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Chatbot market revenue to cross the billion-dollar mark by 2024, BFSI and healthcare to emerge as pivotal end users of AI based chatbots
Technological advancement in communication is lately undergoing a once-in-a-decade paradigm shift. The growth of chatbot market bears evidence of this stupendous transformation, the impact of which is felt across the information technology domain. As artificial intelligence quickly spins out of the domain of academic research and enters mainstream business communication, an anticipated 80% of businesses expected to use some form of a chatbot. Driven by this extensive demand, chatbot market share will register a CAGR of 31% over 2018-2024.
Asia Pacific Chatbot Market Size, By Application, 2017 & 2024 (USD Million)
Tech giants, ranging from Facebook and Google to Apple, Amazon and Microsoft have made commendable investments in developing sophisticated AI. These companies are indeed being given a worthy competition by startups dedicated to chatbot development and machine learning tools. As the advancement of chatbots and the quality of the same are deeply grounded in AI, businesses will benefit extensively with AI expansion. The effect of AI expansion is becoming apparent in industries such as banking, hospitality tourism, education, etc. Incidentally, these businesses have also been progressing majorly as chatbot market depicts an expansion.
In the past enterprises have tried to present a more professional image with the help of customer support personnel but often their unavailability over the phone has only backfired and frustrated the customer further. With chatbots, enterprises are updating to the 24*7 communication option and customers are deriving more satisfaction with the informed, non-intrusive and direct resolution of their queries. For instance, in the healthcare industry, hospitals have engaged chatbots to automate the process of booking doctor appointments. While such a conversation can be handled by a chatbot powered with Natural Language Understanding and AI, it eases the workload of the contact center by as much as 30% and makes hospitals more efficient, in turn strengthening the adoption of chatbots and augmenting the chatbot market growth.
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The chatbot market is at present being dominated by rule based and machine learning-based chatbots. While simple rule based chatbots are economic and effectively handle basic customer queries, their drawback is that they do not understand intent and context of a conversation. On the other hand, chatbots that are using pattern recognition, data analysis and predictive analytics as the three pillars for development are being more readily employed in businesses as all it takes for the chatbot to learn and enhance its data processing speed is continuous exposition and data feeding. This might explain why rule based chatbots, in 2017, despite having accounted for substantial market share, are forecast to remain modestly profit-oriented over 2018-2024. However, AI based chatbots, not surprisingly, are anticipated to record a CAGR of 53% during the same period.
According to experts, financial and healthcare institutions will have an easier time adopting chatbots due to their structured processes that make automation easier. For instance, Bank of America’s chatbot Erica made major headlines, having registered 1 million users within 3 months. Financial advice provided by the chatbot and easy transaction searches are the factors that made Erica such a big hit. Analysts listed transactions with popular merchants such as Walmart, Uber, Amazon, Costco, etc., as among the top queries that customers search for. When Erica is asked to show all transactions with a particular merchant, such as Amazon, Erica lists all debit, credit and check transactions, which makes online banking much easier to keep track of. Banks all over the world have already employed some form of chatbot or the other, making BFSI one of the fastest growing segments of the chatbot market.
It is essential to mention that chatbots are not being limited to a particular functionality. Instead, companies like Hugging Face are developing chatbots that can be used by teenagers to generate a digital friend to chat with and trade selfies. In a seed round, the startup raised $4 million for the development of a chatbot that focuses on emotions and entertainment. As per estimates, Hugging Face logs over a million messages per day. The aforementioned instance depicts that continuous research and development activities will characterize chatbot industry outlook in the years ahead, aiding the vertical to traverse a highly progressive growth path over 2018-2024.
Author Name : Paroma Bhattacharya
An overview of cell line development market in terms of competitive landscape, global share to register double-digit CAGR over 2018-2024
Regarded as a one of the rapidly progressing fraternities of the life science domain, cell line development market has established itself as a major business sphere of recent times. With tissue and cell-based assays rapidly swapping animal studies, researchers are increasingly becoming dependent on cell study to demonstrate greater biological relevance. As per the data put forth by the World Health Organization, neurological disorders and their consequences are anticipated to affect more than one billion people worldwide.
