Ocean View, DE -- (SBWIRE) -- 04/29/2020 -- A prevalent chatbot market forecast report has predicted that Asia Pacific market is projected to grow with the fastest pace over 2018-2024. Asia Pacific market size may be pegged at almost $350 million by 2024. The regional growth can be attributed to the introduction of several messaging applications such as WeChat in China. Moreover, expanding investments by tech giants have improved chatbot industry outlook.

Chatbot market Key Companies: - Astute Solutions, Baidu, Botsify, Bold, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies, SRI International

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For example, in April 2018, Alibaba reportedly invested $600 million in SenseTime, which is a leading AI company in China. The investment was intended to assist the company in advancing their technological innovation rate and pursuing new business opportunities. The presence of such a favorable business scenario in the region is likely to augment chatbot market trends.

Futuristic advancement in communication is likely to efficiently spur global market share in the near future. Chatbots enable enterprises to interact with their customers in two-way communication and help businesses enlarge their revenue share. According to Global Market Insights Inc., chatbot market is anticipated to exceed $1.34 billion by 2024.

AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52.8% over 2018-2024. AI-based chatbots facilitate enhanced customer interaction by offering personalized responses. Moreover, considerable advances made in the field of NLP and machine learning has enabled various functions such as online payment of tax & bills, quick access to public data, and others.

These intelligent chatbots are major milestone achieved by chatbot market and are being increasingly deployed across various verticals. The same can be evidenced by Mississippi Department of Information Technology's recent deployment of a chatbot named Missi. The chatbot is capable of addressing tax and hunting license-related queries of up to 100 citizens daily.

Customer service sector has demonstrated strong interest in chatbots owing to the accessibility of these intelligent digital assistants to solve queries of the customers in efficient and inexpensive manner. Chatbots help businesses save more than 30% of customer service overheads by reducing response times and freeing up staffs for more challenging tasks. As per estimates about 56% of firms operating in the multimedia and technology sectors are intending to invest in chatbots in the coming years. The investment of these companies will help them in saving around $8 billion annually in customer supporting expenses.

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The chatbot market in e-commerce segment accounted for almost 35% of chatbot market share in 2017. The e-commerce sector leverages chatbots to perform tasks such as customer's purchases, provide product recommendations, and offer customer support. Chatbots support in enhancing shopping experience by minimizing waiting time, offering 24/7 support, and retaining shoppers by sending messages. For example, Starbucks chatbot accessible on the Starbucks application helps customers to directly place an order by voice commands or text messaging. This has resulted in enhancement of customer purchasing experience and as well as conservation of purchase time.

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