Global Chatbot Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Platform (Web-Based, Mobile and Standalone); Enterprise Size (Small and Medium Enterprises, Large Enterprises); End-User (BFSI, Healthcare, Travel and Hospitality, Government, Educational Institutions, and Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: January, 2024
ID: 10073
Pages: 150

Global Chatbot Market Size (2024 to 2029)

The global chatbot market is foreseen to expand from USD 4.92 billion in 2023 to USD 23.21 billion by 2029, at an annual expansion rate (CAGR) of 29.5%.

Global Chatbot Market Overview:

A chatbot is an artificial intelligence (AI) based software that can make a human language conversation through messaging apps, websites, mobile, or other platforms. The report covers various end-user segments, such as BFSI, healthcare, travel and hospitality, government and others, where chatbots are implemented in various geographies.A chatbot is essentially an application based on artificial intelligence that talks to a human to solve a problem or respond to a certain request. This reduces uptime and improves efficiency, which helps market growth. According to Salesforce, 69% of consumers prefer to use chatbots because of the speed at which they can communicate with a brand. Additionally, the demand for voice-activated smart devices is gaining popularity due to high convenience and fully automated processes. In January 2020, Google introduced its AI-based chatbot, Meena. It is a multi-turn open domain chatbot formed end-to-end on the extracted data. Meena's neutral network contains around 2.6 billion parameters. Chatbots are poised to grow at a significant rate, so companies are poised to embrace the technology in their existing business portfolio. According to MIT Technology Review, 90% of the companies reported faster resolution of robot complaints.

Global Chatbot Market Growth and Trends:

Artificial Intelligence (AI) mass adoption rate has been used to focus on customer satisfaction with the introduction of ChatBots. Healthcare providers continually work with ChatBot companies to better help patients. The average number of patients spends around 30 minutes trying to find the right service that their local hospital can provide, and the average nurse spends 1 hour a day trying to connect with the right doctor.

Major healthcare systems use chatbots to facilitate fully conversational discovery of their services and enable seamless planning for their patients. With similar ease, vendors can now track specialists and set benchmarks through a single conversation with the help of conversational AI agents. For example, Gyant's chatbot asks patients to understand their symptoms, then sends the data to doctors, who provide diagnoses and prescribe drugs in real time. In March 2019, the company said it had pushed more than 785,000 people in Latin America to pass a diabetes test.

Healthcare providers are nowadays implementing these chatbots to interact with their patients about recent procedures and information on chronic illnesses like diabetes, cardiovascular disease, arthritis, etc., which is supposed to increase patient satisfaction and decrease readmissions. In a healthcare space, chatbots provide simplicity and convenience to consumers, helping to improve workforce, productivity and consumer connection for providers. For instance, Northwell Health chatbots help patients in cancer care, and Premera Blue Cross introduced its Premera Scout chatbot to assist patients in their treatment. Additionally, the Mayo Clinic is digging into the technology by investigating voice-activated robots.

In the current market scenario, there are various mobile applications that use AI for chat bots or image analysis facilities, which are increasingly popular among mobile users. For example, take the case of Babylon, a leading AI-based mobile app that allows users to use a smart chatbot to help and link symptoms and communicate with an affected doctor via video chat.

Global Chatbot Market Drivers and Restraints:

Some of the key factors driving the growth of the global chatbot market are the increasing demand for chatbots across various industry verticals and the focus on improving customer engagement through artificial intelligence-based chatbots. However, among the various factors responsible for slowing the growth of the chatbot market, the technological competence to host and support the functioning of the chatbot in order to provide a smooth user experience is of great importance.

Impact of Covid-19 on the global chatbot market:

With the recent COVID-19 outbreak, the chatbot has been increasingly implemented by various organizations to respond to customer inquiries and other related information. Because remote work has been adopted by different organizations due to national blockade, the company relies heavily on chatbots to reduce the burden of customer inquiries due to minimal availability of customer service employees.In addition, the chatbot provides millions of people with the necessary information about COVID-19 daily. For instance, a Facebook Messenger version launched by WHO in April 2020 through its WHO Health Alert platform offered instant and precise information about COVID-19 using Facebook's global presence.

