Chatbot Market - Global Industry Analysis

Chatbot Market- By Type (Support Chatbot, Skills Chatbot, and Assistant Chatbot), By End-User (Healthcare, Retail, Travel & Hospitality, E-Commerce, Media & Entertainment, and BFSI), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028

Published Date: 27-Dec-2021 Category: Technology & Media Report Format : PDF Pages: 187 Report Code: ZMR-1754 Status : Published

The global Chatbot Market accrued earnings worth approximately 17.20(USD Billion) in 2020 and is predicted to gain revenue of about 110.30 (USD Billion) by 2028, is set to record a CAGR of nearly 35.01% over the period from 2021 to 2028.

Description

The global Chatbot Market accrued earnings worth approximately 17.20(USD Billion) in 2020 and is predicted to gain revenue of about 110.30 (USD Billion) by 2028, is set to record a CAGR of nearly 35.01% over the period from 2021 to 2028. The report offers assessment and analysis of the Chatbot Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Chatbot Market: Overview

Chatbot is an AI-driven app that interacts with humans and can solve their problem or query. They also help in reducing operating timespan and increase efficiency. Furthermore, it is AI tool and is designed for interacting with human beings through text conversation procedures and is blended with many kinds of messaging solutions for aiding end-users in myriad sectors. Many types of innovations carried out in AI and machine learning tools are predicted to improve chatbot features and this will drive demand for chatbots in near future. Rise in use of messaging services is projected to translate into lucid growth for chatbot industry over coming years. Furthermore, chatbots are installed on different channels including standalone, third-party messenger tools, and websites. Apparently, chatbots interact with end-users through smartphone apps or via SMS. Furthermore, users connect with chatbots to raise complaints as well as requests to customer care. Reportedly, Facebook, WeChat, and Skype are some of other tools on which chatbots can be deployed.

Global Chatbot Market

Chatbot Market: Growth Dynamics

Surge in adoption of customer service activities among various firms for reducing operational costs will drive industry trends. Necessity of customer support services at reduced costs and high focus on consumer engagement activities via a spectrum of channels will create new growth avenues for chatbot market in ensuing years. Huge customer demand for self-service events and focus on providing competitive advantage to various businesses will prop up market landscape. Nonetheless, lack of authenticity in user’s voice can prove detrimental for growth of chatbots market in near future.

Furthermore, huge popularity of voice-activated smart equipment owing to its user convenience and automation will enlarge growth of chatbots industry in upcoming years. For the record, in January 2020, Google, Incorporation introduced Meena – an AI chatbot- which is a multi-turn open domain chatbot operating on data mining & AI algorithms. Rise in use of chatbots in BFSI, retail, and healthcare sectors will steer expansion of chatbot market over years ahead.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Regional Landscape

Asia Pacific Chatbot Market To Register Highest Growth Over 2021-2028

Expansion of chatbots market in Asia Pacific over assessment period is subject to rise in funding in chatbots by various new entrants & entrepreneurs. Apart from this, small as well as mid-sized firms in sub-continent are using the product in their customer service processes for enhancing their efficiency & improving customer service response time. Swiftly expanding information & communications systems in countries such as India and China will steer regional market expansion over ensuing years. A prominent rise in population and surge in smartphone users in Asia Pacific will pave a way for growth of chatbot market in region.

Competitive Landscape

Key players influencing market growth and included in report are CX Company, Nuance Communications Inc., Imperson Ltd., Astute Solutions,  Creative Virtual Pvt. Ltd., Next IT Corporation, Pandorabots, Inc., Microsoft Corporation, IBM Watson, eGain Corporation, Google, Inc., and 24/7 Customer Inc.

