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International voice over internet protocol (VoIP) market to account for 50% industry share by 2025

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Rising demand for affordable and reliable communication services worldwide will be one of the key trends driving voice over internet protocol (VoIP) market growth over the forecast period. VoIP is a rapidly advancing technology that uses internet to make phone calls rather than conventional telephone systems. The cost of using a VoIP service is relatively low, especially for long-distance communication. Companies are increasingly leveraging VoIP solutions to improve their productivity and enhance mobility.

APAC VoIP Market Size, By Country, 2018 & 2025 (USD Billion)
APAC VoIP Market Size, By Country, 2018 & 2025 (USD Billion)

The voice over internet protocol (VoIP) market has garnered major share in developed nations owing to presence of high-speed broadband infrastructures which eliminate the need for maintaining a separate telecommunications network. In addition to making voice calls, VoIP can also conduct video conferencing calls, eventually allowing businesses to visually communicate with co-workers and clients to discuss deals, files, documents and agendas more effectively.

VoIP makes recording calls more efficient and easier, further enabling companies to integrate different communication services into a single device or software. With rapid technological advancements and recent innovations, VoIP market outlook has witnessed an immense transformation lately. For instance, in 2019, caller ID app Truecaller announced the beta-testing of its new app feature that allows users to make voice calls over IP. With such advancements, VoIP market trends are likely to expand and the industry players may garner a huge customer base, thereby augmenting business growth over the forecast period.

Voice over Internet Protocol (VoIP) market share is slated to record significant gains from the international VoIP call segment. Demand for international VoIP calling services is estimated to increase exponentially over coming years, on account of its low-cost service offering. Several affordable international calling plans are being offered by VoIP service providers that allow organizations to conduct business across borders at low calling rates. Credible reports also estimate international VoIP calls market to hold major share of over 50% by 2025.

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VoIP providers also allow users to make calls to landline and mobile phone numbers without any restrictions. Being internet-based, the technology can effectively handle media types such as images, videos and texts along with voice. Rising technological advancements will propel VoIP industry growth. For example, VoIP service plans come with advanced features like caller ID with name, call waiting, conference calls and call forwarding among other.

An instance of initiatives that will effectively generate new growth opportunities in VoIP market include the one made by North Dakota Department of Human Services which recently awarded a $3.3 million worth call center contract to Noridian Healthcare Solutions. The grant will support North Dakota’s Medicaid providers and customers by answering queries associated with Medicaid claims payment, submission of claims, and prior authorization.

Europe voice over internet protocol (VoIP) market will witness commendable growth over the coming years. Especially across Germany, the VoIP industry is recording lucrative growth on account of the region’s strong telecommunication infrastructure. Consumer demand and adoption of broadband high-speed Internet services is also considerable within the nation. With rising demand for cheaper communications service and increasing use of VoIP solution, the region is forecast to be a major ground for VoIP market growth over the coming years.

Supportive government initiatives are also likely to expand Europe VoIP market size over coming years. For instance, as per Europe 2020 strategy, all Europeans are expected to own fast broadband services (over 30 Mbps) by 2020, a mission for which EU has implemented a series of regulatory measures and policies and has made around €15 billion available to Member States in the period 2014-2020.

Voice over Internet Protocol (VoIP) is an advanced communication technology that enables organizations to cost-effectively streamline different communication platforms to improve business productivity. International call centers are increasingly using VoIP to reduce cost expenditure and facilitate voice calls at affordable prices.

With growing traction in European countries and extensive use of internet-based voice communication apps worldwide, demand for VoIP solutions will increase significantly over coming years. Report from Global Market Insights, Inc., estimates voice over internet protocol (VoIP) market size to exceed USD 55 billion by 2025.

Author NameMateen Dalal

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Virtual private server market to amass substantial revenues from healthcare applications by 2025

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With the growing adoption of cloud technology, virtual private server market size is anticipated to gain considerable momentum with the digital transformation of the BFSI, retail, government and healthcare sectors. Today, technologies like edge computing have rapidly developed to power the rising penetration of internet of things (IoT), augmented reality content and increased number of consumer mobile devices. This trend will likely expand global virtual private server (VPS) industry share imminently.

APAC Virtual Private Server (VPS) Market Size, By Region, 2018 & 2025 (USD Million)
APAC Virtual Private Server (VPS) Market Size, By Region, 2018 & 2025 (USD Million)

With new developments in software and hardware applications, the on-going operating costs of purely private networks seems to be increasing and more businesses are seeking an online presence around the clock. New applications consume ever-growing amounts of bandwidth and as a result of the high complexity of installing and maintaining physical servers, many companies are turning to virtual on the cloud servers, offering a tremendous boost to VPS industry size.

