Omdia analysts have assessed that the chatbot market will remain “served by a robust, diverse ecosystem of vendors”.
The report highlights that it’s contrary to the assessment of vendor assessments and traditional technology market trends.
Mark Beccue, Principal Analyst at Omdia, commented:
“There are several reasons for a robust chatbot solutions market.
One, there is persistent market demand for solutions which address a broad spectrum of complexity, from pro developer Do It Yourself (DIY) tools and no code SaaS to bespoke end-to-end solutions.
Two, it’s likely there will be new market disruptors because of evolving technology, particularly the potential emergence of affordable NLU and training from open-source Large Language Models (LLM).
Three, the total addressable market is very large and very complex, led by broad market drivers for CX and workflow automation. The market opportunity is nowhere near saturated or commoditised, leaving the door open for a variety of vendors to succeed and prosper.”
Enterprise spending on chatbots and virtual digital assistants (VDAs) is set to continue growing at a healthy pace through 2026:
Omdia claims that increasing demand for chatbots in more complex roles, growing importance of Business Process Outsourcers (BPOs) in the ecosystem, and the legitimacy of the use of chatbots in messaging channels are driving their upwards trajectory.
(Photo by Jason Leung on Unsplash)
Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London.
Explore other upcoming enterprise technology events and webinars powered by TechForge here.