- Contextual chatbots are advanced chatbots, developed by the use of artificial intelligence, behavior analytics, and machine learning algorithms. The main function of contextual chatbots is to figure out user mindset or intention i.e. in which sense the user is asking a question, post which, contextual chatbots replies those sentiments and behavior according to the intentions of the user.
- Contextual chatbots have a feature that it remembers all the previous activities a user has already asked or performed. Contextual chatbots are primarily used by market research firms, BPO companies, and contact center companies to help customers make a more informed decision before a purchase.
- Contextual chatbots provide the ability to save the previous choices of its customer. Hence, it becomes capable of predicting possible actions of customers to perform in real-time.
- The global contextual chatbots market is projected to expand at a rapid pace during the forecast period due to an increase in demand for contextual chatbots among end-users.
Global Contextual Chatbots Market: Dynamics
Global Contextual Chatbots Market: Key Drivers and Restraints
- Increasing advancement in technology such as AI & Natural Language Processing (NLP) coupled with rising customer demand for self-services is estimated to boost the demand for contextual chatbots during the forecast period.
- Rising need to track consumer behavior in real-time to assist in decision making is also estimated to boost the demand for contextual chatbots across the globe.
- Increasing focus on customer engagement through various channels among contact centers is estimated to boost the demand for contextual chatbots across the globe. Contextual chatbots reduce the time and effort required for repetitive tasks and automates the whole process.
- Growing use of contextual chatbots among end-users is estimated to propel the market during the forecast period
- Growing demand for 24*7 customer assistance at a lower operational cost in real-time across the globe is anticipated to boost the demand for contextual chatbots during the forecast period.
- However, integration of contextual chatbots with existing infrastructure is one of the major factors expected to hamper the contextual chatbots market during the forecast period
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Impact of COVID-19 on the Global Contextual Chatbots Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Businesses have been adversely impacted in most countries due to partial or full lockdown. However, COVID-19 has a positive impact on the contextual chatbots market due to increasing deployment and adoption of contextual chatbots across the globe to respond to customer queries and other related information under the current norms. For instance, in April 2020, WHO introduced a Facebook Messenger version of its WHO Health Alert platform that offers instant and accurate information about COVID-19. Contextual chatbots help companies by reducing the burden of dealing with customer queries when they are operating with minimal customer service employees.
North America to Hold Major Share of the Global Contextual Chatbots Market
- In terms of region, the global contextual chatbots market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global contextual chatbots market in 2019, due to the extensive adoption of contextual chatbots in retail, e-commerce, BFSI, and food & beverage sectors. The U.S. is the key country in the region because it has a strong economy and technologically advanced players.
- The contextual chatbots market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing demand for advanced conversational platforms from the banking, financial services and insurance (BFSI) sector in the region.
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Key Players Operating in the Global Contextual Chatbots Market
- Amazon Web Services
- Artificial Solutions
- ChatterOn (Zuppit Tech Solutions Pvt. Ltd.)
- Floatbot, Inc
- Flow XO LLC.
- Google, LLC
- IBM Corporation
- Nuance Communications
- Nuance Communications
- Pandorabots, Inc.
- Snatch Group Ltd. (SnatchBot)
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