Network-based applications have considerably transformed industries like healthcare. Solutions that enable access to electronic medical records (EMRs), biomedical information, patient accounting through wired and wireless mobile devices are now becoming commonplace. Healthcare providers are merging these tools for more effective communication, improve patient care and efficiency, and reduce errors in their systems, expanding the scope of virtual private server market.

As healthcare providers are looking to adopt new technologies, the augmented use of mobile and cloud technology has unintentionally contributed to the rise in data breaches, with facilities becoming key targets for a ransomware attack. Reportedly, it had been found that for the third quarter of 2018 a total of around 4.4 million patient records had been compromised in 117 health data breaches.

With the advent of advanced virtual private servers, healthcare providers are realizing the importance of fundamentally shifting their architecture to more secure networks for preventing the spread of false and malicious data. VPS has proven to be a cost-effective solution for the healthcare sector, extensively increasing the demand for VPS market services worldwide.

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The introduction of 5G-related applications in healthcare sector will certainly change the way medical services are exchanged between the doctors and the patients. The integration of electronic communication into medical care by faster connection speeds enables remote medial sensors that help patients in remote areas to transmit their sensitive vitals instantly to healthcare providers. Similar medical trends will lead to new standards of care globally and will drive virtual private server market growth.

Asia Pacific virtual private server market is anticipated to witness a CAGR of more than 20% over the forecast timespan. Many government agencies in the region are extensively supporting virtualized data centers in developing countries like India and China. Subsequently, small and medium scale enterprises are eventually turning to virtual applications for deploying new functionalities more rapidly, allowing them to operate at a faster pace. The growing number of SMEs with access to advanced virtual networks in emerging economies will be a leading factor propelling the virtual private server market revenues.

For instance, in 2018 GoDaddy had unveiled its future generation VPS, which is a high performance managed to host solution specifically designed for web professionals in India. Such initiatives could pave the way for more managed VPS services to emerge in the coming years, supporting higher wireless capacity server and faster speeds across the country. Adoption of VPS by the regional healthcare players would also generate massive demand for APAC VPS industry.

Cloud technology companies and other virtual private server providers are constantly striving towards enhancing their presence with attempts to expand their portfolio, coming up with new and advanced VPS technologies. Some of the prominent players defining the competitive landscape of virtual private server industry include Amazon Web Services, Rackspace, A2 Hosting, Linode, Inmotion Hosting, Tektonic, Liquid Web, OVH Group, Bluehost, and Savari Technologies Pvt. Ltd.

Owing to virtual application technology in healthcare is becoming a chief force to help clinicians in collaborating across organizations. The use of cloud-based systems, 5G networks and virtualization will play a key role in boosting workplace efficiency, alleviate risks of security and meet regulatory compliance as well as improve bottom lines for businesses. Global Market Insights, Inc. has projected that virtual private server market will exceed USD 2 billion in valuation by 2025.

Author NameDeeksha Pant

BFSI applications to drive wireless LAN controller market outlook through 2025

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Wireless LAN controller market is estimated to exceed USD 3 billion by 2025, owing to the increasing business need to manage widespread and intricate LAN infrastructure along with the surging acceptance of cloud-based WLAN controllers for managing network devices. Increasing Bring Your Own Device trend, which necessitates the presence of robust network security in enterprises, will drive WLAN controller market growth through 2025. The rising need for integrated connectivity and security for mobile clients also impacts WLAN controller market trends.

APAC Wireless LAN Controller Market Size, By Region, 2018 & 2025 (USD Million)
APAC Wireless LAN Controller Market Size, By Region, 2018 & 2025 (USD Million)

In terms of the application landscape, wireless LAN controller market is bifurcated into government and public sector, IT and telecom, healthcare, BFSI, manufacturing, transportation & logistics, retail, and others. The retail segment is anticipated to exhibit substantial growth between 2019-2025, primarily fueled by surging acceptance of latest technology by the retail sector to offer better customer experience and convenience. The constant increase in the number of retail companies across the globe will further advance WLAN controller market size. For instance, Aldi, supermarket chain with over 10,000 stores in 20 countries, has recently declared plans to open a new store in Chattanooga city, Tennessee, USA this fall.

WLAN controller market size from the BFSI segment is projected to witness modest growth in the foreseeable future, attributed to high adoption of digital platforms, workforce mobility trend, and increasing network complexity. The growing use of network devices and smartphones has burdened network administrators with complex network management tasks, resulting in the adoption of wireless LAN controllers by banking & financial institutions, for optimizing networks and boosting performance.

