Increasing number of calls to customer care of various companies, need for robots to handle basic queries and lessen burden on customer executives are key factors driving market revenue growth.
Market Size - USD 1.98 Billion in 2020, Market Growth - CAGR of 30.9%, Market Trends - Rising focus on R&D of technologically advanced products and launch of new and innovative chatbots.
The global chatbot market size is expected to reach USD 16.93 Billion in 2028, and register a CAGR of 30.9% during the forecast period. Increasing demand for chatbots owing to its characteristics such as customer-engagement ability, easy user interface, usage of popular platforms including Facebook chat for customer engagement, excellent human speed of handling customer queries, and easy to build is a major factor boosting demand for chatbots, thereby driving market growth.
Rapidly booming E-commerce sector is resulting in need for offering faster response to customer queries, thereby driving demand for chatbots to a significant extent.
A chatbot is an artificial intelligence (AI) software that can simulate a conversation (or a chat) with a user in natural language through messaging applications, websites, and mobile apps or through the telephone.
Some Key Findings From the Report:
For the purpose of this report, the global chatbot market is segmented on the basis of platform, type, industry vertical, application, end use, and region:
Platform Outlook
Type Outlook
Industry Vertical Outlook
End Use Outlook
Application Outlook
Region Outlook
Reasons to Buy the Report
Market Size - USD 1.98 Billion in 2020, Market Growth - CAGR of 30.9%, Market Trends - Rising focus on R&D of technologically advanced products and launch of new and innovative chatbots.
The global chatbot market size is expected to reach USD 16.93 Billion in 2028, and register a CAGR of 30.9% during the forecast period. Increasing demand for chatbots owing to its characteristics such as customer-engagement ability, easy user interface, usage of popular platforms including Facebook chat for customer engagement, excellent human speed of handling customer queries, and easy to build is a major factor boosting demand for chatbots, thereby driving market growth.
Rapidly booming E-commerce sector is resulting in need for offering faster response to customer queries, thereby driving demand for chatbots to a significant extent.
A chatbot is an artificial intelligence (AI) software that can simulate a conversation (or a chat) with a user in natural language through messaging applications, websites, and mobile apps or through the telephone.
Some Key Findings From the Report:
- Among the platform segments, the web-based segment accounted for the largest revenue share of 63.5% in 2020.
- North America market accounted for the largest revenue share in 2020, followed by Europe market.
- The Asia Pacific market size was USD 547.6 Million in 2020, due to increasing investments on development of advanced AI infrastructure and increasing adoption of Internet in countries in the region.
- Key players profiled in the report include IBM Watson (New York, U.S.), SMOOCH, Botsify, Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, UK), Next IT Corporation (Washington, U.S.). The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
For the purpose of this report, the global chatbot market is segmented on the basis of platform, type, industry vertical, application, end use, and region:
Platform Outlook
- Web-based
- Mobile-based
Type Outlook
- Software
- Services
Industry Vertical Outlook
- Healthcare
- Retail
- Banking, Financial Services, and Insurance (BFSI)
- Media and entertainment
- Travel & Tourism
- E-commerce
- Others
End Use Outlook
- Small & Medium Enterprises
- Large Enterprises
Application Outlook
- Bots for Service
- Bots for Social Media
- Bots for Payments/Order processing
- Bots for Marketing
- Others
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Chatbot Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Chatbot Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Chatbots Segmentation & Impact Analysis
Chapter 5. Chatbots Market by Platform Type Insights & Trends
Chapter 6. Chatbots Market By Type Insights & Trends
Chapter 7. Chatbots Market by Industry Vertical Type Insights & Trends
Chapter 8. Chatbots Market By End User Insights & Trends
Chapter 9. Chatbots Market By Application Insights & Trends
Chapter 10. Chatbots Market Regional Outlook
Chapter 11. Competitive Landscape
Chapter 12. Company Profiles