Report Overview

Global Chatbot Market Trend and Overview

Global Chatbot Market size was estimated to be USD 369.79 million in the year 2017, and it is expected to reach USD 2,166.28 million in the year 2024 at a Compound Annual Growth Rate of 24.73% during the projected period 2020-26. The rising demand for 24*7 assistance by customers, and technology advancements combined with lower operational costs drive the market for the chatbot. Besides, the growing use of chatbot among different industries, more emphasis on customer engagement and self-learning chatbots for human-like conversations propel the market further.

Global Chatbots Market: Overview

A chatbot is artificial intelligence (AI) controlled application, which chats with an individual to address an issue or a specific question. Chatbots are otherwise called conversational operators. Chatbots go through their query, interpret words and provide pre-set answers. It reduces the operational time and upgrades effectiveness, supporting market development. Chatbots are widely used in customer service space, assuming customer supporting roles. 

There are two sorts of chatbots in particular that give a predefined reaction from a database. In contrast, smart machines chatbots get their capacities from artificial intelligence and change their response according to past client interactions. The pop-ups on messaging service have the chatbots that help the clients in various applications, for example, booking a room in the lodging, a ride or flight tickets, and so forth.

Chatbots are finding their ways as an intelligent customer service tools for improving productivity and client experience. Chatbots are utilized in various applications, for example, planning gatherings, requesting online nourishment, giving client service, and offering climate conditions and forecast, accordingly prompting the development of the chatbots market.

Rising adoption and investments of AI across different businesses in government and private associations are expected to fuel the growth of chatbots market during the projected period. The necessity of high performing chatbots and penetration of internet & online services propel the development of the chatbots market.

Global Chatbots Market: Segmentation

The Global Chatbot Market is segmented based on its Deployment, Type and End-user Vertical besides Regions. Based on its type, the market is segmented into Services and Solutions. Based on its deployment, the market is segmented into Cloud and On-Premise. Based on its End-user Vertical, the market is divided into Healthcare, BFSI, IT and Telecommunication, and Retail. Geographically, the Global Chatbots Market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.

Global Chatbots Market: Regional Insight

The Asia Pacific region holds a significant share in the Global Chatbots Market during the forecast period. In the Asia-Pacific region, there are various new businesses putting resources into the chatbots and AI innovation. Besides, small and medium-sized enterprises are quickly adopting the use of chatbots that offer consistent execution, take care of an enormous number of purchasers, and upgrade the client commitment procedures. 

The different industry players have concerns related to information security, expanding operational cost, the extraordinary challenge offered by other players, and numerous others. So, they search for ways that can reduce cost, improve execution and prompts consumer loyalty. Chatbots are the ultimate idea in the business world these days. It is an innovation and specific robot that intuitively talks with people through textual or auditory mode using artificial intelligence and the internet.

Global Chatbots Market: Competitive Insights

The major players operating in the global chatbots market include Codebaby, Speaktoit Inc., Next IT Corporation, 24/7 Customer Inc., CX Company, Creative Virtual Pvt. Ltd., eGain Corporation, IBM Watson, Artificial Solutions, and Nuance Communications IncNuance Communications Inc., Creative Virtual Pvt. Ltd., Google, CX Company, Astute Solutions, Imperson Ltd., and 24/7 Customer Inc, Next IT Corporation, Pandorabots, Inc., Microsoft Corporation, IBM Watson, eGain Corporation, among others.

Scope of the Report

By Deployment

Ø  Cloud

Ø  On-Premise

By Type

Ø  Service

Ø  Solution

By End-user

Ø  Healthcare

Ø  BFSI

Ø  IT and Telecommunication

Ø  Retail

The objective of the Study:

Ø  To analyze and estimate the Global Chatbot Market size, in terms of value.

Ø  To examine the market segmentation carefully and estimate the market size, in terms of value, based on the region by segmenting the Global Chatbot Market into five regions, namely, North America, Europe, Asia Pacific, Rest of the World and their leading countries.

Ø  To outline, categorize and project the Global Chatbot Market based on Type, Application, end-user and Region.

Ø  To examine competitive developments in applications, types and End-user, within the Global Chatbot Market.

Ø  To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.

Ø  To provide a detailed competitive landscape, including major players, their strategic profiles, and market shares.

Business Questions Answered by the Report

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

Ø  Who are the key players in the market, and what is their share?

Ø  What is the strategy adopted by key players, and how does it affect the existing and new players?

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per client’s specific needs. The following customization options are available for the report:

Ø  Additional Company Information

Ø  Detail Analysis of five additional companies

Ø  Additional country analysis

Ø  Detailed segment analysis