The Asia-Pacific chatbot market is anticipated to grow at a CAGR of 26.5% during the forecast period (2021-2027). The retail & e-commerce sector is one of the biggest and largest growing sectors in Asia-Pacific. Due to increasing industrialization, large organizations are shifting their prime interest towards online business for expanding their global presence. The e-commerce market in Asia-Pacific was valued at around $3.6 trillion in 2018, which is estimated to reach around $7.8 trillion in 2025. In Asia-Pacific, China is the biggest market for retail & e-commerce due to the largest number of online shoppers. Due to increased online shoppers, the use of chatbots by retailers to commercialize, and marketing of their products and services and customer engagement has also increased. Alibaba, JD.Com, Pinduoduo, VIP.com, Tencent, among others are the major players of the e-commerce industry in China, and the adoption of chatbots by these major players is also high. The deployment of chatbots by large and middle enterprises to maintain their customer relationship and solve the huge burden of queries is the factor driving the demand for chatbots and increasing market growth. Moreover, with the rapid expansion of information and communications technology (ICT) infrastructures in major economies such as China and India, the chatbot market is expected to grow further.
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The presence of start-ups and investment by them for the R&D of technologies, and to fulfil market demands are also the important factors boosting the market growth in the region. For instance, in April 2020, Bitonic Technology Labs Inc., earlier known as the yellow messenger has raised $20 million to meet the growing market demand for chatbots in the region. Similarly, in November 2019, Pand.ai, Singapore based start-up chatbot company has received seed funding of $1 million for further deployment in chatbot technologies. Furthermore, the increasing population and rising smartphone users in the region are forming a highly promising consumer pool for the chatbot market. Partnership collaboration among players for business expansion is also fuelling the market growth. For instance, in March 2018, Haptik, an Artificial Intelligence (AI)-based chatbot platform came into a partnership agreement with Amazon Web Services (AWS) to provide chatbot solutions to customers in India.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Deployment Type
- By Component
- By Verticals
- By Application
- Competitive Landscape- Botsify Inc., Contus Company, eGain Corp, IBM Corp., Inbenta Technologies Inc., Oracle Corp., Personetics Technologies, among others.
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Asia-Pacific Chatbot Market Report Segment
- By Deployment Model
- On-Premises
- Cloud-based
By Component
- Solution
- Services
By Verticals
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Telecommunication
- Banking & Financial Service and Insurance (BFSI)
- Retail and E-commerce
- Others
By Application
- Customer Care
- Branding & Advertisement
- Data Privacy and Compliance
- Employee Engagement and On-boarding
- Payment Processing
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
