“The global chatbot market is forecasted to grow at a high rate owing to the increasing need for 24/7 customer support and assistance, coupled with advancements in technology.”
The Global Chatbot Market was valued at USD 2.7 Bn in 2020 and is expected to reach USD 11.6 Bn by 2027, with a growing CAGR of 23.3% during the forecast period.
A chatbot is developed to interact with humans through text, voice or using both, thus decreasing the operational cost and pressure from the company. Therefore, chatbots are being used significantly for assisting users in varied sectors. The chatbot is witnessing a significant growth owing to the increasing adoption of customer service activities among enterprises to reduce operating costs. Several end-use industries such as healthcare, BFSI, and retail are integrating chatbots in their daily customer services activities. For instance, in July 2021, the Novo Nordisk Education Foundation, an India-based non-profit organization working for a purpose of increasing awareness about diabetes has launched chatbot named ‘Mishti’ for providing valuable diabetes information and managing diabetes.
The report overview includes studying the chatbot market scope, leading players like Anboto, eGain Corporation, Inbenta Technologies, Nuance Communications, IBM, Artificial Solutions, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Chatbot industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
The chatbot technologies are created using a set of rules or using Artificial Intelligence (AI) technology. The technological advancements betiding in Artificial Intelligence (AI) and Machine Learning (ML) technologies are expected to propel the chatbot growth in the forecast period.
The Global Chatbot Market Segmentation:
By Type Outlook (Revenue, USD Million, 2021-2027)
By Platform Outlook (Revenue, USD Million, 2021-2027)
- Messenger-based/Third party
By Organization Size Outlook (Revenue, USD Million, 2021-2027)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Application Outlook (Revenue, USD Million, 2021-2027)
- Bots for Service
- Bots for social media
- Bots for Payments/ Order processing
- Bots for Marketing
By End User Industry Outlook (Revenue, USD Million, 2021-2027)
- Retail & E-commerce
- Travel & Tourism
- Others (Education, Energy and Utilities, Manufacturing, media and Entertainment)
The key players operating in the market are: Microsoft, Google, Oracle, 7.ai, Inc, Artificial Solutions, Aivo, Conversica, Kore.ai, Inbenta, Next IT Corp., Nuance Communications, Inc. , AWS, ServiceNow, Acuvate, Personetics, LiveChat, eGain Corporation, IBM Corporation, Gupshup, MindMeld, CogniCor, Contus, Inbenta Technologies Inc., Chatfuel, KeyReply, SmartBots, Yellow Messenger, Kevit, Yekaliva, Pypestream.
Regional Analysis of Chatbot Market:
From a geographic segmentation perspective, the report focuses on the regions that have a material and significant effect on the overall market value. The broad level coverage of the report includes the regions and key countries within the regions of Global, North America, Europe, APAC, MEA
In terms of geography, the North American market was holding the largest chunk accounted for 40.4% of market share in the year 2020. The dominance is estimated to remain constant throughout the forecast period owing to significantly increased usage on chatbots in large enterprises based in the region. The extensive integration of chatbots in technologies such as artificial intelligence, application programming interfaces, and IoT are propelling the regional market growth.