The global chatbot market is expected to reach USD 1.25 billion by 2025, growing
at a CAGR of 24.3%, according to a new report by Grand View Research, Inc. 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 acts 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 application. 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 majority businesses.
North America is
expected to emerge as the major region for the chatbot 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
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.
Further key findings from the report suggest:
· Chatbots find various applications in e-commerce,
healthcare, and BFSI sectors. Large enterprise emerged as the largest end-user
segment in 2016 and is estimated to register a CAGR of 24.2% over the forecast
period.
· The bots for marketing segment is 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 grow
at a CAGR of 24.8% 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 grow at
a CAGR of 24.7 % from 2017 to 2025.
· Key participants in the chatbot industry
include Baidu, Poncho, Kik, WeChat, Varo Money Inc., Babylon Health, ReplyYes,
and SRI International. Chatbots have found wide applications in large
enterprises as they enable better understanding of consumer behavior with the
help of machine learning.
Grand View Research has
segmented the chatbot market based on end users, applications/business models,
types, product landscape, verticals, and regions:
End User Outlook (Revenue, USD Million; 2014 - 2025)
·
Small Enterprises
·
Medium Enterprises
·
Large Enterprises
Application/Business Model Outlook (Revenue, USD Million;
2014 - 2025)
·
Bots for Service
·
Bots for Social Media
·
Bots for Payments/Order Processing
·
Bots for Marketing
·
Others
Type Outlook (Revenue, USD Million; 2014 - 2025)
·
Standalone
·
Web-based
·
Messenger-based/Third Party
Product Landscape Outlook (Revenue, USD Million; 2014 -
2025)
·
Artificial Intelligence
·
Marketing
·
Human Intelligence
Vertical Outlook (Revenue, USD Million; 2014 - 2025)
·
Healthcare
·
Retail
·
Banking, Financial Services, and Insurance
(BFSI)
·
Media & Entertainment
·
Travel & Tourism
·
E-commerce
·
Others
Regional Outlook (Revenue, USD Million; 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
South America
·
MEA
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.
