“The retail sector thrives on consumer experience, as retention of the customer is very important to increase sales revenue. The deployment of a chatbot will help customers with online shopping and will secure loyalty to the brand, thus driving revenues”
This research report titled ‘Global Chatbot Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global chatbot market into five major end-user segments, of which the top three are discussed in detail below. They are:
- Retail and e-commerce
- Travel and hospitality
The large customer base of the BFSI sector made it an early adopter of chatbot worldwide. In a highly competitive financial services industry, good customer engagement is a priority to reduce operating costs. Failure to address customer inquiries reduces new revenue opportunities and forces the customers to discontinue the services of the company.
Therefore, to manage this problem, enterprises started implementing chatbots to provide the best value and service to their customers. With the deployment of chatbots in business processes, enterprises could address customer queries and reduce the operating costs incurred because of phone calls and live chats.
“The BFSI sector mostly uses live chatbots for supporting mobile apps, which is one of the major factors responsible for its market dominance in this sector. Major enterprises, such as ING Netherlands and Tangerine Bank, are implementing mobile chatbot products to enhance their customer experience,” says Amit Sharma, a lead analyst at Technavio for enterprise application research.
The government sector industries, including aviation, healthcare, railways, and tourism, often fail to provide good customer service leading to high traffic on government websites. This need to address the high traffic on government web-sites makes this sector the largest potential market for chatbots during the forecast period. Also, government websites are loaded with hundreds of web pages, which makes it difficult for customers to search for specific information. Government organizations are creating chatbots to enhance customer satisfaction and enhance the overall customer experience. The global chatbot market in the government sector is expected to grow at a CAGR of over 42%.
Retail and e-commerce
The retail sector could prove to be one of the fastest growing markets for chatbot during the forecast period because of the accelerating growth of the major e-commerce platforms worldwide such as Amazon, Alibaba, Flipkart, Snapdeal, and Walmart. According to an analysis by Technavio, more than 50% of the worldwide Internet users purchased products or services through online platforms in 2016, and this is expected to increase by 5%-10% during the forecast period.
“The retail sector thrives on consumer experience, as retention of the customer is very important to increase sales revenue. The deployment of a chatbot will help customers with online shopping and will secure loyalty to the brand, thus driving revenues,” says Amit.
The top vendors highlighted by Technavio’s ICT market research analysts in this report are:
- Creative Virtual
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