Dublin, May 14, 2019 (GLOBE NEWSWIRE) -- The "Chatbot Market to 2027 - Global Analysis and Forecasts by Component, Deployment, and Usage End-user" report has been added to ResearchAndMarkets.com's offering. The global Chabot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 - 2027, to account to US$ 9475.1 Mn by 2027. Chabot vendors are offering virtual assistance capabilities due to factors such as faster response, reduced manpower, cost-efficient, and others. Most of the smartphone and tablet users are using virtual assistants to make the functionality of devices much easier.

It's safe to say that 2017 was a flop for the chatbot. All the predictions made out that this was going to be the year that we saw enterprise-wide adoption of bots. That hasn't been the case, primarily, because enterprise is not paying close attention to its own behavior. Consumers have already adopted bots as a part of their lives and use them on a daily basis. From telephones to social media, new technology makes businesses more accessible to everyone, and bots are no exception. So, why is enterprise behind on this?

With messaging apps on the rise, chatbots are all the hype now. Chatbots are artificial intelligence systems that interact with users via messaging, text, or speech. Many are deployed on chatbot platforms such as Facebook Messenger, WhatsApp, WeChat, Slack, or text messages. Facebook's expansion with Facebook Messenger has been giving businesses the opportunity to better reach their target audience through different APIs, and chatbots are becoming a necessity in certain industries. Despite the complexity of artificial intelligence used to pick content and context from conversations with users, there are a number of platforms and frameworks available to build a sophisticated chatbot.

Facebook, Inc., Google, Inc., and Microsoft Corporation were the clear winners in the global chatbot market in 2015. Their collective share of close to 97.5% in the market's revenue is an indicator of the extremely consolidated nature of the market. Consumers show an extremely high preference for the products of these three players due to their recognition and the much larger investments they make into developing chatbot technologies. Additionally, Yahoo, Inc. has also made unique floors of development for itself to gather a significant share in the market. According to a research report released by Transparency Market Research, the scope of entry for new players into the global chatbot market is notably minor, given the sheer volume of the communications markets taken up by messaging applications such as Kik, Twitter, Facebook Messenger, WeChat, WhatsApp, Skype, and Line.

Chatbot demand highest from BFSI & E-commerce; global demand worth 868 million by 2023.Global Chatbot Market is primarily driven by the growth in IT sector, according to our research report "Global Chatbot Market Outlook 2023". Under Global Chatbot Market, web-based chatbots segment is anticipated to grow substantially during the forecast period. The rising penetration of chatbots in e-commerce and banking industry & spiked adoption of virtual assistants in small and medium enterprises are the major growth drivers for this industry. Further, riding on the back of advancement in user interfaces and massive researches on artificial intelligence to make smart and more interactive chatbots, the web-based chatbots segment is expected to contribute the largest market share of 58.5% by 2023. The global market of chatbot reached USD 88.5 Million in 2015 and it is expected to garner USD 868.6 Million by the end of 2023, registering a modest CAGR over the forecast period.