Product Code: GVR-1-68038-598-4
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.
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
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope & Assumptions
- 1.3 List of Data Sources
Chapter 2 Executive Summary
- 2.1 Chatbot - Industry Snapshot & Key Buying Criteria, 2017 - 2028
Chapter 3 Industry Outlook
- 3.1 Market Segmentation
- 3.2 Market Size and Growth Prospects
- 3.3 Evolution of Chatbot Industry
- 3.4 Chatbot - Ecosystem
- 3.5 Chatbot Market Dynamics
- 3.5.1 Market driver analysis
- 3.5.1.1 Increasing messaging applications
- 3.5.1.2 Reduction in expenses of enterprises
- 3.5.1.3 Increasing application in e-commerce and BFSI industries
- 3.5.2 Market restraint analysis
- 3.5.2.1 Availability of free chatbot with specific rule set
- 3.5.3 Market Opportunity Analysis
- 3.5.3.1 Integration with Payment services
- 3.5.3.2 Integration with various IOT devices
- 3.6 Segmental Trends
- 3.7 Key Opportunities - Prioritized
- 3.8 Chatbot - Key Company Analysis, 2020
- 3.9 Industry Analysis - Porter's
- 3.10 Chatbot-PEST Analysis
- 3.11 Chatbot Market Insights
- 3.11.1 Major platforms on which chatbots are build
- 3.11.2 Major messaging platforms for which chatbots are build
- 3.11.3 Major investors and companies
- 3.11.4 General cost structure
- 3.11.5 Key features of chatbot
- 3.12 Chatbot Market Impact Analysis
- 3.12.1 Hurdles faced- how they are addressed
- 3.12.1.1 Threat from the messaging platforms
- 3.12.1.2 Charges for deployment & distribution
- 3.12.1.3 Stiff competition
- 3.12.1.4 Monetization
- 3.12.1.5 Voice bots or virtual assistants
- 3.12.1.6 Discovery, marketing & distribution
- 3.12.1.7 Picking the right platform
- 3.12.2 Investors strategy
- 3.12.3 Recent major mergers & acquisitions
- 3.12.4 Future of chatbot industry
- 3.12.5 Chatbot companies key strategies
- 3.12.6 Analyst recommendations
Chapter 4 Chatbot: End user Estimates & Trend Analysis
- 4.1 Chatbot Market: End user Movement Analysis
- 4.1.1 Large enterprise
- 4.1.1.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 4.1.2 Medium enterprise
- 4.1.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 4.1.3 Small enterprise
- 4.1.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 5 Chatbot: Application Estimates & Trend Analysis
- 5.1 Chatbot Market: Application Movement Analysis
- 5.1.1 Bots for service
- 5.1.1.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 5.1.2 Bots for social media
- 5.1.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 5.1.3 Bot for payments/order processing
- 5.1.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 5.1.4 Bots for marketing
- 5.1.4.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 5.1.5 Others
- 5.1.5.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 6 Chatbot: Type Estimates & Trend Analysis
- 6.1 Chatbot Market: Type Movement Analysis
- 6.1.1 Standalone
- 6.1.1.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 6.1.2 Web based
- 6.1.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 6.1.3 Messenger based/third Party
- 6.1.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 7 Chatbot: Product Landscape Estimates & Trend Analysis
- 7.1 Chatbot Market: Functional Product Landscape Movement Analysis
- 7.1.1 Artificial intelligence
- 7.1.1.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 7.1.2 Marketing
- 7.1.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 7.1.3 Human intelligence
- 7.1.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 8 Chatbot: Vertical Estimates & Trend Analysis
- 8.1 Chatbot Market: Vertical Movement Analysis
- 8.1.1 Healthcare
- 8.1.1.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.2 Retail
- 8.1.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.3 Banking Financial Services and Insurance (BFSI)
