The global retail chatbot market is anticipated to grow at a significant CAGR of 19.5% during the forecast period (2024–2031). The market growth is attributed to the adoption of chatbots by companies and organizations for customer service and interaction in various sectors Moreover, as per the Consumer Financial Protection Bureau in 2022, among the top 10 commercial banks in the US, all use chatbots of varying complexity to engage with customers, with over 98 million users (approximately 37% of the U.S. population) engaged with a bank’s chatbot. This number is projected to grow to 110.9 million users by 2026.
Additionally, companies are also looking to save costs, provide 24/7 services, and increase efficiency across organizations through change in workforce, for which they are moving towards chatbots and AI for better results. For instance, as per the Consumer Financial Protection Bureau in 2022, compared to the use of human agent customer service models, chatbots deliver $8 billion per year in cost savings, or approximately $0.70 per customer interaction. Wherein, as per IBEF India, service delivery operations across service lines are projected to become more efficient using Gen AI, resulting in a 20%–30% increase in productivity for specific use cases in service lines such as application development and BPO.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By product type
- By Application
- By use case
- By Deployment
- By Components
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- includes OpenAI Inc., IBMCorp, Microsoft Corp, Amazon.com, Inc. and Salesforce Inc.
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Ada Support, Inc.
- Amelia US LLC.
- Automattic, Inc.
- Cognigy GmbH
- Creative virtual Ltd.
- com, Inc.
- Enterprise Bot
- Flow XO LLC.
- HubSpot, Inc.
- Intercom,Inc.
- JioHaptik Technologies Ltd.
- LivePerson, Inc.
- OpenAIOpCo, LLC.
- Pypestream Inc.
- Tagove Limited (Acquire)
- WebarooInc
- Wotnot Solutions Pvt. Ltd
- Zendesk, Inc.
- Zoho Corp. Pvt Ltd.
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