The global chatbot market is foreseen to expand from $3.6 billion in 2020 to $12.4 billion by 2026, at an annual expansion rate (CAGR) of 29.5% during the outlook period 2021-2026.
A chatbot is 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 company reported faster resolution of robot complaints.
Market growth and trends:
Market Drivers and Restrictions:
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.
Market Segmentation
Mobile segment is expected to grow at a significant rate during the forecast period. This is mainly due to the ubiquitous nature and dominance over other messaging platforms.
Among these, the healthcare segment is likely to register the highest growth rate and market share in the foreseen years.
Regional Analysis:
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:
The chatbot market includes key solution providers such as 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).
Recent Developments:
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.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Chatbot Market, By Platform
6.1.1 Web-Based
6.1.2 Mobile
6.1.3 Standalone
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Chatbot Market, By Enterprise Size
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Chatbot Market, By End-User
6.3.1 BFSI
6.3.2 Healthcare
6.3.3 Travel and Hospitality
6.3.4 Government
6.3.5 Educational Institutions
6.3.6 Market Size Estimations & Forecasts (2021-2026)
6.3.7 Y-o-Y Growth Rate Analysis
6.3.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Platform
7.2.3 By Enterprise Size
7.2.4 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Platform
7.3.3 By Enterprise Size
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Platform
7.4.3 By Enterprise Size
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Platform
7.5.3 By Enterprise Size
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Platform
7.6.3 By Enterprise Size
7.6.4 By End-User
8. Key Player Analysis
8.1 IBM Corporation
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Nuance Communications
8.3 Google
8.4 Amazon Web Services
8.5 Artificial Solutions
8.6 Inbenta Technologies
8.7 [24 ] 7 .ai
8.8 Chatfuel
8.9 AIVO
8.10 Botsify.com
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
