Chatbot Market

Artificial Solutions (Spain) and Kevit (India) are leading players in Chatbot Market

The global chatbot market is expected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. Major factors driving the growth of the chatbot market are the advancement in technology coupled with rising customer demand for self-services, and the growing demand for 24*7 customer assistance at a lower operational cost.

Some major players profiled in the report are IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), [24]7.ai (US), Chatfuel (US), Aivo (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India). These players have adopted various organic and inorganic growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches and product enhancements, to further expand their presence in the global chatbot market. New product launches and product enhancements have been the most dominating strategy adopted by the major players, which has helped them to innovate their offerings and broaden their customer base.

To know about the assumptions considered for the study download the pdf brochure

Artificial Solutions (US) is a privately held company that adopts various growth strategies in the chatbot market to increase its overall market share. The company continuously focuses on providing its product and solution offerings to different industries. Companies across industries, such as Shell, Vodafone, Kindred, Skofda, Deutsche Post, Skruvat, and Shiseido, have deployed Artificial Solutions’ platform called Teneo, to quickly resolve customer queries and reduce customers’ wait time. Additionally, the company has several patents concerning the current and future developments of Artificial Intelligence (AI) with regards to conversational capabilities as well as a major focus on Natural Language Processing (NLP) and Natural Language Interaction (NLI) technologies. In terms of funding, the chatbot solution provider has raised USD 15.8 million in 2018 and the company aims to enhance its conversational AI platform Teneo. Majorly focused on partnership strategies, the company is further working toward enhancing its product portfolio to remain competitive in the market and offer various capabilities through the Teneo platform that supports effective customer engagement across various channels and platforms. These developments, coupled with a strong partner ecosystem, would enable various companies to take advantage of AI and NLP technologies to build NLP and Natural Language Understanding (NLU) technology into the connected devices.

Kevit (India) offers AI-powered solutions with its primary focus on NLP-enabled chatbots, web data collection, and big data analysis. Its solutions Voicebot and Chatbot, are designed with the intent to help businesses enhance support services delivered to the customers, thereby reducing manual work. The company intends to build bots that offer a more human-like natural conversational experience. Kevit focuses on empowering its clients by providing the tools and skills required to create a loyal customer base when approaching the bigger market. The India-based company concentrates on delivering services to industries that include banking, travel, eCommerce, healthcare, Human Resources (HR), and hospitality. Kevit specializes in Voicebot, Chatbot, Microsoft Bot Framework, AI, Conversational Interfaces, Tensorflow, and Machine Learning (ML).

Related Reports:

Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
TC 4647
RI Published ON
11/14/2019
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Chatbot Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved