A chatbot is a software that incorporates artificial intelligence (AI), in order to process the interactions between humans and virtual assistants. The AI integrated with chatbot increases security and people sending the message over the chatbot aid these in becoming more intuitive, more natural, and comfortable while chatting. Hence, AI increase the security level of data, which proportionally minimizes the threat of cyber threats. Therefore, these features will be one of the factors that helps in propelling growth of the market. Furthermore, Chabot integrated with the devices such as mobile devices, web browsers, and others application helps in reducing the customer effort, improve organizations analytical capabilities, and enables automation by customizing voice and text. These features are factors for increasing adoption of AI based chatbot in organizations.
Proliferation of smart phones and other connected devices is the major factor driving growth of the market
Rising adoption of smart devices, including smart phones, is expected to drive growth of the global artificial intelligence market in chatbot security market during the forecast period. Growing adoption of smart phones is increasing the scope for mobile advertising, including SMS & MMS advertising, mobile web, mobile video & television, and several online advertising channels; dependency on social networking sites is increasing; and the requirement for on-demand services such as videos, online messaging applications, video chat, and voice calls, at anytime and anywhere is also rising. These are powerful tools for effective real-time communication. For instance, according to Coherent Market Insights’ analysis, as of 2017, 19% of organizations including retail and financial had deployed AI Chatbot. For instance, NanoRep is an AI based Chabot application that is used for understanding customer issues by monitoring voices of the customer and after applying the analytics it provides valuable solution to the customers.
Global Artificial Intelligence in Chatbot Security Market: Regional Insights
North America held a dominant position in the global artificial intelligence market in chatbot security in 2016, and is expected to retain its dominance throughout the forecast period. This growth is attributed to rising cyber-attacks in this region. U.S. accounted for the major market share in the region, owing to increasing cyber-attacks on industries such as healthcare, banking and financial, and retail and manufacturing. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$1.33 billion globally, in which, California witnessed the highest recorded loss with over US$ 255 million. Additionally, in 2016, around 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany.
Global Artificial Intelligence in Chatbot Security Market: Competitive Background
Major players operating in the artificial intelligence in chatbot security market are Maruti Techlabs, Inbenta Technologies, Inc., Nuance Communications, Inc., Next IT Corporation, Kore.ai, Inc., CreativeVirtual, Pypestream, Nano Rep, Inc., Mindmeld, Inc. and Ubisend.
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