Chatbot Market To Register Huge Growth With USD 110.30 Bn Earnings By 2028

27-Dec-2021 | Zion Market Research

According to findings of Zion Market Research, Chatbot industry accrued revenue worth nearly US$ 17.20 billion in 2020 and is prognosis to derive returns of approximately US$ 110.30 billion by 2028. Moreover, Chatbot market is slated to record CAGR of almost 35.01% in 2021-2028. Additionally, growth of chatbot market over forecast timespan can be credited to surging acceptance of virtual assistants owing to breakthroughs in AI tools such as deep learning and machine learning algorithms. In addition to this, rise in use of virtual assistants including chatbots in healthcare, retail, and BFSI sectors will steer chatbot industry size. Apparently, the product also finds plethora of applications in travel & hospitality and IT & telecommunication sectors and this will enlarge scope of chatbot market growth in years ahead. Breakthroughs in AI technology and thriving e-commerce activities will steer expansion of chatbot industry over forecasting timespan.  Moreover, firms deploy messaging tools & services for automating their business processes and predicting purchasing behavior of end-users, thereby opening new vistas of growth for chatbot market.

Healthcare To Dominate End-User Segment Over 2021-2028

Rise in use of chatbots in healthcare sector with a view of effectively delivering health-related info to patients along with booking doctor appointment will drive segmental growth. Furthermore, major firms are focusing on newly customized conversation chatbots for catering to requirements of healthcare activities, thereby culminating into massive product demand in healthcare sector.

North America To Account Majorly Towards Regional Chatbot Market Size By 2028

Growth of chatbot market in North America over assessment period is due to presence of giant players such as Amazon Web Inc., Microsoft Corporation, Livechat Inc., and IBM Corporation in countries such as the U.S. In addition to this, large numbers of firms are adopting chatbots in their customer care services domain in sub-continent. Apparently, growing awareness about cost-effectiveness of using the product among large & small enterprises will drive regional market trends.

Some of key players have strongly influenced market growth and are profiled in our report. They are Microsoft Corporation, CX Company, Google, Inc., Nuance Communications Inc., Pandorabots, Inc., Imperson Ltd., Astute Solutions,  Creative Virtual Pvt. Ltd., Next IT Corporation, IBM Watson, eGain Corporation, and 24/7 Customer Inc.

Browse the full Chatbot Market By Type (Support, Skills, And Assistant), By End-User (Healthcare, Retail, BFSI, Travel & Hospitality, E-Commerce, Media & Entertainment, And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast 2017-2024.” Report at https://www.zionmarketresearch.com/report/chatbot-market

The global Chatbot Market is segmented as follows:

By Type

  • Support Chatbot
  • Assistant Chatbot
  • Skills Chatbot

By End-User

  • Healthcare
  • Retail
  • BFSI
  • Travel & Hospitality
  • E-Commerce
  • Media & Entertainment

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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