The global chatbot market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 25% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A chatbot is an artificial intelligence (AI)-based computer program used for simulating human conversations to enable users to interact with digital devices effectively. It is usually developed on a developer framework with cloud backup, analytics and database integrations. Chatbots are majorly incorporated into messaging applications, websites, mobile applications and other digital devices for interacting as digital assistants through text or text-to-speech functionalities. They offer various benefits, such as improved efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing and automatic lead generation and qualification.
Chatbot Market Trends:
- Rapid digitization across industries and the increasing requirement for high-quality customer care service across organizations are among the key factors driving the growth of the market. Chatbots are an integral component of running effective customer care programs and are used across various industries, including banking, financial services and insurance (BFSI), information technology (IT), telecommunication, e-commerce and healthcare, for resolving customer queries in minimal time. For instance, BFSI organizations use chatbots to assist users in transferring funds, checking balances, opening accounts and saving money. Moreover, the widespread adoption of over-the-top (OTT) messaging and social networking applications among consumers, especially millennials, is providing a thrust to the market growth. Additionally, various technological advancements, such as the integration of predictive analytics, machine learning (ML), blockchain and cloud computing technologies for the development of self-learning chatbots, are acting as other growth-inducing factors. These innovative chatbots can adapt to changing digital environments and can provide a human-like conversational experience by learning from the user's actions, experiences and decisions. Other factors, including significant improvements in the IT infrastructure, along with extensive research and development (R&D) activities in the field of natural language processing (NLP), are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global chatbot market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, product, application, organization size and vertical.
Breakup by Type:
- Messenger-based/Third party
Breakup by Product:
- Artificial Intelligence
- Human Intelligence
Breakup by Application:
- Bots for Service
- Bots for Social Media
- Bots for Payments/Order Processing
- Bots for Marketing
Breakup by Organization Size:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- Banking, Financial Services and Insurance
- Media and Entertainment
- Travel and Tourism
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Verint Systems Inc. Key Questions Answered in This Report:
- How has the global chatbot market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global chatbot market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the product?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global chatbot market and who are the key players?
- What is the degree of competition in the industry?