
Chatbot Market Size, Share & Trends, Analysis Report By Application (Customer Services, Branding & Advertising), By Type, By Vertical, By Region (North America, Europe, Asia Pacific, South America), And Segment Forecasts, 2023 - 2030
Description
Chatbot Market Size, Share & Trends, Analysis Report By Application (Customer Services, Branding & Advertising), By Type, By Vertical, By Region (North America, Europe, Asia Pacific, South America), And Segment Forecasts, 2023 - 2030
Chatbot Market Growth & Trends
The global chatbot market size is expected to reach USD 27,297.2 million by 2030, registering a CAGR of 23.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The chatbot industry is expected to witness a significant growth during the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market.
A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of the chatbots in all applications.
Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. For instance, Slack and Twitter messaging platforms are preferred by the majority of businesses.
One of the critical milestones in the Industry 4.0 idea is human-centered automation. Industry 4.0 seeks to develop a new interaction between machine capabilities and human flexibility, not to replace humans with machines. The manufacturing sector is also known as "Industry 4.0," which refers to how manufacturers incorporate new technology into their production processes to raise the productivity of their operations and the quality of their output.
Since a single bot can answer multiple inquiries simultaneously, they are available 365 days a year, around the clock. With the automation of repetitive activities, chatbots deliver accurate responses to every customer's question and, if necessary, can transfer the discussion to a human agent. This helps to distribute the burden effectively and boost business efficiency.
North America is expected to emerge as the major region for the chatbot market during the forecast period. The growth in this region is mainly attributed to the increasing deployment of the chatbots in various business verticals. Technologies such as artificial intelligence, IoT, and APIs, among others, are evolving at a rapid speed. Chatbots are integrated with these technologies to offer enhanced operations, thereby driving the market demand.
Artificial intelligence and audio speech-based chatbots are expected to account for the largest market share in the future. Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in enhanced performance of chatbots in various applications.
Chatbot Market Report Highlights
- Chatbots find various applications in e-commerce, healthcare, and BFSI sectors. Large enterprise emerged as the largest end-user segment in 2022 and is estimated to register a CAGR of 23.3% during the forecast period
- The chatbots for marketing segment are expected to witness the largest growth during the forecast period as these chatbots can connect the customers directly to service providers
- The standalone segment is estimated to expand at a CAGR of 23.7% during the forecast period
- Asia Pacific market is estimated to witness substantial growth during the next decade owing to the various technological developments across major economies. The regional market is expected to extend at a CAGR of 24.7% from 2023 to 2030
- Chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning
Table of Contents
132 Pages
- Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope & Assumptions
- 1.3 List of Data Sources
- Chapter 2 Executive Summary
- 2.1 Chatbot - Industry Snapshot & Key Buying Criteria, 2017 - 2030
- Chapter 3 Industry Outlook
- 3.1 Market Segmentation
- 3.2 Market Size and Growth Prospects
- 3.3 Evolution of Chatbot Industry
- 3.4 Chatbot - Ecosystem
- 3.5 Chatbot Market Dynamics
- 3.5.1 Market driver analysis
- 3.5.1.1 Increasing messaging applications
- 3.5.1.2 Reduction in expenses of enterprises