GLOBAL CHATBOT MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

29.5%

Segments Covered

By Platform, End User, Company Size, and Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

 Market Leaders Profiled

IBM Corporation (USA), Nuance Communications (USA), Google (USA), Amazon Web Services (USA), Artificial Solutions (Spain), Inbenta Technologies (USA), [24] 7 .ai (USA), Chatfuel (USA), AIVO (Argentina), Botsify.com (Pakistan), Passage AI (USA), Kore.ai (USA), KeyReply (Singapore), SmartBots (USA), Contus (India), Yellow Messenger (India), CogniCor Technologies (USA), Conversica (USA), Gupshup (United States) and Kevit (India) Others.

 

This research report on the global chatbot market has been segmented and sub-segmented based on the platform, end-user, company size, and region.

Global Chatbot Market - By Platform:

  • Web Based

  • Mobile

  • Standalone

Global Chatbot Market - By End-User:

  • BFSI

  • Healthcare

  • Travel and Hospitality

  • Government

  • Educational Institutions

  • Others

Global Chatbot Market - By Company Size:

  • Small and Medium Enterprises

  • Large Enterprises

Global Chatbot Market – By Region:

  • Asia Pacific

  • Europe

  • Middle East and Africa

  • North America

  • Latin America

North America is a major contributor to the global chatbot market revenue. Additionally, the region is expected to be the fastest-growing segment during the forecast period. Growth in the region is mainly driven by demand from countries like the United States and Canada. The Asia Pacific region is foreseen to expand with a considerable CAGR in the coming years.

Key market players:

  1. IBM Corporation (USA),

  2. Nuance Communications (USA),

  3. Google (USA),

  4. Amazon Web Services (USA),

  5. Artificial Solutions (Spain),

  6. Inbenta Technologies (USA),

  7. Chatfuel (USA),

  8. AIVO (Argentina),

  9. Botsify.com (Pakistan),

  10. Passage AI (USA),

  11. Kore.ai (USA),

  12. KeyReply (Singapore),

  13. SmartBots (USA), Contus (India),

  14. Yellow Messenger (India),

  15. CogniCor Technologies (USA),

  16. Conversica (USA),

  17. Gupshup (United States)

  18. Kevit (India).

Recent Developments:

  • In April 2020, IBM, with its Watson Assistant chatbots, is helping government agencies, healthcare organizations, and academics around the world to use artificial intelligence to put critical data and information in the hands of their citizens.

  • In February 2020, Creative Virtual has a partnership with Spitch AG, the leading developer of enterprise voice solutions in Switzerland. The collaboration will use the best technologies from both companies to provide their clients with innovative self-service solutions. The integration of Creative Virtual's V-Person natural language chatbots and Spitch voice technology brings to the market a leading-edge voice bot offering.

 

 

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Frequently Asked Questions

How are advancements in AI impacting the chatbot market?

Advancements in AI, particularly in natural language processing (NLP) and machine learning (ML), are enhancing the capabilities of chatbots to understand and respond to user queries more intelligently. This leads to improved customer satisfaction and increased efficiency in operations across industries.

What types of chatbots are most commonly used in the market?

The market comprises rule-based chatbots, AI-based chatbots, and hybrid chatbots. AI-based chatbots, leveraging machine learning and natural language processing, are gaining significant traction due to their ability to provide more sophisticated and context-aware responses.

What role do chatbots play in enhancing business productivity?

Chatbots streamline various business processes by automating repetitive tasks, handling routine inquiries, qualifying leads, and providing data insights through analytics. This frees up human resources to focus on more complex and value-added activities, thereby enhancing overall productivity.

How do regulatory frameworks impact the deployment of chatbots globally?

Regulatory frameworks, particularly concerning data privacy and protection laws such as GDPR in Europe and CCPA in California, influence how organizations collect, store, and process data through chatbots. Compliance with these regulations is essential to ensure trust and mitigate legal risks associated with chatbot deployment.

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