HOME Research Insight New Product Developments, Partnerships, Acquisitions, and Business Expansions in the Chatbots Market

New Product Developments, Partnerships, Acquisitions, and Business Expansions in the Chatbots Market

The chatbots market size is estimated to be USD 703.3 Million in 2016 and is projected to reach USD 3,172.0 Million by 2021, at a CAGR of 35.2% during the forecast period. Some of the major factors that are driving the growth of the chatbots market include the proliferating demand of intelligent customer engagement, surge in demand of automated patient management tools in healthcare industry, adoption of cloud-based technology, and strong need to understand consumer behavior. The adoption of chatbots software is propelled by the increasing demand for 24/7 assistance for queries and easy operational activities. Moreover, the integrated Natural Language Processing (NLP), machine learning, speech recognition, and Text-To-Speech technologies have enhanced the efficiency as well as user satisfaction. The emergence of IoT has also made the software more robust and incorporated the cloud-based deployment of the chatbots software, which offers the large adoption of chatbot technology.

Technological giants such as IBM Watson (New York, U.S.), Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, U.K.), Next IT Corporation (Washington, U.S.), CX Company (Rotterdam, The Netherlands), Speaktoit Inc. (California, U.S.), 24/7 Customer Inc. (California, U.S.), and Codebaby (iDAvatars) (Mequon, U.S.) offer leading chatbot software and services, to cater to the needs and demands of the market. These players have adopted various growth strategies, such as expansions, acquisitions, and mergers with partnerships, and new product launches being the key strategies. Partnerships and new product launches have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players. 

IBM has adopted a strategic mix of organic and inorganic growth strategies, such as new product developments, partnerships, acquisitions, and business expansions. In 2016, IBM partnered with Cisco Systems Inc., to combine IBM’s Watson, advanced analytics and email and social offerings with Cisco’s solutions including meeting, business messaging, and calling offerings. The partnership has been a major game changer in the chatbots market. 

Similarly, Naunce Communications Inc., in Aug 2016, acquired an online engagement firm TouchCommerce for USD 215 Million. With this acquisition, Nuance would be able to expand its enterprise business portfolio by offering live chat, customer analytics, and personalization solutions. 

Related Reports:

Chatbots Market by Type (Software, and Services), Usage (Websites, Contact Centers, Social Media, and Mobile Platform), Deployment Type (On-Premises, and On-Cloud), Industry Verticals (Healthcare, Retail, Education), End User - Global Forecast to 2021

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