Retail chatbot market is anticipated to grow at a significant CAGR of 19.5% during the forecast period (2024-2031). A retail chatbot is a specially designed software program that simulates human conversation while interacting with potential and existing customers. It uses Artificial intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) to provide customers with personalized care and help recreate an in-person buying experience. As reported by the Center for insurance policy and research, by 2023, chatbot market is expected to reach $1.2 billion globally.
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The global economy is shifting towards a digital approach for business, administration, and consultation. Most businesses and governments are integrating either automation or AI into their systems for better ROI (Return on Investment), efficiency, control, and workload management. For instance, the Union Ministry of Agriculture and Farmers Welfare of India launched an AI chatbot for the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme. Also, the Social Insurance Institution (Kela) in Finland set up two chatbots, Kela-Kelpo and FPA-Folke, to help clients find information about benefits on Kela’s self-service web portal (Social Insurance Institution).
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Retail Chatbot Market Report Segment
By product type
- Rule-based chatbots
- Interactive Chatbots
By Application
- Websites
- Contact Centers
- Social Media
- Mobile App
By use case
- Customer support
- Product recommendations
- Tracking and notifications
- Loyalty programs and offers
- Feedback
By Deployment
- On premises
- Cloud
By Components
- Platform/SDK kit
- Services
Global Retail Chatbot Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global retail chatbot market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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