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Chatbot Market Report

Industry Overview:

According to the latest report by IMARC Group, titled “Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global chatbot market reached a value of US$ 3.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.9 Billion by 2027, exhibiting a CAGR of 25% during 2022-2027.  A chatbot is an artificial intelligence (AI)-based computerized program that simulates human conversations to enable users to interact with digital devices effectively. It is developed on the framework of cloud backup, analytics, and database integrations. It is incorporated into mobile and messaging applications and digital websites for interacting as digital assistants through text or text-to-speech functionalities. It offers numerous benefits, such as improved efficiency of business operations, customer engagement, data privacy and compliance and automatic lead generation and qualification. It is an integral component of effective customer care programs and is used across numerous industries, including banking, financial services and insurance (BFSI), information technology (IT), telecommunication, e-commerce, and healthcare. 

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Continual technological advancements across the corporate sector are driving the global market. Furthermore, the widespread deployment of predictive analytics, machine learning (ML), and cloud computing technologies for developing self-learning chatbots are acting as other growth-inducing factors.  Since numerous enterprises are increasingly adopting an online platform approach that allows seamless communication for multiple purposes, including gaming, payment, and advertisement, this is further supporting the market. Along with this, the widespread adoption of over-the-top (OTT) messaging and social networking applications among consumers are providing a thrust to the market growth. Additionally, the rapid outbreak of coronavirus disease (COVID-19) has impelled the demand for chatbots across the globe.

Global Chatbot Market Trends:

The increasing demand for high-quality customer care service across organizations at lower investment costs and the rising consumer demand for self-service operations are creating a positive market outlook. Furthermore, the increasing spending by public and private agencies for improving the overall telecommunication infrastructure is impacting the market growth favorably. The market is further driven by the growing strategic collaboration, product innovation, and business expansions on the global level. Other factors, including rapid digitization, significant improvements in the information technology (IT) infrastructure, and extensive research and development (R&D) activities to improve natural language processing (NLP), are positively influencing the market.

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Global Chatbot Market 2022-2027 Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• [24]7.ai Inc
• Acuvate Software Pvt Ltd
• Aivo
• Artificial Solutions
• Creative Virtual Ltd.
• eGain Corporation
• International Business Machines Corporation
• Inbenta Technologies Inc.
• Kore.ai Inc.
• LiveChat Inc.
• Nuance Communications Inc.
• Verint Systems Inc.

Breakup by Type:

• Standalone
• Web-based
• Messenger-based/Third party

Breakup by Product:

• Artificial Intelligence
• Marketing
• Human Intelligence

Breakup by Application:

• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
• Others

Breakup by Organization Size:

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Breakup by Vertical:

• Healthcare
• Retail
• Banking, Financial Services and Insurance
• Media and Entertainment
• Travel and Tourism
• E-commerce
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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• Blockchain Distributed Ledger Market Report 2022-2027
• Radiopharmaceuticals Market Report 2022-2027
• Nanomedicine Market Report 2022-2027

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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