The Global chatbot Market is valued at US$ 2.6 Billion in 2019 and is forecasted to grow at a CAGR of 29.7% to reach US$ 9.4 Billion in 2024.
The market is driven by factors such as Rising need to offer 24*7 customer support at a lower operational cost, increasing need to provide effective and immediate customer support, increase in integration of chatbots with social media and rising use of artificial intelligence in advertisements
- Definition / Scope
- Market Overview
- Market Risks
- Top Market Opportunities
- Market Trends
- Industry Challenges
- Technology Trends
- Pricing Trends
- Regulatory Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
A chatbot also known as a chatterbot, talkbot or bot is a service that uses a chat interface to communicate with people. One can have a chatbot conversation close to human interaction, such as asking questions by using voice or even typing.
In a conversational style the chatbot will respond to questions. Chatbot is a built-in, high-level programming language module designed to build a conversational app that can communicate. A Chatbot initially starts with no knowledge of how to communicate.
Each time a user enters a statement; the library saves the text they entered, as well as the text to which the statement replied. When chatbot receives more input the number of responses it may respond to, and each response 's accuracy in relation to the feedback argument increases.
The program selects the closest matching response by searching for the closest matching known statement matching the input, and then selects an answer from the list of known responses to that statement.
There are basically two types of chatbots; one operates on the basis of a set of rules. It can only respond to commands, which are very precise. When the user doesn't use the correct command or words, the chatbot won't understand what the user means
The other type uses machine learning and artificial intelligence (AI) to provide the best response. It will chat with a person in a similar way as a member of staff might.
It is called AI-powered chatbots. It understands the language and command, it can understand human interaction, and can predict their needs, categorizes and stores the information that each interaction has provided. AI-powered chatbots can interpret and execute more complex requests; they know where to store the information in order to be able to access it in the future again.