OTT market is still flourishing contrary to what the industry might believe, a new OTT market research report has suggested.
According to Juniper Research, OTT messaging apps including the likes of WhatsApp and Snapchat will see tremendous growth over the course of next four years with the overall user base increasing from 2.3 billion unique users in 2016 to 4.2 billion by 2021. This massive increase in user base represents a 12% CAGR (compound annual growth rate).
The OTT market research forecast also anticipates that messaging apps players will begin focusing their strategies around the development and provision of AI (artificial intelligence) chatbot tools. The new research, Mobile Messaging: Operator Strategies & Vendor Opportunities 2017-2021, argued that service providers must view the introduction of chatbots as an opportunity to expand their in-app offerings, beyond a mere messaging service.
The forecast report also found that there will be a repositioning from current messaging platforms to CRM (customer relationship management) tools and this will be possible through utilisation of powers of AI. The report also forecasts that OTT apps will offer a high value proposition by creating a new level of consumer engagement. For end-customers, these platforms offer an attractive means of engagement by allowing for greater consumer flexibility and minimising call wait times.
The research argued that chatbot launches on OTT messaging apps will provide a wealth of opportunities for the eRetail and banking sector over the next 5 years. Frequently used services such as balance checking and regular purchases will be some of the early uses. Juniper forecasts that the number of chatbots on mobile devices will exceed 2 billion globally by 2021, as western players aim to emulate the success of chatbots in China.
The report argued that chatbot user numbers in the west will grow at over 190% CAGR by 2021, rivalling China. It predicted that trusted names, such as Amazon and eBay will play a vital role in building consumer trust in the technology.