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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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Chatbot Market, By Deployment Model
- On-Premises
- Cloud-based
Global Chatbot Market, By Component
- Solution
- Services
Global Chatbot Market, By Verticals
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Telecommunication
- Banking & Financial Service and Insurance (BFSI)
- Retail and E-commerce
- Others
Global Chatbot Market, By Application
- Customer Care
- Branding & Advertisement
- Data Privacy and Compliance
- Employee Engagement and On-boarding
- Payment Processing
- Others
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- [24]7.ai, Inc
- Acuvate Software Pvt Ltd.
- Aivo
- Amazon Web Services Inc.
- Artificial Solution International AB
- Botsify Inc.
- CogniCor Technologies Inc.
- Contus
- Conversica, Inc
- Creative Virtual Ltd.
- eGain Corp. (US)
- Google LLC.
- IBM Corp.
- Inbenta Technologies Inc.
- Kevit Technologies
- LiveChat, Inc
- Microsoft Corp
- MindMeld Inc.
- Nuance Communication, Inc.
- Oracle Corp.
- Personetics Technologies
- Pypestream Inc.
- SmartBots
- Verint Systems Inc.
- Yellow Messenger
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global chatbot market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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