Chatbot Market Size, Share, Growth Report 2032

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).

Global 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.

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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.

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.

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Report Scope:

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