The global chatbot market is anticipated to grow at a CAGR of around 25.4% during the forecast period (2024-2031). The growth in the chatbot market is driven by the increased industrialization. Due to increased industrialization, the disposable income and standard of living in major economies has also increased due to which the demand for smartphone has surged. The industrialization has transformed many businesses, industries, economies, and societies. With advancement in AI-based and machine learning technologies, many small and big sized enterprises are now adopting effective customer care solution to improve their business activities and to maintain their customer relationship management. The factors that have surged the demand for chatbots comprises increasing 24/7 customer service solutions, advancements in technologies, and adoption of chatbots among various industries. Due to the benefits offered by the chatbots such low operational cost, personalized experience, robust customer data monitoring, easy implementation, better insights, among others are making them best asset for industries and big organizations. Surge in the integration of chatbots with social media apps such as Messengers, WhatsApp, WeChat, and increased awareness regarding their benefits has fueled the chatbot market growth.
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Moreover, the major key players are also contributing to the growth of the market by providing advanced technology based chatbots. For instance, in January 2021, Amazon Web Service has launched Amazon Lex V2 console and APIs with 3 major benefits to build, deploy, and manage chatbots. Similarly, in February 2021, Kore.ai launched a contact center-as-a-service (CCaaS) AI based smart virtual assistance in Japanese to transform their customer service operations through the use of AI in native language. The increasing partnership collaborations among market players are also enhancing the market growth. In January 2019, IBM signed a partnership collaboration agreement Ingenico Group to build a payment-enabled chatbot in order to deliver personalized experiences to their customers.
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Market Coverage
- Segment Covered-
o By Component
o By Deployment Model
o By Verticals
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- IBM Corp., Microsoft Corp., Google LLC., Amazon Web Services (AWS), Oracle, Creative Virtual Ltd., Artificial Solution International AB, Botsify Inc., Kore.ai, Nuance Communication, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Chatbot Market Report Segment
By Deployment Model
- On-Premises
- Cloud-based
By Component
- Solution
- Services
By Verticals
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Telecommunication
- Banking & Financial Service and Insurance (BFSI)
- Retail and E-commerce
- Others
By Application
- Customer Care
- Branding & Advertisement
- Data Privacy and Compliance
- Employee Engagement and On-boarding
- Payment Processing
- Others
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