Chatbot Market

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Global Chatbot Market Research Report – Segmentation 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) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2022 to 2027

Published: January, 2022

ID: 10073

Pages: 150

Chatbot Market Size (2022 - 2027)

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 2022 - 2027.

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:

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.

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.

CHATBOT MARKET REPORT COVERAGE:

REPORT METRIC	DETAILS
Market Size Available	2020– 2026
Base Year	2020
Forecast Period	2022 - 2027
CAGR	29.5%
Segments Covered	By Platforn, 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.

Chatbot Market Segmentation

Chatbot Market - By Platform:

Web Based
Mobile
Standalone

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.

Chatbot Market - By End-User:

BFSI
Healthcare
Travel and Hospitality
Government
Educational Institutions
Others

Among these, the healthcare segment is likely to register the highest growth rate and market share in the foreseen years.

Chatbot Market - By Company Size:

Small and Medium Enterprises
Large Enterprises

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:

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.
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.

Impact of Covid-19 on 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.

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 (2022 - 2027)

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 (2022 - 2027)

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 (2022 - 2027)

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 (2022 - 2027)

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

Global Chatbot Market By Region, From 2022 - 2027 ( USD Billion )
Global Chatbot Market By Platform, From 2022 - 2027 ( USD Billion )
Global Web-Based Market By Region, From 2022 - 2027 ( USD Billion )
Global Mobile Market By Region, From 2022 - 2027 ( USD Billion )
Global Standalone Market By Region, From 2022 - 2027 ( USD Billion )
Global Chatbot Market By Enterprise Size, From 2022 - 2027 ( USD Billion )
Global Small and Medium Enterprises Market By Region, From 2022 - 2027 ( USD Billion )
Global Large Enterprises Market By Region, From 2022 - 2027 ( USD Billion )
Global Chatbot Market By End-User, From 2022 - 2027 ( USD Billion )
Global BFSI Market By Region, From 2022 - 2027 ( USD Billion )
Global Healthcare Market By Region, From 2022 - 2027 ( USD Billion )
Global Travel and Hospitality Market By Region, From 2022 - 2027 ( USD Billion )
Global Government Market By Region, From 2022 - 2027 ( USD Billion )
Global Educational Institutions Market By Region, From 2022 - 2027 ( USD Billion )