country 2021 - 2026
8.4 Europe AI Based Chatbot Markets by Country 2021 - 2026
8.5 APAC AI Based Chatbot Markets by Country 2021 - 2026
8.6 MEA AI Based Chatbot Markets by Country 2021 - 2026
9.0 Conversational AI Forecasts 2021 - 2026
9.1 Global Market for Conversational AI by Deployment Type 2021 - 2026
9.2 Global Markets for Conversational AI by Value Chain Components 2021 - 2026
9.3 Global Markets for Conversational AI by Market Segment 2021 - 2026
9.4 Global Markets for Conversational AI by Applications 2021 - 2026
9.5 Global Markets for Conversational AI by Use Case 2021 - 2026
9.6 Global Markets for Conversational AI by Industry Vertical 2021 - 2026
9.7 Global Markets for Conversational AI by Region 2021 - 2026
9.7.1 North American Markets for Conversational AI by Country 2021 - 2026
9.7.2 Latin American Markets for Conversational AI by Country 2021 - 2026
9.7.3 European Markets for Conversational AI by Country 2021 - 2026
9.7.4 APAC Markets for Conversational AI by Country 2021 - 2026
9.7.5 MEA Markets for Conversational AI by Country 2021 - 2026
Figures
Figure 1: Architecture of Intelligent Chatbots
Figure 2: Chatbot Ecosystem
Figure 3: Global Economic Impact of Intelligent Chatbots and VPA 2021 - 2026
Figure 4: Chatbots Investment
Figure 5: Global Market for AI-based Chatbots 2021 - 2026
Figure 6: Global Market for AI-based Chatbots by Type 2021 - 2026
Figure 7: Global Market for AI-based Chatbots by Type 2021 - 2026
Figure 8: Global Market for AI-based Voice Chatbots by Sub-category 2021 - 2026
Figure 9: Global Market for AI Chatbots by Value Chain Components 2021 - 2026
Figure 10: Global Market for AI Chatbots by Business Model 2021 - 2026
Figure 11: Global Market for AI Chatbots by Deployment 2021 - 2026
Figure 12: Global Market for AI Chatbots by Market Segment 2021 - 2026
Figure 13: Global Market for AI Chatbots by Applications 2021 - 2026
Figure 14: Global Market for AI Chatbots by Use Case 2021 - 2026
Figure 15: Global Market for AI Chatbots by Industry Vertical 2021 - 2026
Figure 16: Global Market for AI Chatbots by Region 2021 - 2026
Figure 17: North American Market for AI Chatbots 2021 - 2026
Figure 18: Latin American Market for AI Chatbots 2021 - 2026
Figure 19: Europe Market for AI Chatbots 2021 - 2026
Figure 20: APAC Market for AI Chatbots 2021 - 2026
Figure 21: MEA Market for AI Chatbots 2021 - 2026
Figure 22: Global Market for Conversational AI by Deployment 2021 - 2026
Figure 23: Global Market for Conversational AI by Value Chain Components 2021 - 2026
Figure 24: Global Market for Conversational AI by Market Segment 2021 - 2026
Figure 25: Global Market for Conversational AI by Applications 2021 - 2026
Figure 26: Global Market for Conversational AI by Use Case 2021 - 2026
Figure 27: Global Market for Conversational AI by Industry Vertical 2021 - 2026
Figure 28: Global Market for Conversational AI by Region 2021 - 2026
Figure 29: North American Market for Conversational AI 2021 - 2026
Figure 30: Latin American Market for Conversational AI 2021 - 2026 2021 - 2026
Figure 31: European Market for Conversational AI 2021 - 2026
Figure 32: APAC Market for Conversational AI 2021 - 2026
Figure 33: MEA Market for Conversational AI 2021 - 2026
Tables
Table 1: Investment in Chatbot Companies
Table 2: Intelligent Chatbots Market SWOT Analysis Chart
Table 3: Global Market for AI-based Chatbots 2021 - 2026
Table 4: Global Market for AI-based Chatbots by Type 2021 - 2026
Table 5: Global Market for AI-based Chatbots by Type 2021 - 2026
Table 6: Global Market for AI-based Voice Chatbots by Sub-category 2021 - 2026
Table 7: Global Market for AI Chatbots by Value Chain Components 2021 - 2026
Table 6: Global Market for AI Chatbots by Business Model 2021 - 2026
Table 7: Global Market for AI Chatbots by Deployment 2021 - 2026
Table 8: Global Market for AI Chatbots by Market Segment 2021 - 2026
Table 9: Global Market for AI Chatbots by Applications 2021 - 2026
Table 10: Global Market for AI Chatbots by Use Case 2021 - 2026
Table 11: Global Market for AI Chatbots by Industry Vertical
Table 12: Global Market for AI Chatbots by Region 2021 - 2026
Table 13: North American Market for AI Chatbots 2021 - 2026
Table 14: Latin American Market for AI Chatbots 2021 - 2026
Table 15: Europe Market for AI Chatbots 2021 - 2026
Table 16: APAC Market for AI Chatbots 2021 - 2026
Table 17: MEA Market for AI Chatbots 2021 - 2026
Table 18: Global Market for Conversational AI by Deployment 2021 - 2026
Table 19: Global Market for Conversational AI by Value Chain Components 2021 - 2026
Table 20: Global Market for Conversational AI by Market Segment 2021 - 2026
Table 21: Global Market for Conversational AI by Applications 2021 - 2026
Table 22: Global Market for Conversational AI by Use Case 2021 - 2026
Table 23: Global Market for Conversational AI by Industry Vertical 2021 - 2026
Table 24: Global Market for Conversational AI by Region 2021 - 2026
Table 25: North American Markets for Conversational AI 2021 - 2026
Table 26: Latin American Market for Conversational AI 2021 - 2026
Table 27: European Market for Conversational AI 2021 - 2026
Table 28: APAC Market for Conversational AI 2021 - 2026
Table 29: MEA Market for Conversational AI 2021 - 2026
Companies Mentioned
- 24me
- Amazon
- Anboto Group
- Apple Inc.
- Artificial Solutions Ltd.
- Aspect Software, Inc.
- Creative Virtual Ltd.
- Cubic
- CX Company
- DeepMind
- eGain Corporation
- Eidoserve Inc.
- Existor
- Facebook Inc.
- Haptik, Inc.
- Helpshift
- IBM Watson
- Inbenta Technologies Inc.
- Indigo
- Intel Corporation
- InteliWISE SA
- Intelligent Digital Avatars, Inc.
- Microsoft Corporation
- motion.ai
- Salesforce
- SIRIUS
- Twilio
- Wunderlist
- Yahoo Inc.
Methodology
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