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The establishment of new financial institutions and technological enhancements in Wi-Fi technology along with the fast-paced expansion of Wi-Fi market will elevate the revenue share of WLAN controller market from BFSI applications. For instance, HSBC, a renowned multinational banking and financial services company, has recently declared plans to open fifty new retail branches in the United States where it previously had no existence. Reportedly, this move is a part of British banking behemoth’s plan to expand services to newer geographies with no prior foothold.

The rapid upsurge in digital data has led to the introduction of AI in BFSI market, which has positively impacted wireless LAN controller market share. Financial enterprises are leveraging artificial intelligence technology to gather, analyze, and report huge chunks of data to retrieve actionable insights regarding customers to serve their requirements better. Expanding artificial intelligence market size, owing to surging adoption across automotive, manufacturing, retail, healthcare, media & advertising, agriculture, and BFSI, would push network management requirements, thereby propelling WLAN controller market size over the future.

Rising urbanization and commercialization, especially across developing nations, will impact the industry growth. According to a report published by Our World in Data website, approximately 4 billion individuals resided in urban areas, whereas 3.4 billion individuals resided in rural regions, in 2016. Over the last 50 years, the share of people living in urban areas more than quadrupled in Nepal and Mali, and more than tripled in Nigeria and Kenya. By 2050, the global population is projected to reach 9.8 billion, and it is anticipated that the number of people living in the urban area (6.7 billion) will be double of that in the rural area (3.1 billion).

Growing urbanization and commercialization directly influence infrastructure development, healthcare, IT and Telecom, retail, manufacturing, transportation, BFSI, and various other sectors. As these sectors are the leading consumers of wireless technology, they are projected to support WLAN controller market share over the future. Expansion of the enterprise wireless local area network market is also bound to fuel WLAN controller market growth.

The increasing number of efforts by major companies present in wireless LAN controller market, to gain a competitive edge, will substantially fuel market share. Many organizations are taking huge steps towards innovation and new product development, to accelerate the shift towards cloud-enabled network services and ensure enhanced management & security of wireless LAN solutions. Global Market Insights, Inc. claims that large enterprises will accrue over 55% of wireless LAN controller market share through 2025.

Author NameNikita Chaurasia

North America people counting system market to gain massive proceeds by 2025, robust adoption of technologically advanced products to fuel the regional industry expansion

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The global people counting system market is poised to witness remarkable growth in the years to come, owing to the robust adoption of digitized systems for supporting regular operations across a number of application domains. These systems provide installers with numerous operational enhancement benefits like tracking the busiest time slots as well as staff optimization. Further, the rising awareness of business intelligence platforms in a number of industries like hospitality, entertainment, and retail is creating huge demand as well, for enhanced customer tracking solutions.

UK people counting system market, by application, 2019 & 2025 (USD Million)
UK people counting system market, by application, 2019 & 2025 (USD Million)

It is imperative to state that the people counting system market is also witnessing a technological evolution, like the development of behavior analysis technologies, thermal imaging counters, and 3D stereographic components. These advancements have been captivating core industry players to adopt innovative technologies that will help drive the people counting system market growth in the years to come.

A rise in the demand for effective technologies for analyzing, detecting and converting potential customers, and enhancing profitability and business is a crucial factor that will propel the people counting system market. A number of industrial sectors like clubs, pubs, restaurants and hospitals are witnessing high adoption of this technology to track the number of customers that are entering or exiting the facility. Such systems also assist companies in developing effective marketing and sales strategies to attract customers and analyze their buying behavior. Strategies like these would further assist them in competing with prominent companies in terms of sales revenue and the customer base.

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Regionally speaking, North America has been touted to emerge as a viable growth ground for people counting system industry. Powered by the presence of numerous system developers in application industries and the robust adoption of technical advancements across the economies of U.S. and Canada, the North America people counting system market size has been growing at an exceptionally rapid pace. The regional industry is touted to depict commendable gains in the years ahead, as the continent continues to witness the proliferation of technologically advanced transportation facilities incorporating automated management systems and the smart city projects.

Notable companies partaking in people counting system market share have apparently retained focus on technological advancements by developing specialized passenger counting systems with different capabilities which would offer better management capabilities in varied application segments. A gist of the contribution by some of the major companies in the people counting system market is mentioned below:

Axis Communications AB

The surveillance industry is remnant of very specific challenges and core players often seek to achieve benefits from niche applications like surveillance in psychiatric wards, interview rooms, and elevators which are commonly left unaddressed by standard products available in the market. To tackle this problem, the Sweden-based Axis Communications has recently introduced two specialty camera models for corner-mount use, with distinct design features for meeting specific use cases.