- 3.5.1.3 Increasing application in e-commerce and BFSI industries
- 3.5.2 Market restraint analysis
- 3.5.2.1 Availability of free chatbot with specific rule set
- 3.5.3 Market Opportunity Analysis
- 3.5.3.1 Integration with Payment services
- 3.5.3.2 Integration with various IOT devices
- 3.6 Segmental Trends
- 3.7 Key Opportunities - Prioritized
- 3.8 Chatbot - Key Company Analysis, 2022
- 3.9 Industry Analysis - Porter’s
- 3.10 Chatbot-PEST Analysis
- 3.11 Chatbot Market Insights
- 3.11.1 Major platforms on which chatbots are build
- 3.11.2 Major messaging platforms for which chatbots are build
- 3.11.3 Major investors and companies
- 3.11.4 General cost structure
- 3.11.5 Key features of chatbot
- 3.12 Chatbot Market Impact Analysis
- 3.12.1 Hurdles faced- how they are addressed
- 3.12.1.1 Threat from the messaging platforms
- 3.12.1.2 Charges for deployment & distribution
- 3.12.1.3 Stiff competition
- 3.12.1.4 Monetization
- 3.12.1.5 Voice bots or virtual assistants
- 3.12.1.6 Discovery, marketing & distribution
- 3.12.1.7 Picking the right platform
- 3.12.2 Investors strategy
- 3.12.3 Recent major mergers & acquisitions
- 3.12.4 Future of chatbot industry
- 3.12.5 Chatbot companies key strategies
- 3.12.6 Analyst recommendations
- Chapter 4 Chatbot: Offering Estimates & Trend Analysis
- 4.1 Chatbot Market: Offering Movement Analysis
- 4.1.1 Solution
- 4.1.1.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 4.1.2 Services
- 4.1.2.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 5 Chatbot: Type Estimates & Trend Analysis
- 5.1 Chatbot Market: Application Movement Analysis
- 5.1.1 Standalone
- 5.1.1.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 5.1.2 Web-based
- 5.1.2.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 5.1.3 Messenger-based/Third Party
- 5.1.3.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 6 Chatbot: Medium Estimates & Trend Analysis
- 6.1 Chatbot Market: Medium Movement Analysis
- 6.1.1 Contact Centers
- 6.1.1.1 Global market estimates and forecasts, 2016 - 2030 (USD Million)
- 6.1.2 Websites
- 6.1.2.1 Global market estimates and forecasts, 2016 - 2030 (USD Million)
- 6.1.3 Social Media
- 6.1.3.1 Global market estimates and forecasts, 2016 - 2030 (USD Million)
- 6.1.4 Mobile Application
- 6.1.4.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 7 Chatbot: Business Function Estimates & Trend Analysis
- 7.1 Chatbot Market: Medium Movement Analysis
- 7.1.1 IT Services
- 7.1.1.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 7.1.2 HR Services
- 7.1.2.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 7.1.3 Sales & Marketing
- 7.1.3.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 7.1.4 Finance
- 7.1.4.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 8 Chatbot: Application Estimates & Trend Analysis
- 8.1 Chatbot Market: Medium Movement Analysis
- 8.1.1 Customer Services
- 8.1.1.1 Global market estimates and forecasts, 2018 - 2030 (USD Million)
- 8.1.2 Branding & Advertising
- 8.1.2.1 Global market estimates and forecasts, 2018 - 2030 (USD Million)
- 8.1.3 Personal Assistance
- 8.1.3.1 Global market estimates and forecasts, 2018 - 2030 (USD Million)
- 8.1.4 Data Privacy & Compliance
- 8.1.4.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.1.5 Payment Processing
- 8.1.5.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.1.6 Others
- 8.1.6.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 9 Chatbot: Vertical Estimates & Trend Analysis
- 9.1 Chatbot Market: Vertical Movement Analysis
- 9.1.1 Healthcare
- 9.1.1.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.2 Retail and e-commerce
- 9.1.2.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.3 Banking Financial Services and Insurance (BFSI)
- 9.1.3.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.4 Media and entertainment
- 9.1.4.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.5 Travel & tourism
- 9.1.5.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.6 Transportation and Logistics
