Market Research Report
Chatbot Market 2021-2027
|Chatbot Market 2021-2027|
Published: August 5, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Full-title:Global Chatbot Market Size, Share & Trends Analysis Report By Deployment Model (On-Premises, and Cloud-Based) By Component (Solution, and Services) By Verticals (Healthcare, Travel and Hospitality, Media and Entertainment, BFSI, and Others) By Application (Customer Care, Branding & Advertisement, and Others) Forecast, 2021-2027.
The chatbot market is anticipated to grow at a substantial CAGR of 25.4% during the forecast period. The global chatbot market is driven by the factors such as increasing demand for better customer care service solutions, rising adoption of chatbots in verticles such as BFSI, retail & e-commerce, healthcare, telecommunication, among others, and rising smartphone users globally. Moreover, a rising startup in major economies and high investment by them in R&D activities for further advancements in chatbot technologies is projected to drive the growth of the market during the forecast period. For instance, in June 2021, Cognigy raised funding of $44 million to scale its enterprise-focused conversational AI platform globally. The rising partnership collaboration among major players and new chatbot launches by them is expected to further drive the growth of the market. The high initial setup cost of the chatbots and lack of experienced assistance may slow down their adoption during the forecast period.
The global chatbot market was not that much impacted by the COVID-19 pandemic. During the lockdown, the use of chatbots by many organizations and enterprises to maintain their customer relationship management and to handle customer queries has been deployed. Due to which their demand has increased. The adoption of chatbots by a financial institution for customer interaction at a remote location was found useful. This led to high demand and growth of the chatbot market.
The global chatbot market is segmented based on deployment model, component, verticals, and application. Based on the deployment model, the global chatbot market is bifurcated into on-premises, and cloud-based. Among these, the cloud-based chatbot segment is expected to grow at a higher CAGR during the forecast period owing to the increasing demand for better-controlled chatbot systems at a lower cost. Based on components, it is classified into solutions and services. The service segment is projected to show lucrative growth during the forecast period. Similarly, based on verticals, the market is categorized into healthcare, travel & hospitality, media & entertainment, telecommunication, banking & financial services, retail & e-commerce, and others. Whereas, based on application, the global chatbot market is further segregated into customer care, branding & advertisement, data privacy & compliance, employee engagement & on-boarding, payment processing, and others. Among these, the employee engagement & on-boarding segment is anticipated to lead the market during the forecast period.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing region in the global chatbot market. China, India, Japan are the major contributors to the market growth in terms of increasing population, rising smartphone users, growing industrialization, and increasing startups. Moreover, leveraging information-intensive AI technologies in developing countries of Asia-Pacific, heavy investments in chatbot and machine learning technology is also driving the growth of the market in the region. Whereas, North America is projected to hold a significant share in the market. The region dominated the market in 2020 and is further projected to maintain its dominance during the forecast period. The presence of major companies that provided AI-based chatbot solutions to various industries is positively impacting the market growth in the region. The US is expected to account for the largest revenue share during the forecast period owing to the increasing disposable income, changing living standards, and growing urbanization.
The market study of the global chatbot market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.