Chatbot Market Set to Witness an Uptick during 2021 to 2028: Grand View Research Inc.

 

Chatbot Market Growth & Trends

The global chatbot market size is expected to reach USD 2,485.7 million by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 24.9% from 2021 to 2028. The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which act as a major driver for the market.

A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of chatbots in all applications. Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. For instance, Slack and Twitter messaging platforms are preferred by the majority of businesses.

North America is expected to emerge as the major region for the market over the forecast period. The growth in this region is mainly attributed to the increasing deployment of chatbots in various business verticals. Technologies such as artificial intelligence, IoT, and APIs, among others, are evolving at a rapid speed. Chatbots are integrated with these technologies to offer enhanced operations, thereby driving market demand. Artificial intelligence and audio speech-based chatbots are expected to account for the largest market share in the future. Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in enhanced performance of chatbots in various applications.

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Chatbot Market Report Highlights

• Chatbots find applications in e-commerce, healthcare, and BFSI sectors. The large enterprise emerged as the largest end-user segment in 2020 and is estimated to register a CAGR of 26.0% over the forecast period
• The chatbots for the marketing segment are expected to witness the largest growth over the forecast period as these chatbots can connect the customers directly to service providers
• The standalone segment is estimated to expand at a CAGR of 25.4% over the forecast period
• The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies. The regional market is expected to expand at a CAGR of 25.4% from 2017 to 2028
• Key participants in the chatbot industry include [24]7.ai, Inc.; Acuvate; Aivo; Artificial Solutions; Botsify Inc.; Creative Virtual Ltd.; eGain Corporation; IBM Corporation; Inbenta Technologies Inc.; Next IT Corp.; Nuance Communications, Inc. Chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning

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Chatbot Market Segmentation

Grand View Research has segmented the global chatbot market based on end user, application, type, product landscape, vertical, and region:

Chatbot End-user Outlook (Revenue, USD Million, 2017 - 2028)

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Chatbot Application Outlook (Revenue, USD Million, 2017 - 2028)

• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
• Others

Chatbot Type Outlook (Revenue, USD Million, 2017 - 2028)

• Standalone
• Web-based
• Messenger-based/Third Party

Chatbot Product Landscape Outlook (Revenue, USD Million, 2017 - 2028)

• Artificial Intelligence
• Marketing
• Human Intelligence

Chatbot Vertical Outlook (Revenue, USD Million, 2017 - 2028)

• Healthcare
• Retail
• Banking, Financial Services, and Insurance (BFSI)
• Media & Entertainment
• Travel & Tourism
• E-commerce
• Others

Chatbot Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • Japan
  • South Korea
• South America
  • Brazil
• MEA

List of Key Players of Chatbot Market

• [24]7.ai, Inc
• Acuvate
• Aivo
• Artificial Solutions
• Botsify Inc.
• Creative Virtual Ltd.
• eGain Corporation
• IBM Corporation
• Inbenta Technologies Inc.
• Next IT Corp.
• Nuance Communications, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.