Global chatbot market expected to reach USD 2,166.28 million in 2024, growing at a CAGR of slightly above 28.73% between 2018 and 2024. Global information technology sector has been plagued by numerous factors including concerns over data security, increasing operational cost, the intense competition offered by global and local players, and many others.
The report covers forecast and analysis for the chatbot market on a global and regional level. The study provides historic data for 2015 -2017 along with a forecast from 2018 to 2024 based on revenue (USD Million). The study includes drivers and restraints for the chatbot market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the chatbot market on a global level.
This report offers comprehensive coverage on global chatbot market along with, market trends, drivers, and restraints of the chatbot market. This report includes a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s five Five forces Forces model for the chatbot market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary, and the primary research team of industry experts.
The study provides a decisive view on the chatbot market by segmenting the market based on type, and end-user. The type segment is divided into support chatbot, skills chatbot, and assistant chatbot. The end-user segment is further bifurcated categorized into BFSI, healthcare, e-commerce, retail, travel and hospitality, media and entertainment, and others. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa with further country -wise bifurcation division include into the U.S., the UK, France, Germany, China, Japan, India, and Brazil.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global chatbot market are which comprise Nuance Communications Inc., Next IT Corporation, Pandorabots, Inc., Microsoft Corporation, IBM Watson, eGain Corporation, Creative Virtual Pvt. Ltd., Google, CX Company, Astute Solutions, Imperson Ltd., and 24/7 Customer Inc., among others.
The report segments the global chatbot market as follows:
Chatbot Market: Type Segment Analysis
Chatbot Market: End-User Segment Analysis
Chatbot Market: Regional Segment Analysis
A bot corresponds to any software that accomplishes an automated task; bot categories that live in chat platform are called as chatbot. A chatbot is (also referred to as chatterbot, talkbot, Bot, IM bot, interactive agent, or Artificial Conversational conversational Entity entity, interactive agent, IM bot, or Bbot) is a computer program developed specially to carry out a that carries a conversation via by means of text or voice interactions. Chatbots have come a long way from being just a basic answering machine with scripted response to modern day's advanced and mature chatbots that are smart enough to effectively engage potential consumers. They are deployed mainly on company websites, social platforms, and in smartphones to assist customers in their interactions.
Humongous A huge development in the field of artificial intelligence during past few years has technologically improved chatbots. It requires a huge amount of data, as they are built on AI- based technologies, including natural language processing, deep learning, and machine learning algorithms. The technology is gaining popularity and their application is exponentially rising increasing both in the business and consumer markets. Siri, Alexa, Cortana, and Google Assistant are some of the AI -based chatbots that are being offered and used by various companies globally.
Increasing use of online messaging applications and implementation of chatbot in digital marketing strategies for customer engagement and lead generation is driving the chatbot market. Demand for automated patient management tools in the healthcare industry is also fueling the growth of chatbot adoption. Other advantages offered by chatbot are getting quick responses, guiding users for better results, provide after sales service, and getting get detailed explanations for any queries.
Researchers are taking several initiatives to improve the functionalities of the chatbot, that which has boosted the growth of the global chatbot market. Technical issues such as chatbot management, security, monitoring, and integration needs need to be resolved in order to efficiently cater the customer's requirements. Lack of awareness and slow development and up gradations of the services are the major factors hindering the growth of chatbot market. There exists immense potential in the chatbot market over the forecast period, owing to increasing mobile applications and evolution of cloud-based services and solutions. Rapidly expanding ICT infrastructure in leading economies is anticipated to propel the global chatbot market. The significant rise in adoption of chatbot by small and medium-sized enterprises across the verticals is expected to boost the growth of the market globally.
Chatbot market can be segmented as by in terms of types and end users. The type segment is divided into support, skills, and assistant chatbot. End-user industries using these types are healthcare, retail, BFSI, travel & hospitality, E-commerce, Media media & entertainment, and others. Regional segmentation of the chatbot market includes includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with further country wise bifurcation classification into major countries such as the U.S., the UK, France, Germany, China, Japan, India, and Brazil.
Prominent players in the global chatbot market are 24/7 Customer Inc., CX Company, Creative Virtual Pvt. Ltd., eGain Corporation, IBM Watson, Codebaby, Speaktoit Inc., Next IT Corporation, Artificial Solutions, and Nuance Communications Inc.