Chatbots Market and its Key Opportunities and Challenges
The Chatbots Market estimated to grow from USD 703.3 million in 2016 to USD 3,172.0 million by 2021, at a Compound Annual Growth Rate (CAGR) of 35.2% during 2016–2021, as per a report by MarketsandMarkets.
Why growing number of social media platforms remains a sustainable opportunity for chatbots?
Social media platform such as Facebook, Twitter, blogs, communities, and forums have started evolving since a few years back with remarkable penetration in the market. The growth of the social media platform is exceptionally high in current scenario which gives massive growth opportunities for the deployment of chatbots using social media platform.
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Social media deploys NLP and knowledge management technologies to provide self-service, and real-time personalized social know-how for customers. Services such as social network integration, real-time metrics, customized branding, and customer profile specific solutions enhance chatbots’ scope for social media platform, leading towards the growth. Enterprises’ social presence and customer engagement go hand in hand for branding as well as advertising. Following that, it helps to create awareness about product by online reviews and company’s social community. Amplifying the number of social media platform is anticipated to drive the growth for chatbots market.
Why lack of technically skilled resources which can effectively use and manage the chatbot tools poses a key challenge?
Chatbot is a complex system, and for developing, managing, and successful implementation of intelligent virtual systems, companies require workforce with certain skill sets. For instance, people dealing with chatbot systems should possess knowledge about technologies such as cognitive computing, machine learning & machine intelligence, artificial intelligence, deep learning, and image recognition. In addition, integration of chatbots in the existing virtual assistance systems is a difficult task as it requires extensive data processing to replicate the behavior of a human brain. Even a minor error can result into the failure of the system or can affect the desired result adversely. Furthermore, integration of NLP generates the need of highly skilled resources for the development of such software.
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The major vendors covered in the chatbots market for this study include Artificial Solutions (Stockholm, Sweden), IBM Watson (U.S.), Naunce Communications Inc. (U.S.), eGain Coporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Next IT Corp. (U.S.) CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), and Codebaby (Idavatars), Inc. (U.S.).
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