The global chatbot market is anticipated to grow at a CAGR of around 25.4% during the forecast period (2021-2027). The chatbots are AI software designed to provide online information to customers or learners interactively via textual conversation process. The adoption of chatbots in various verticals owing to the numerous benefits provided by them which include real-time connectivity, 24/7 customer engagement, less marketing cost, among others. Retail & e-commerce is one of the largest end-users of chatbots, due to the increased number of retail & e-commerce businesses the use of chatbots has surged among retailers and other business owners. The factors that are contributing to the growth of the global online chatbot market include the increasing prevalence of smartphones coupled with chatbot features, growing online business, advancement in technologies, and the need for 24/7 customer support services. AI and Machine Learning (ML), Natural Language Processing technologies are expected to enhance the features of chatbots, which, in turn, would drive their demand. In addition, chatbots enable organizations to deliver timely services at reduced costs. This is the key factor behind the adoption of these software in large enterprises to achieve sophisticated operations.
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Moreover, lack of awareness about the benefits offered by AI-based chatbots in developing countries, and the high cost of chatbots are the challenge expected to limit their adoption. Further, increasing initiatives in the R&D of self-learning chatbots with advanced features and less cost is expected to offer lucrative opportunities in the market during the forecast period.
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Global Chatbot Market Segmentation
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.)
