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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

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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

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Global dental practice management software market to witness a double-digit CAGR (11.6%) over 2018-2024, U.S. to be a major growth avenue

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With the increased emphasis on customer satisfaction and operational efficiency, dental practice management software (DPMS) market stands as one of the most pivotal verticals of the healthcare industry. The business crossed a billion-dollar benchmark in 2017, with a large-scale adoption of the revolutionary tool by individual professionals as well as multi-purpose clinics. The fraternity is extensively characterized by swift innovations in technology focused on balancing the customer service aspect of dental practices and developing optimum treatment mix have. Booking appointments and scheduling, cancellation, reminders, billing and insurance management are some fundamental patient-centric elements of DPMS, with added features like easy access to patient records and dental images that make client servicing simpler for dentists. Further, the worldwide trend towards digitization and availability of cost-effective cloud based solutions have triggered the expansion of the dental practice management software market worldwide.

U.S. Dental Practice Management Software Market, By Component, 2013-2024, USD Million
U.S. Dental Practice Management Software Market, By Component, 2013-2024, USD Million

Evolving lifestyle around the world has affected the general health of people and escalated the dental problems across varied demographics. Subsequently, the growing awareness regarding oral hygiene has boosted the dental industry and immensely promoted the dental practice management software market. A striking factor influencing the industry is the rising geriatric population which is experiencing oral disorders like gum disease, cavities, tooth decay and tooth loss more frequently. Statistics released by the World Health Organization indicate that the global population of people with aged 60 and above will virtually double from 900 million in 2015 to nearly 2 billion in 2050. As older people are more susceptible to dental problems, the projected increase of elderly population indicates a lucrative future for the dental practice management software industry.

The development of DPMS industry is continuously being supported by huge venture capital investments and technology-friendly initiatives by governments. Recently, a prominent dental practice management platform, iDentalSoft received considerable investment through a new round of funding led by FCA Venture Partners. iDentalSoft, formed in California, is a secure cloud-based DPMS platform that assists in improving clinical efficiency, streamline workflow and optimize production. It allows fast access to patient schedules, details, treatment plans, x-rays, billing and credit card payments among other tools, displaying the tremendous utility of DPMS in reducing the administrative workload of dentists.

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Investment activities of such nature have enabled the influx of innovations in the industry fueled by the government mandates, like the Health Information Technology for Economic and Clinical Health Act (HITECH Act) introduced by the U.S. The act encourages expansion of healthcare IT infrastructure and has subsequently helped the dental practice management software market in the U.S. Being one of the most technologically advanced country, the U.S. has been a vital base for startup companies that want to design DPMS products. Owing to the cutting-edge healthcare services provided in the country and increasing geriatric populace with dental ailments, the U.S. dental practice management software market dominated the overall industry accruing a revenue of USD 450.7 million in 2017.

Speaking of enhanced DPMS, it is necessary to consider its assistance in bearing the security aspect of a dental practice, as numerous government health agencies have specific legislations for data protection. For instance, Ontario’s Personal Health Information Protection Act requires data storage facilities to be locked with limited and authorized access using ID cards. As such, the latest services in the dental practice management software industry are generally cloud-based, where a physical server is not required to be present at the practice. A cloud server enables automatic data backup and protection, and its lifetime cost is considerably lower than a complete desktop system that requires timely maintenance with essential features to be added separately.

With the mounting pressure on businesses all over to adopt secure modes of information storage due to risk of data corruption and loss, integration of cloud services in DPMS reduces the legal obligations of dental practices and the high cost that comes with it. Not to mention the incredible upsurge in the use of smartphones has permitted patients a faster and easy mode to select their choice of clinic and browse treatments, book appointments and even review the practice post-treatment. The affluence of customers on the reputation of dental practices and the speed at which they expect the services has magnified the industry’s competitiveness, bolstering the cloud-based dental practice management software market.

All in all, the rapid progression in cloud technology, convenience of smart devices in the hands of patients and the shifting customer preference towards better service quality has endlessly changed the dentistry landscape. Key market contributors like Patterson Dental, Henry Schein, Carestream Dental, Bestosys, Open Dental Supply amongst others have established their presence with prolific DPMS products. Constant evolution of software capabilities combined with the awareness pertaining to their benefits in patient-care and servicing is expected to catapult the dental practice management software market with an anticipated 11.6% CAGR over 2018 to 2024.

Author NamePankaj Singh