- 9.1.6.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- 9.1.7 Other
- 9.1.7.1 Global market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 10 Chatbot: Regional Estimates & Trend Analysis
- 10.1 Chatbot Market: Regional Movement Analysis
- 10.2 North America
- 10.2.1 North America market place: Key takeaways
- 10.2.2 North America Chatbot market, 2017 - 2030
- 10.2.2.1 North America market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.2.3 U.S. chatbot market, 2017 - 2030
- 10.2.3.1 U.S. market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.2.4 Canada chatbot market, 2017 - 2030
- 10.2.4.1 Canada market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.2.5 Mexico chatbot market, 2017 - 2030
- 10.2.5.1 Mexico market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.3 Europe
- 10.3.1 Europe market place: Key takeaways
- 10.3.2 Europe chatbot market, 2017 - 2030
- 10.3.2.1 Europe market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.3.3 Germany chatbot market, 2017 - 2030
- 10.3.3.1 Germany market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.3.4 U.K. chatbot market, 2017 - 2030
- 10.3.4.1 U.K. market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.4 Asia Pacific
- 10.4.1 Asia Pacific market place: Key takeaways
- 10.4.2 Asia Pacific chatbot market, 2017 - 2030
- 10.4.2.1 Asia Pacific market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.4.3 China Chatbot market, 2017 - 2030
- 10.4.3.1 China market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.4.4 South Korea chatbot market, 2017 - 2030
- 10.4.4.1 South Korea market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.4.5 Japan chatbot market, 2017 - 2030
- 10.4.5.1 Japan market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.5 South America
- 10.5.1 South America market place: Key takeaways
- 10.5.2 South America chatbot market, 2017 - 2030
- 10.5.2.1 South America market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.5.3 Brazil chatbot market, 2017 - 2030
- 10.5.3.1 Brazil market estimates and forecasts, 2017 - 2030 (USD Million)
- 10.6 MEA
- 10.6.1 MEA marketplace: Key takeaways
- 10.6.2 MEA chatbot market, 2017 - 2030
- 10.6.2.1 MEA market estimates and forecasts, 2017 - 2030 (USD Million)
- Chapter 11 Competitive Product landscape
- 11.1 [24]7.ai, Inc
- 11.1.1 Company overview
- 11.1.2 Financial performance
- 11.1.3 Product benchmarking
- 11.1.4 Strategic Initiatives
- 11.2 Acuvate
- 11.2.1 Company overview
- 11.2.2 Financial performance
- 11.2.3 Product benchmarking
- 11.2.4 Strategic Initiatives
- 11.3 Aivo
- 11.3.1 Company overview
- 11.3.2 Financial performance
- 11.3.3 Product benchmarking
- 11.3.4 Strategic Initiatives
- 11.4 Artificial Solutions
- 11.4.1 Company overview
- 11.4.2 Financial performance
- 11.4.3 Product benchmarking
- 11.4.4 Strategic Initiatives
- 11.5 Botsify Inc.
- 11.5.1 Company overview
- 11.5.2 Financial performance
- 11.5.3 Product benchmarking
- 11.5.4 Strategic Initiatives
- 11.6 Creative Virtual Ltd.
- 11.6.1 Company overview
- 11.6.2 Financial performance
- 11.6.3 Product benchmarking
- 11.6.4 Strategic Initiatives
- 11.7 eGain Corporation
- 11.7.1 Company overview
- 11.7.2 Financial performance
- 11.7.3 Product benchmarking
- 11.7.4 Strategic Initiatives
- 11.8 IBM Corporation
- 11.8.1 Company overview
- 11.8.2 Financial performance
- 11.8.3 Product benchmarking
- 11.8.4 Strategic Initiatives
- 11.9 Inbenta Technologies Inc.
- 11.9.1 Company overview
- 11.9.2 Financial performance
- 11.9.3 Product benchmarking
- 11.9.4 Strategic Initiatives
- 11.11 Next IT Corp.
- 11.11.1 Company overview
- 11.11.2 Financial performance
- 11.11.3 Product benchmarking
- 11.11.4 Strategic Initiatives
- 11.11 Next IT Corp
- 11.11.1 Company overview
- 11.11.2 Financial performance
- 11.11.3 Product benchmarking
- 11.11.4 Strategic Initiatives
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