Artificial Intelligence (AI) Bots Market Business Overview and Industrial Trends by Leading Players 2021-2030

The Global Artificial Intelligence (AI) Bots Market size was estimated to be USD 2.77 billion in 2019 and is predicted to reach USD 177.41 billion by 2030 with a CAGR of 47.2% from 2020-2030.

Chatbot are used for managing the interactions between customers and the businesses through natural language processing and machine learning techniques from devices such as smartphones, tablets, and workstations among others. The need for round the clock assistance has increased tenfold over the past few years and chatbots have immerged as one of the most promising and advanced solution to cater this need by enabling interactions between machines and humans.

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Competitive Landscape

The global artificial intelligence bots market is marked by intense competition by the major players operating in this space. Tactical mergers & acquisitions, joint ventures & partnerships, technological innovations are some of the key strategies adopted by the major players in order to ensure long term sustenance in this industry. IBM Corporation, Google LLC, Amazon.com, Inc., Nuance Communications, Inbenta Technologies, and Conversica Inc. are some of the key players operating in the artificial intelligence bots market at present.

In June 2020, Conversica Inc. announced to extend its partnership with AutoAlert, one of the key players in the automotive software space. AutoAlerts offers a wide array of capabilities and skills for the Conervsica Automotive AI Sales Assistant and the Conversica Automotive Service AI Assistant to accelerate the revenue across sales and services. The partnership is also aimed at delivering an integrated platform in order to provide a better service to the customers.

Market Dynamics and Trends

The outbreak of COVID-19 has pushed organizations towards automation. Due to lockdowns imposed across several countries, organizations are struggling to function with minimal workforce. This has resulted in a greater pressure on the employees in managing the workload. In order to tackle this pressure, organizations are looking to automate certain processes, and chatbots is one such way. The post COVID era will see a rise in automation activities aided by technologies such as artificial intelligence and natural language processing. This trend is expected to continue supporting the market for artificial intelligence bots in the coming years. In addition, the implementation of artificial intelligence bots has also resulted in a better customer experience. It is difficult for an employee to take note of all the customer queries getting accumulated. Also, it is even more difficult for him to gather meaningful insights out of the numerous feedbacks received from customers. This often results in poor customer experience, as the gap in understanding the customer expectation increases due to lack of proper data management. Chatbots are being deployed by multiple organizations to minimize this gap, as it efficiently manages the conversation between organizations and their customers and also reduces the issue of data management, which leads to a better customer experience.

However, chabots are often fed with generic questions and their solutions. Thus, if anything out of the usual comes up, chatbots fail to address those questions, and the query gets redirected to a human assistant. In several such cases, unusual requests made by customers often do not get resolved, leading to a poor experience.

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Market Segmentations and Scope of the Study:

The global market for artificial intelligence bots is segmented on the basis of offering into solutions and services. Based on deployment, the artificial intelligence bots market has been segmented into cloud and on-premise, where the former is expected to display a higher growth during the forecast period. Based on device, the artificial intelligence bots market has been segmented into smartphones, tablets, workstations and wearables among others. Based on technology, the artificial intelligence bots market has been segmented into machine learning, natural language processing, contextual awareness and robotic process automation among others. Based on end-use industry, the artificial intelligence bots market has been segmented into telecom, healthcare, retail, BFSI, public sector, logistics, aerospace & defense among others. Further, based on region, the artificial intelligence bots market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis

North America led the growth of the artificial intelligence bots market and is expected to retain its position in the coming years, with the U.S. leading the growth of the market. Approximately 30% of the adult customers in the U.S. are reported to purchase products by interacting with a chatbot and approximately 15% of the adult customers had a positive experience while purchasing a product through a chatbot. In addition to this, 20% of the U.S. customers own a personal digital assistant such as Google Home or Amazon Alexa through which they place their orders. Such trend is expected to increase the effectiveness of human to machine interactions as the AI models evolve by learning from such numerous conversation over the period of time.

Asia Pacific is expected to display the highest growth rate in the artificial intelligence bots market during the forecast period, with China, Japan and India spearheading the growth of the market in Asia Pacific. In India, both consumers and businesses rely on email and telephones as the preferred channels to conduct business. However, the resolution time is much slower as compared to the global average. Organizations in India believe that the implementation of artificial intelligence chabots will help reduce the turnaround time. Approximately 60% of the Indian customers believe that the use of artificial intelligence chatbots results in a faster service

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