The ‘Global Chatbot Market’ was valued $XX billion in 2020 and is expected to reach $XX billion at the CAGR of XX% between 2021 and 2031.
A chatbot also referred as a chatterbot, IM bot, talkbot or Artificial Conversational Entity is a computer program that manages a conversation via textual methods or auditory. Chatbots are generally used in dialog systems for several practical purposes which includes information acquisition or customer service. Additionally, chatbot is designed to connect with humans by the help of textual conversation process, thereby helping users in various sectors. Various up gradations carried out in machine learning technologies and artificial intelligence, are expected to boost the qualities of chatbot, which in result will augment the demand of this market during the forecast period.
Growing focus of individuals towards social networking sites and online messaging applications, creates a high growth opportunity of the global chatbot market. OTT or over-the-top messaging applications like facebook messenger, WhatsApp, Twitter and Hike, among others, are expected to overview increased demand by 2031. Further down, the popularity of chatbot is surging at a faster rate as businesses promote to automate their customer services and sales. Many private enterprises prefer chatbots for customer service bots and messaging platforms for web-based services in-order to increase customer interactions. In addition to this, chatbots enable various enterprises to directly contact with consumers and offer them the right data related to their preferences. Moving forward, the increasing need for upgradation in CRM or customer relationship management is a major factor which is expected to augment the growth of the global chatbot market in the upcoming years.Moreover, rapid advancement in artificial intelligence (AI) is the primary factory that have evolved chatbots from simple machines to a smarter one. Messaging and voice services have become the key assistant for users to interact with each other and is further expected to remain the same over the forthcoming years.
Source: SAI Research
Major application of chatbots mentioned in the report includes healthcare, media & entertainment, Banking, Financial Services, and Insurance, retail, travel & tourism, E-commerce and others. The chatbot market in report is bifurcated by type which includes web-based, stand-alone and messenger based. Moreover, the chatbot market is further segmented by product that includes human intelligence, artificial intelligence and marketing. Moving forward, based on end-user the chatbot market is analyzed as small enterprises, medium enterprises and large enterprises. The global chatbot market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Among the other regions, North-America is estimated to be the prime region for the chatbot market, followed by Asia-Pacific. Rapid evolving speed of technologies such as IoT, artificial intelligence, APIs and others, makes the chatbot market more demanding in the North-America region. Additionally, presence of large enterprises and their increasing adoption of chatbots, therefore creates an ample growth opportunity of this market in North-America. Moreover, enhanced operating efficiency, improved user satisfaction and reduced operating costs further offers substantial growth prospects to the chatbot market over the projection period of 2021 and 2031.
Additionally, among the major applications of chatbot mentioned in the report, the BFSI segment holds the maximum market share and is expected to dominate the chatbot market in near future. Limited corporate staff and expanding customer base have forced the BFSI sectors to implement chatbots to offer the best services and value to their customers.
However, chatbot monitoring, integration, security and management are some of the key factors which is expected to hamper the growth of the global chatbot market. Moreover, lack of knowledge between back-end and front-end user is another main factor challenging the global chatbot market growth over the forecasted years.
Some of the major players in the global chatbot market include Babylon Health, Inbenta, SRI International, and ReplyYes among others.
The Global Chatbot Market Has Been Segmented into:
Global Chatbot Market: By Product
Global Chatbot Market: By Type
Global Chatbot Market: By End-User
Global Chatbot Market: By Application
Global Chatbot Market: By Geography