- 8.1.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.4 Media and entertainment
- 8.1.4.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.5 Travel & tourism
- 8.1.5.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.6 E-commerce
- 8.1.6.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 8.1.7 Other
- 8.1.7.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 9 Chatbot: Regional Estimates & Trend Analysis
- 9.1 Chatbot Market: Regional Movement Analysis
- 9.2 North America
- 9.2.1 North America market place: Key takeaways
- 9.2.2 North America Chatbot market, 2017 - 2028
- 9.2.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.2.3 U.S. chatbot market, 2017 - 2028
- 9.2.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.2.4 Canada chatbot market, 2017 - 2028
- 9.2.4.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.2.5 Mexico chatbot market, 2017 - 2028
- 9.2.5.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.3 Europe
- 9.3.1 Europe market place: Key takeaways
- 9.3.2 Europe chatbot market, 2017 - 2028
- 9.3.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.3.3 Germany chatbot market, 2017 - 2028
- 9.3.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.3.4 U.K. chatbot market, 2017 - 2028
- 9.3.4.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.4 Asia Pacific
- 9.4.1 Asia Pacific market place: Key takeaways
- 9.4.2 Asia Pacific chatbot market, 2017 - 2028
- 9.4.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.4.3 China Chatbot market, 2017 - 2028
- 9.4.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.4.4 South Korea chatbot market, 2017 - 2028
- 9.4.4.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.4.5 Japan chatbot market, 2017 - 2028
- 9.4.5.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.5 South America
- 9.5.1 South America market place: Key takeaways
- 9.5.2 South America chatbot market, 2017 - 2028
- 9.5.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.5.3 Brazil chatbot market, 2017 - 2028
- 9.5.3.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
- 9.6 MEA
- 9.6.1 MEA marketplace: Key takeaways
- 9.6.2 MEA chatbot market, 2017 - 2028
- 9.6.2.1 Global market estimates and forecasts, 2017 - 2028 (USD Million)
Chapter 10 Competitive Product landscape
- 10.1 [24]7.ai, Inc
- 10.1.1 Company overview
- 10.1.2 Financial performance
- 10.1.3 Product benchmarking
- 10.1.4 Strategic Initiatives
- 10.2 Acuvate
- 10.2.1 Company overview
- 10.2.2 Financial performance
- 10.2.3 Product benchmarking
- 10.2.4 Strategic Initiatives
- 10.3 Aivo
- 10.3.1 Company overview
- 10.3.2 Financial performance
- 10.3.3 Product benchmarking
- 10.3.4 Strategic Initiatives
- 10.4 Artificial Solutions
- 10.4.1 Company overview
- 10.4.2 Financial performance
- 10.4.3 Product benchmarking
- 10.4.4 Strategic Initiatives
- 10.5 Botsify Inc.
- 10.5.1 Company overview
- 10.5.2 Financial performance
- 10.5.3 Product benchmarking
- 10.5.4 Strategic Initiatives
- 10.6 Creative Virtual Ltd.
- 10.6.1 Company overview
- 10.6.2 Financial performance
- 10.6.3 Product benchmarking
- 10.6.4 Strategic Initiatives
- 10.7 eGain Corporation
- 10.7.1 Company overview
- 10.7.2 Financial performance
- 10.7.3 Product benchmarking
- 10.7.4 Strategic Initiatives
- 10.8 IBM Corporation
- 10.8.1 Company overview
- 10.8.2 Financial performance
- 10.8.3 Product benchmarking
- 10.8.4 Strategic Initiatives
- 10.9 Inbenta Technologies Inc.
- 10.9.1 Company overview
- 10.9.2 Financial performance
- 10.9.3 Product benchmarking
- 10.9.4 Strategic Initiatives
- 10.10 Next IT Corp.
- 10.10.1 Company overview
- 10.10.2 Financial performance
- 10.10.3 Product benchmarking
- 10.10.4 Strategic Initiatives
- 10.10 Next IT Corp
- 10.11.1 Company overview
- 10.11.2 Financial performance
- 10.11.3 Product benchmarking
- 10.11.4 Strategic Initiatives