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

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodulogy
      • 1.3.1. Market Research Type
      • 1.3.2. Market Research Methodulogy
  • Chapter 2. Executive Summary
    • 2.1. Chatbot Market, 2018–2028(USD Billion)
    • 2.2. Chatbot Market: Snapshot
  • Chapter 3. Global Chatbot Market– Industry Analysis
    • 3.1. Chatbot Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Surge in acceptance of customer service facility among various organizations for minimizing operational costs will steer industry growth.
      • 3.2.2. Need of customer support sulutions at reduced costs and highlighting on consumer engagement services via a slew of channels will generate new growth opportunities for chatbot market in forthcoming years.
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Type
      • 3.4.2. Market attractiveness analysis By End-User
  • Chapter 4. Global Chatbot Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Chatbot Market: company market share, 2019
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Product launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Chatbot Market– Type Analysis
    • 5.1. Global Chatbot Market overview: By Type
      • 5.1.1. Global Chatbot Market share, By Type, 2020 and 2028
    • 5.2. Support Chatbot
      • 5.2.1. Global Chatbot Market by Support Chatbot, 2018–2028(USD Billion)
    • 5.3. Assistant Chatbot
      • 5.3.1. Global Chatbot Market by Assistant Chatbot, 2018–2028(USD Billion)
    • 5.4. Skills Chatbot
      • 5.4.1. Global Chatbot Market by Skills Chatbot, 2018–2028(USD Billion)
  • Chapter 6. Global Chatbot Market overview: By End-User
    • 6.1. Global Chatbot Market share, By End-User , 2020 and 2028
    • 6.2. Healthcare
      • 6.2.1. Global Chatbot Market by Healthcare, 2018–2028(USD Billion)
    • 6.3. Retail
      • 6.3.1. Global Chatbot Market by Retail, 2018–2028(USD Billion)
    • 6.4. BFSI
      • 6.4.1. Global Chatbot Market by BFSI, 2018–2028(USD Billion)
    • 6.5. Travel & Hospitality
      • 6.5.1. Global Chatbot Market by Travel & Hospitality, 2018–2028(USD Billion)
    • 6.6. E-Commerce
      • 6.6.1. Global Chatbot Market by E-Commerce, 2018–2028(USD Billion)
    • 6.7. Media & Entertainment
      • 6.7.1. Global Chatbot Market by Media & Entertainment, 2018–2028(USD Billion)
  • Chapter 7. Company Profiles
    • 7.1. CX Company
      • 7.1.1. Overview
      • 7.1.2. Financials
      • 7.1.3. Product Portfulio
      • 7.1.4. Business Strategy
      • 7.1.5. Recent Developments
    • 7.2. Nuance Communications Inc.
      • 7.2.1. Overview
      • 7.2.2. Financials
      • 7.2.3. Product Portfulio
      • 7.2.4. Business Strategy
      • 7.2.5. Recent Developments
    • 7.3. Imperson Ltd.
      • 7.3.1. Overview
      • 7.3.2. Financials
      • 7.3.3. Product Portfulio
      • 7.3.4. Business Strategy
      • 7.3.5. Recent Development
    • 7.4. Astute Sulutions
      • 7.4.1. Overview
      • 7.4.2. Financials
      • 7.4.3. Product Portfulio
      • 7.4.4. Business Strategy
      • 7.4.5. Recent Development
    • 7.5. Creative Virtual Pvt. Ltd.
      • 7.5.1. Overview
      • 7.5.2. Financials
      • 7.5.3. Product Portfulio
      • 7.5.4. Business Strategy
      • 7.5.5. Recent Development
    • 7.6. Next IT Corporation
      • 7.6.1. Overview
      • 7.6.2. Financials
      • 7.6.3. Product Portfulio
      • 7.6.4. Business Strategy
      • 7.6.5. Recent Development
    • 7.7. Pandorabots, Inc.
      • 7.7.1. Overview
      • 7.7.2. Financials
      • 7.7.3. Product Portfulio
      • 7.7.4. Business Strategy
      • 7.7.5. Recent Development
    • 7.8. Microsoft Corporation
      • 7.8.1. Overview
      • 7.8.2. Financials
      • 7.8.3. Product Portfulio
      • 7.8.4. Business Strategy
      • 7.8.5. Recent Development
    • 7.9. IBM Watson
      • 7.9.1. Overview
      • 7.9.2. Financials
      • 7.9.3. Product Portfulio
      • 7.9.4. Business Strategy
      • 7.9.5. Recent Development
    • 7.10. eGain Corporation
      • 7.10.1. Overview
      • 7.10.2. Financials
      • 7.10.3. Product Portfulio
      • 7.10.4. Business Strategy
      • 7.10.5. Recent Development
    • 7.11. 24/7 Customer Inc.
      • 7.11.1. Overview
      • 7.11.2. Financials
      • 7.11.3. Product Portfulio
      • 7.11.4. Business Strategy
      • 7.11.5. Recent Development
    • 7.12. Google, Inc.
      • 7.12.1. Overview
      • 7.12.2. Financials
      • 7.12.3. Product Portfulio
      • 7.12.4. Business Strategy
      • 7.12.5. Recent Development

Table Of Figures

List of Figures

1. Market research Type
2. Market research methodology
3. Global Chatbot Market, 2018–2028(USD Billion)
4. Porter’s Five Forces Analysis
5. Global Chatbot Marketattractiveness, By Type
6. Global Chatbot Marketattractiveness, By End-User
7. Global Chatbot Marketshare by Type,2020 and 2028 (USD Billion)
8. Global Chatbot Market by Support Chatbot, 2018–2028(USD Billion)
9. Global Chatbot Market by Assistant Chatbot, 2018–2028(USD Billion)
10. Global Chatbot Market by Skills Chatbot, 2018–2028(USD Billion)
11. Global Chatbot Marketshare by End-User ,2020 and 2028 (USD Billion)
12. Global Chatbot Market by Healthcare, 2018–2028(USD Billion)
13. Global Chatbot Market by Retail, 2018–2028(USD Billion)
14. Global Chatbot Market by BFSI, 2018–2028(USD Billion)
15. Global Chatbot Market by Travel & Hospitality, 2018–2028(USD Billion)
16. Global Chatbot Market by E-Commerce, 2018–2028(USD Billion)
17. Global Chatbot Market by Media & Entertainment, 2018–2028(USD Billion)
18. Global Chatbot Marketshare, by Region, 2020 and 2028
19. North America Chatbot Market, 2018–2028(USD Billion)
20. Europe Chatbot Market, 2018–2028(USD Billion)
21. Asia Pacific Chatbot Market, 2018–2028(USD Billion)
22. Latin America Chatbot Market, 2018–2028(USD Billion)
23. The Middle East and Africa Chatbot Market, 2018–2028(USD Billion)