One of the camera models has a perfect design to blend into the aesthetic in elevators, while the other is ligature-resistant (anti-ligature), ideal for the healthcare sector, among many others. Such product advancements by notable industry players are anticipated to drive the commercialization landscape of the people counting system market in the years to come.

V-Count Inc.

As a part of its exponential growth tactics, V-Count in the recent years, has executed aggressive expansion plans to establish itself in major regions across the globe. In December 2017, the company had made its debut in Dubai, owing to the city’s dynamic, tech-savvy market and its strategic location, which made it an ideal location for V-Count‘s new offices. This move was a part of continuous effort from the company to expand its presence, and respond to the increasing demand for retail analytics and advanced people counting solutions.

The company further made its entry in the UK and other European markets for supporting both new and existing customers in implementing powerful analytics technologies across their businesses. Regional expansion tactics thus, are bound to help augment the scope of the people counting system industry in the forthcoming years.

Considering the aforementioned efforts undertaken by prominent industry players, it is clear that the people counting system market would depict tremendous growth in the coming years. The competitive spectrum of this industry is quite diverse, and consists of renowned companies such as HELLA Aglaia Mobile Vision, RetailNext Inc., Iris-GmbH Infrared & Intelligent Sensors, InfraRed Integrated Systems Ltd., Infodev Electronic Designers International Inc., FLIR Systems Inc. and Eurotech, among others.

Author NameSaurav Kumar

Light field market to garner lucrative proceeds via media & entertainment applications, Latin America to emerge as a profitable investment hub

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One of the most swiftly progressing verticals of the global smart technologies space, light field market has come a long way since its inception owing to pathbreaking inventions to capture the 3D and 4D light fields. The gradually rising popularity of light field cameras across several business verticals such as industrial, healthcare, retail, entertainment and media, and automotive has certainly propelled the product demand in the recent years. As light field cameras are equipped with thousands of micro lenses between the main lens and the sensor, it lets the user shoot first and focus later which ensures an improved image resolution. Numerous companies appear proactive in adopting light field technology and are developing high-grade products – a factor that would widen the horizon of light field industry in the years ahead.

Japan light field market, by application, 2017 & 2024 (USD Million)
Japan light field market, by application, 2017 & 2024 (USD Million)

Adoption of light field technology in the entertainment and media sector is altering the contours of the overall industry

One of the major factors that has provided a significant impetus to the light field industry progression is the rapidly expanding entertainment and media application of this technology. In fact, as per a research report prepared by Global Market Insights, Inc., the entertainment and media application apportioned more than 25 percent of the total revenue share of the industry in 2017 – impressive statistics that signify the extensive future growth of this application. This technology is being increasingly incorporated in numerous entertainment medias including amusement parks, theaters, gaming, museums, and apps, predominantly through virtual reality (VR) headsets. Apparently, the light field technology has seemingly demonstrated a new level of how convincing VR experiences can be.

A recent instance lending credibility to the claims of using light field technology effectively in VR is of Google, who has been experimenting with this technology over the last few years. In 2018, the search engine giant released a free application, named ‘Welcome to Light Fields’, mainly to exhibit the potential of this technology. Notably, the application has been made available on Steam VR for Windows, Oculus Rift, and HTC Vive VR headsets.

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Speaking along similar lines, it has also been recently reported that Google acquired Silicon Valley-based imaging startup Lytro, which is best known for developing the world’s first light field camera and has numerous patents to its name in VR-related imaging technology. With this acquisition, it is being speculated that the company might be looking to strengthen either its VR gaming initiatives or its camera offering in Pixel phones, which is quite unsurprising as prominent players operating in gaming sector are improving customer experience by integrating VR into games. Considering the impact of the top of the line acquisitions and innovative products being unveiled by major tech magnates like Google, the entertainment and media application of the light field industry is undoubtedly set to escalate at an exceptional pace in the ensuing years.

Latin America to emerge as a major revenue pocket for light field industry

Anticipated to register an annual growth rate of more than 16 percent over the forecast timeframe, Latin America has gradually emerged as a lucrative investment avenue for potential stakeholders. The rapidly expanding retail sector in Latin American nations has compelled the major retailers to adopt and leverage new technologies to gain competitive advantage. In this regard, it would be prudent to mention that the proliferation of AR and VR technologies has been assisting the retail sector to improve customer experience and brand engagement ratio.

The brick-and-mortar retail outlets are launching interactive experience devices such as mixed reality headsets to enhance the shopping experience, essentially fueling the growth potential of Latin America light field industry. In addition to the retail sector, the light field technology is being increasingly utilized across other business verticals such as automotive and hospitality, which would, in turn, strengthen the product demand in the times to come.

