Chatbot Market Predicted to Garner USD 42 Billion by 2032, At CAGR 23.91%

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New York, March 13, 2023 (GLOBE NEWSWIRE) — The global chatbot market size was valued at around USD 4.92 billion in 2022 and is projected to surpass USD 42 billion by 2032, it is growing at a compound annual growth rate (CAGR) of 23.91% from 2023 and 2032. Chatbots are messaging service that has been developed using artificial intelligence and a set of rules.

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Key Takeaway:

• By Type, 2022, the standalone segment has generated the largest revenue share of 55% in 2022.
• By Application, the bot-for-service segment has dominated the market and it accounted for the largest global revenue of 35% in 2022.
• By Industry vertical, the e-commerce segment dominated the market and it accounted for the largest global revenue of 20% in 2022.
• In 2022, North America dominated the market with the highest revenue share of 40%.
• Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

Market growth is expected to be driven primarily by enterprises’ increasing use of customer service activities to lower operating costs. Chatbots can also be deployed on third-party messaging platforms like Facebook, Skype, or WeChat.

Factors affecting the growth of the chatbots market

There are several factors that can affect the growth of the chatbot market. Some of these factors include:

Increasing Innovations: Introduction to cloud base chatbots and smart innovations in artificial intelligence(AI) enhancing the growth of chatbots market.

Increasing use customer services: Customer services worldwide using chatbots as there is a need to stay available 24×7 to interact with consumers and solve their queries.

Growing preference for messaging apps: Individuals are more inclined towards social media and messaging apps such as Facebook, WhatsApp, Twitter, and skype which is expected to high demand for chatbots in messaging apps.

Operating Cost: Chatbots are usually more popular in enterprises owing to high use in customer services and its low operating costs.

Backup and security: As chatbots are advanced in technology they offer cloud backup and various database integrations is driving demand for chatbots.

Advanced AI and natural language processing: Using AI chatbots can learn from previous queries and thus be able to understand and handle complex queries within a short timeframe which helps to improve customer satisfaction.

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Top Trends in Global Chatbots Market

• Chatbots provide 24×7 availability, greater response capacity, and simplified procedures for repeated queries that fulfill customers’ requirements within a limited timeframe.
• Increasing demand for intelligent customer engagement is driving the global chatbot market.
• Chatbot software has advanced technical characteristics such as a natural language processor (NLP), and cloud-based deployments which is beneficial to solving queries and providing a better experience.

Market Growth

The market growth is propelled by applications of chatbots in enterprises and customer services owing to low maintenance cost and high accuracy.

Customers prefer quick replies from customer service rather than waiting for days to receive a response which is driving demand for chatbots.

Chatbots are popular in many sectors due to their benefits of remote connectivity and virtual presence which significantly reduces transportation costs.

Health agencies and insurance companies have deployed chatbots to handle their users and patients which provides easy and effective interaction. This has transformed the life science industry.

Regional Analysis

The global chatbot market was dominated by North America, which acquired the most significant revenue share of 40% in 2022. As chatbots are becoming more popular in customer service operations at large companies in the North American region.

Asia Pacific region will show lucrative growth in the global chatbots market as many large enterprises increasingly started adopting chatbots in their routine customer services.

Europe region is anticipated to show significant growth owing to increasing research and development activities in emerging economies.

Competitive Landscape

Current market conditions are characterized by strong competition among the market leaders for market dominance.

Some of the major players include Aivo, Acuvate, Botsify Inc., Artificial Solutions, Creative Virtual Ltd., IBM Corporation, eGain Corporation, Next IT Corp., Inbenta Technologies Inc., Nuance Communications, Inc., and Other Key Players.

Scope of the Report

Market Drivers

Rapid growth is being experienced by applications in messaging apps such as WhatsApp, Facebook, Skype, and Twitter.

The chatbot market is driving because people are more interested in messaging apps than social networking sites. These messaging apps will see a lot of demand for Chatbots.

Automated customer service is more popular than IVR or email services for most companies because it offers immediate solutions which result in high demand for chatbots.

Machine learning and artificial intelligence will drive future demand for Chatbots. These are the main factors driving the growth of the global Chatbot market size.

Market Restraints

There are many free predefined Chatbots available in the market to create a free Chatbot which restraining the chatbots market growth. Some of the main key players, such as MEOKAY, chatty people, etc., are providing free chatbots without any coding which has a negative impact on market growth. Thus the availability of free chatbots in the market is the main restrain of market growth.

Market Opportunities

Chatbots use artificial intelligence (AI) to interpret human language and have conversations with people without the use of any third-party software which creates great demand for AI-based chatbots in the market during the forecast period.

Also increasing the use of chatbots in small and large enterprises will create lucrative growth opportunities in the global chatbots market. It has been applied in the segments like healthcare, finance, marketing, etc.

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Report Segmentation of the Chatbots Market

Type Insight

Based on type, the standalone segment is dominant in the market with the largest market share of 55%, and is expected to continue its dominance during the forecast period.

Consumers are increasingly using visual assistants such as Siri, Amazon’s Alexa, and Google Assistant to create standalone messaging platforms. This is expected to increase in demand for the standalone chatbots segment.

Application Insight

On basis of the application bot for service, the segment is dominant in the market with a market share of more than 35% and will remain dominant during the forecast period. As they have low maintenance costs and provide an edge in handling communications with chatbots.

Industry Vertical insight

Based on industry vertical e-commerce segment was dominant in the market with the largest market revenue share of 20% in 2022. Chatbots are more popular in the e-commerce sector as they provide customer service, answer questions, a gathering of feedback, and track engagement which is driving the growth of this segment.

Recent Development of the Chatbots Market

• In September 2020 -eGain Corporation is a leading provider of knowledge automation platforms for customer engagement. They have announced the availability of a prebuilt connector for IBM Watson Assistant. This connector uses eGain’s unique BYOB architecture to allow business users to plug in the Watson Assistant directly into the eGain platform.
• In August 2022 – Serviceaide Inc. announced that it is continuing its momentum in Latin America. This includes a strong customer base in South America, and expanded sale supports in Mexico.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/chatbot-market/request-sample/

Market Segmentation

Based on Type

• Standalone
• Web-based
• Messenger-based/Third Party

Based on Application

• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
• Others

Based on Industry Vertical

• Healthcare
• Retail
• Banking, Financial Services, Insurance (BFSI)
• Media and Entertainment
• Travel & Tourism
• E-commerce

By Geography

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

• Aivo
• Acuvate
• Botsify Inc.
• Artificial Solutions
• Creative Virtual Ltd.
• IBM Corporation
• eGain Corporation
• Next IT Corp.
• Inbenta Technologies Inc.
• Nuance Communications, Inc.
• Other Key Players

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