The global chatbot market is extremely consolidated with leading three companies namely Facebook, Google, and Microsoft that collectively held a stupendous 97.5% of the market in 2015, states Transparency Market Research in a new report. Being well-established and recognized, these three companies enjoy brand name and most consumers prefer their products and services.
The primary factor boosting the growth of the chatbot market is vast development in artificial intelligence (AI), because of which chatbots have evolved from simple answer machines to a smart platform for engaging consumers. Businesses are also using chatbots for marketing needs that demonstrate the large spectrum capabilities and capacities of chatbots.
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Apart from this, technological advancements leading to the implementation of artificial intelligence in consumer electronics is aiding the chatbot market to expand its consumer base. Over the past few years, voice and messaging services have become key and are likely to remain so over the forthcoming years. Businesses are increasingly adopting online messaging services and using chatbots for digital marketing campaigns for customer engagement and for lead generation. This is positively influencing the global chatbots market.