India cell line development market, by product, 2013 – 2024, (USD Million)
This data is evident from the rising aging population and lack of effective treatments – a factor also underpinning the necessity to develop new assays to advance research and develop know-how with regards to the mechanism of these diseases. Given the fact that both industrial and research concerns are demanding advanced & better cells for developing novel vaccines, biosimilars, drug, and therapeutic proteins it comes as no surprise that the global cell line development market has bright growth prospects. A conjecture substantiating the same is of a report compiled by Global Market Insights, Inc., that claims the global cell line development market to become a massive 7.5-billion-dollar industry by 2024, a substantial up from USD 3.3 billion in 2017.
When it comes to the vast utilization of the cell line development technology, Berkeley Lights Inc., is one protuberant industry magnates that has developed a platform to address the unmet research needs in Cellular Immuno-Oncology, BioPharma, and Autologous T-cell Therapies. Introduction of Beacon platform by this company has undeniably changed the overall competitive dynamics of cell line development industry. In fact, it has been observed that several other market players are leveraging Berkeley Lights’ state-of-the-art technology to further dive deeper into cell line research.
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Impact of Berkeley Lights, Inc’s Beacon platform on the competitive landscape of cell line development market
According to reliable reports, Berkeley Lights, Inc. (BLI) launched its first commercial platform – Beacon™ OptoFluidic Platform in December 2016. This platform is ideally suited for direct B-cell antibody discovery and cell line development workflows. Experts deem that the flexibility of this platform has allowed researchers to automate biological processes and develop new applications to align with specific requirements. In short, the Beacon platform has enabled efficient monitoring, visualization, and tracking of cell to cell interaction and single cell manipulation across thousands of cells into a nanofluidic chip.
As a result of this breakthrough technology, customers and other cell line development industry players could accelerate the delivery of actionable results and reduce hands-on time. Taking into account the Beacon platform’s ability to interact with cells in novel ways, BLI’s prominence in cell line development industry has indeed strengthened.
Leading biotechnology company Shire adopts BLI’s Beacon OptoFluidic platform
Recently in January 2018, BLI announced that Shire is implementing the Beacon Platform to accelerate their CLD process. Reports reveal that the company’s decision was based on an experiment and study that equated their existing cell line development workflow to the workflow results obtained using Beacon.
Daiichi Sankyo to work with BLI’s Beacon™ OptoFluidic
BLI in October 2017 announced that it will be working with the global pharmaceutical industry player Daiichi Sankyo to focus on creating CLD workflow efficiencies and fast tracking the drug development process. According to sources, the program includes evaluating and predicting the stability of clones, establishing monoclonality, and screening a pool of recently transfected CHO cells.
Pfizer to invests in mAb discovery with BLI’s Beacon tech
In a recent news snippet released in January 2018, it has been reported that Pfizer is leveraging BLI’s Beacon platform to advance its gene editing programs and monoclonal antibody discovery.
Other large pharma companies implementing Beacon technology
Teva Pharmaceuticals Australia, recently announced that it will be installing Beacon for its CLD and antibody discovery programs. Bayer Inc., is another in the line that has announced a strategic project with BLI to innovate and accelerate research. The pharmaceutical giant Novartis is also not far behind in implementing the Beacon platform. In fact, reports reveal it to be an earlier adopter of this technology and to consequently have secured its position in the dynamic cell line development market.
Overall a common thread that runs through all the aforementioned trends is BLI’s rising preeminence in the global cell line development industry. The flexibility of the Beacon platform has not only allowed BLI to strengthen its roots in this industry by continuously aligning with its partner’s requirements but has also significantly aided other emerging cell line development market players. What is noteworthy about these prospective trends is that they are deemed to be extremely important for other cell line development industry players in designing their growth tactics to sustain in the competitive terrain. For the record, other prominent companies partaking in cell line development industry share include GE Healthcare, Thermo Fisher Scientific, Lonza Group, Sigma-Aldrich, Sartorius AG, Progenitor Cell Therapy, LLC, and Samsung Biologics Co., Ltd.
Author Name : Ojaswita Kutepatil
Global Market Insights Inc. 