Table Of Tables

List of Tables

1. Global Chatbot Market: snapshot
2. Drivers of the Chatbot Market: impact analysis
3. North America Chatbot Market revenue, By Type ,2018–2028(USD Billion)
4. North America Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
5. The U.S. Chatbot Market revenue, By Type ,2018–2028(USD Billion)
6. The U.S. Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
7. Rest of North America Chatbot Market revenue, By Type ,2018–2028(USD Billion)
8. Rest of North America Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
9. Europe Chatbot Market revenue, By Type ,2018–2028(USD Billion)
10. Europe Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
11. UK Chatbot Market revenue, By Type ,2018–2028(USD Billion)
12. UK Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
13. France Chatbot Market revenue, By Type ,2018–2028(USD Billion)
14. France Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
15. Germany Chatbot Market revenue, By Type ,2018–2028(USD Billion)
16. Germany Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
17. Rest of Europe Chatbot Market revenue, By Type ,2018–2028(USD Billion)
18. Rest of Europe Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
19. Asia Pacific Chatbot Market revenue, By Type ,2018–2028(USD Billion)
20. Asia Pacific Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
21. China Chatbot Market revenue, By Type ,2018–2028(USD Billion)
22. China Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
23. Japan Chatbot Market revenue, By Type ,2018–2028(USD Billion)
24. Japan Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
25. India Chatbot Market revenue, By Type ,2018–2028(USD Billion)
26. India Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
27. Rest of Asia Pacific Chatbot Market revenue, By Type ,2018–2028(USD Billion)
28. Rest of Asia Pacific Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
29. Latin America Chatbot Market revenue, By Type ,2018–2028(USD Billion)
30. Latin America Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
31. Brazil Chatbot Market revenue, By Type ,2018–2028(USD Billion)
32. Brazil Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
33. Rest of Latin America Chatbot Market revenue, By Type ,2018–2028(USD Billion)
34. Rest of Latin  America Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
35. The Middle East and Africa Chatbot Market revenue, By Type ,2018–2028(USD Billion)
36. The Middle East and Africa Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
37. Saudi Arabia Chatbot Market revenue, By Type ,2018–2028(USD Billion)
38. Saudi Arabia Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
39. South Africa Chatbot Market revenue, By Type ,2018–2028(USD Billion)
40. South Africa Chatbot Market revenue, By End-User ,2018–2028(USD Billion)
41. Rest of the Middle East & Africa Chatbot Market revenue, By Type ,2018–2028(USD Billion)
42. Rest of the Middle East & Africa Chatbot Market revenue, By End-User ,2018–2028(USD Billion)

 

Methodology

Free 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.

Global Chatbot Market

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. 

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FrequentlyAsked Questions

Surge in adoption of customer service activities among various firms for reducing operational costs will drive industry trends. Necessity of customer support services at reduced costs and high focus on consumer engagement activities via a spectrum of channels will create new growth avenues for chatbot market in ensuing years. Huge customer demand for self-service events and focus on providing competitive advantage to various businesses will prop up market landscape. Furthermore, huge popularity of voice-activated smart equipment owing to its user convenience and automation will enlarge growth of chatbots industry in upcoming years. For the record, in January 2020, Google, Incorporation introduced Meena – an AI chatbot- which is a multi-turn open domain chatbot operating on data mining & AI algorithms.    

According to Zion market research report, the global Chatbot Market accrued earnings worth approximately 136.01(USD Billion) in 2020 and is predicted to gain revenue of about 192.12 (USD Billion) by 2028, is set to record a CAGR of nearly 4.7% over the period from 2021 to 2028.

Asia Pacific will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to rise in funding in chatbots by various new entrants & entrepreneurs. Apart from this, small as well as mid-sized firms in sub-continent are using the product in their customer service processes for enhancing their efficiency & improving customer service response time. Swiftly expanding information & communications systems in countries such as India and China will steer regional market expansion over ensuing years. A prominent rise in population and surge in smartphone users in Asia Pacific will pave a way for growth of chatbot market in region.

The key market participants include CX Company, Nuance Communications Inc., Imperson Ltd., Astute Solutions,  Creative Virtual Pvt. Ltd., Next IT Corporation, Pandorabots, Inc., Microsoft Corporation, IBM Watson, eGain Corporation, Google, Inc., and 24/7 Customer Inc.

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