Frequently Asked Questions
What are the opportunities in the Bot platform market?The global chatbot market size 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. Key growth factors for the chatbot market include advancement in technology coupled with rising customer demand for self-services and 24*7 customer assistance at lower operational costs. Further, initiatives toward the development of self-learning chatbots to deliver more human-like conversational experience, growing use of chatbot among various industries, and increasing focus on customer engagement through various channels to create many opportunities for vendors in the global chatbot market.
What is the competitive landscape in the market?The chatbot market comprises key solution providers, such as IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), 7.ai (US), Chatfuel (US), AIVO (Argentina), Botsify.com (Pakistan), Passage AI (US), Kore.ai (US.ai), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor Technologies (US), Conversica (US), Gupshup (US), and Kevit (India).
What are the emerging technologies impacting the overall Bot platform market?Machine Learning (ML), Natural Language Processing (NLP) and Automated Speech Recognition (ASR) are the key emerging technologies in the bot platform market
What are the key use cases existing in the Bot platform market?Self-learning chatbots can adapt to changing conditions in the environment they operate in, such as these bot cans learn from their actions, experiences, and decisions. These chatbots can be considered as clever enough to analyze data in minimal time and help the customer find the exact information they are looking for conveniently, by offering support in multiple languages. Self-learning bots whose behavior is data driven are powered NLP technology and self-learning capability (supervised ML), which can enable the delivery of more humanlike and natural communication and can learn from their own mistakes.
What are the key trends and dynamics existing in the Bot platform market?Driver: 24*7 customer assistance at a lower operational cost, Restraints: Inability to recognize customer intent and respond effectively, Opportunity: Initiatives toward development of self-learning chatbots to deliver a more humanlike conversational experience, Challenge: Lack of awareness
Which are the recent developments made in Bot platform market?In January 2019, IBM formed a partnership with the Ingenico Group to build a payment-enabled chatbot with the intent to deliver personalized experiences to its customers. Ingenico Group is a European company engaged in delivering the technology required for conducting secure electronic transactions. Through this partnership, Ingenico Group could leverage Natural Language Processing (NLP) capabilities offered by the Watson platform to better understand user requests and interpret nuances in various languages and phrasing. Owing to this, the bot could respond to customer requests quickly. In April 2019, Google formed a partnership with Salesforce to develop smart customer experience. With this partnership, both companies aim to integrate Google’s Dialogflow Enterprise Edition with Salesforce Einstien platform product offerings for customer services. By integrating these solutions, both companies aimed at developing a solution, whether it is a chatbot or an agent, to create an enhanced customer service experience.
Best Bot Platform Software in 2022
The U.S. based messaging service company Gupshup helps other organizations develop smart colloquial skills seamlessly over a group of messaging channels using a single API. It has a complete product collection that incorporates an easy to use cross channel messaging API, advanced bot construction platform and marketing tools for mobile. This makes it flexible and seamless while the businesses also can design intelligent bots according to their needs.
Amelia conversational solution is based on cognitive AI which learns from the queries creating a more profound knowledge and increasing efficiency. Apart from this, it offers intent recognition, context switching. Amelia can mimic the human brain through spread activation. It follows an individualized process flow based on the unique information exchange within every conversation.
Logmein Inc. works on SaaS or software as a service and cloud-based remote connectivity services, client engagement and IT management. The company has developed a bot platform named the Bold 360, which is a live chat platform. This solution assists different retail, manufacturing, commercial services, telecom companies to track and analyze customer actions and come up with fitting solutions.
Pandorabots is one of the oldest chatbot hosting services platform on earth and is currently working on A.I. to run web services and chatbots deployment. The company’s Mitsuku is one of the best and most advanced chatbots which uses deep machine learning and intelligent guesses to become more functional and realistic in day to day scenarios. It can be accessed on many common messaging platforms like Kik, Messanger, Telegram and a few others.
Kore.ai is a bot-based messaging platform that relates individuals, teams, and business teams collectively in a unique modernized interface. It gives an end to end conversational AI bots platform for designing as well as training and testing the bots to make them smarter and more efficient. It can be flexibly deployed in the cloud or hybrid model also.
The Swedish multinational company Artificial Solutions promotes technology to let businesses swiftly make conversational A.I. systems to interact with software and electronic devices in any format, natural language, or using speech, writing or gestures. Teneo Platform is the company’s intellectual, human-like bot platform service which enhances customer engagement and allows over the air communications to be fast, fun, easy, and secure.
Botego is an America based company that works on and develops virtual assistant representatives, artificial intelligence, natural language processing, customer service, and some other services.Botego’s bot platform software does data retrieval faster, making it easier for organizations to understand customer’s queries better and also reduces costs. The platform also makes social media analysis by using linguistic technology to automate sentiment analysis.
Rasa Technologies is a U.S. based company that proposes an open-source machine learning tools for developers to design contextual text and voice-based chatbots and assistants. Rasa X is the company’s tool to learn from actual conversations and improve your assistant, which in turn increases the productivity of the platform. The software can easily be installed and is effortless to setup.