With light field technology being increasingly used in imaging solution processes along the likes of layout & animation, image construction, 3D scanning, 3D rendering, and 3D mapping and modeling, it remains to be seen how this technology impacts the future of mixed-reality products. However, it is quite imperative to mention that the growth trajectory of light field market appears highly-promising owing to the technology’s potential to drastically change the product portfolio of several business verticals. For the record, the commercialization scale of the global light field industry is slated to surpass USD 1.5 billion by 2024.

Author NameSaif Ali Bepari

APAC enterprise networking market to register the fastest CAGR over 2018-2024, escalating switch sales to characterize the industry landscape

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The rapidly growing demand for connected devices across the globe is one of the pivotal factors driving enterprise networking market, given that these devices help facilitate real-time communication. In an effort to cope with and overcome the rapidly rising bandwidth bottleneck & network traffic issues, organizations worldwide are embracing network management solutions that keep the traffic flowing while also ensuring network security. The exponential surge in the number of IoT-enabled devices has drastically increased security risks, on the grounds of which organizations are rolling out enterprise network security solutions to obtain visibility of endpoints and unsecured applications & devices.

Europe Enterprise Networking Market Size, By Product, 2017 & 2024 (USD Million)
Europe Enterprise Networking Market Size, By Product, 2017 & 2024 (USD Million)

According to a 2018 Enterprise Networking Trends report by Cisco, the company in 2017 had redefined networking with the launch of the first intent-based networking system in the world. The company anticipates that going further, intent-based networking would be the future of networking and would also be responsible for fundamentally changing the way companies think about networks & empowering IT and help the firms with disruptions caused by IoT & cloud.

Enterprise networking market trends are also expected to witness a transformation on account of changing customer preferences toward converged network architecture as well as the network virtualization technology to strengthen the network functions. Shifting user inclination has further enabled organizations to enhance network efficiency at reduced operational costs, which would provide renewed growth prospects for enterprise networking market.

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Unveiling Asia Pacific enterprise networking market trends:

APAC enterprise networking market is primarily driven by the large-scale adoption of cloud-based infrastructure in the region as the organizations are actively transferring their workloads onto the public cloud. According to a report by the not-for-profit organization, Cloud Security Alliance (CSA), in APAC, Japan, South Korea, Singapore & China are some of the primary nations that have witnessed the highest cloud adoption rate in 2017. The rising prominence of the cloud computing environment has further enabled network architectures that are disparate in nature to contribute to the increasing operational burden. These circumstances have led to a significant rise in demand for virtualization technology which makes the computing environment more agile, effectively addressing the growing network demands.

According to a research report by IT security company, Barracuda Networks, approximately a third of enterprises in the APAC region have already rolled out SD-WAN on a majority of their sites, while more than 55% organizations in the region are in the process of adopting SD-WAN. Propelled by the robust deployment of advanced networking solutions, APAC enterprise networking market is expected to depict the fastest growth rate of 8% over 2018-2024.

Analyzing enterprise networking market trends in terms of switch sales:

In an effort to keep up with the rising need for organizations to facilitate secure & real-time communications while effectively managing network traffic & bandwidth bottleneck issues, enterprises heavily rely upon high-speed ethernet switches. Switching is a crucial networking technology that is used across several organizations’ premises to construct their local area networks (LANs) and also across vast distances to facilitate wide area networks (WANs) making switches one of the most widely used networking equipment across the world. According to a 2017 annual report by Cisco Systems, the company witnessed a 5% increase in revenue (approximately $452 million) from the sales of LAN fixed-configuration switches. The increase in the revenue was primarily due to the boost in sales of the company’s Nexus & Catalyst series of switches.

According to a 2017 report by Forbes, in 2016 Cisco System’s network switches division was responsible for approximately 40% of the product sales, representing more than 30% of the company’s net revenue. Switches, having accounted for more than 25% of the enterprise networking market share in 2017, are expected to continue adding momentum to the industry growth, given the surging demand for high-speed data services that has fueled the adoption of network switching technology.

Attributing to the increasing network capacity needs across several global enterprises, the growth graph of enterprise networking market is projected to witness an exponential incline in the years ahead. According to Global Market Insights Inc., enterprise networking market size is expected to be pegged at a mammoth $90 billion by 2024.

Author NameAkshay Kedari

Chatbot market revenue to cross the billion-dollar mark by 2024, BFSI and healthcare to emerge as pivotal end users of AI based chatbots

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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)
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 NameParoma Bhattacharya