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.
Increasing utilization and dependency on the internet is expected to increase the risk of cyber-attacks. Artificial intelligence can be used to prevent security issues by providing user authentication in smart phones. Artificial intelligence-based security solutions is a combination of machine learning technology and biometrics, with the capability to identify user behaviour to improve usability and self-service ability. A smart phone integrated with artificial intelligence can capture the pattern of walk, application of pressure to the screen, scroll, and type, without the need for passwords.
Global Artificial Intelligence in Chatbot Security Market Taxonomy
On basis of offering, the global artificial intelligence in chatbot security market is classified into:
On basis of deployment model, the global artificial intelligence in chatbot security market is classified into:
- Cloud-based deployment
- On-premises deployment
On basis of security type, the global artificial intelligence in chatbot security market is classified into:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
On basis of solutions, the global artificial intelligence in chatbot security market is classified into:
- Identity and Access Management (IAM)
- Risk and Compliance Management
- Data Loss Prevention (DLP)
- Unified Threat Management (UTM)
- Intrusion Detection/Prevention System (IDS/IPS)
On basis of technology, the global artificial intelligence in chatbot security market is classified into:
- Machine Learning
- Context Awareness Computing
- Natural Language Processing
On basis of vertical, the global artificial intelligence in chatbot security market is classified into:
- Government & Defense
- Consumer Electronics
- Automotive & Transportation
- Others (Oil & Gas, Education, Energy)
On the basis of regions, the global artificial intelligence in chatbot security market is classified into:
- North America
- Asia Pacific
- Latin America
- Middle East
Global Artificial Intelligence in Chatbot Security Market: Regional Insights
North America held a dominant position in the global artificial intelligence in chatbot security market in 2018, 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.
The market in Asia Pacific is estimated to exhibit the highest CAGR over the forecast period. This is attributed to rising adoption of machine learning and natural language processing technologies as well as increasing number of 5G pilot projects in the region. These features of AI integrated Chabot deliver more accurate result to the users. Therefore, adoption of AI based Chabot is expected to increase in various verticals in order to improve accuracy of the system, which has fuelled growth of the market. For instance, China Telecom Corporation Ltd. established a new 5G base station in Lanzhou on December 2017, to expand 5G pilot projects in China. This in turn, is expected to boost growth of the artificial intelligence in chatbot security market over the forecast period.
Global Artificial Intelligence in Chatbot Security Market: Key Players
Major players operating in the global 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.
Global Artificial Intelligence in Chatbot Security Market: Key Developments
- In February 2019, FinTech pioneer Fidor, a leading digital banking group is announcing its new banking chatbot, designed in collaboration with Finn AI, the world’s leading AI-powered conversational banking technology provider. The Fidor chatbot uses conversational AI and natural language understanding to deliver personalized and efficient interactions with users in real-time.
- In March 2019, Masergy, a leading provider of secure SD-WAN, cloud communications, and managed security solutions, announced the launch of its new “Artificial Intelligence (AI)-powered Virtual Agent”. Masergy Intelligent Virtual Agent powers virtual assistant and chatbot features for Masergy Global UCaaS solutions.
- In February 2018, Sabre Corporation, the leading technology provider to the global travel industry, announced the launch of its pilot program of an A.I.-powered chatbot, “Ella”, which leverages Microsoft’s Bot Framework and Microsoft Cognitive Services, a set of tools that organizations can use to add intelligent and conversational features to their applications. Sabre is initially piloting the chatbot with the travel agency Travel Services International USA (TSI) and the travelers they serve.
- In May 2018, Norton Rose Fulbright, one of the international law firm, announced the launch of its chatbot powered by artificial intelligence, “Parker”, that responds on the new European Union data protection law, the General Data Protection Regulation (GDPR).
- In October 2018, botique.ai Inc., one of the Conversational Artificial Intelligence Company, announced the launch of the first “Conversational Artificial Intelligence Digital Agent Platform” for the small and medium businesses (SMBs). The AI-powered Chatbot platform is designed to help small businesses add intelligent and conversational features to their customer engagement channels.