Global Chatbots Market Key Trends (2019-2026) by Type (Software and Services),  Usage (Websites, Contact Centers, Social Media and Mobile Platform), Deployment Type (On-Premises and On Cloud),  Industry Vertical,  End User, and  Geography.

Chatbots Market size was valued at US$ 2.61 Billion in 2020 and the total chatbots revenue is expected to grow at 28.5% through 2021 to 2027, reaching nearly US$ 15.1 Billion.

Chatbots Market Overview:

A chatbot is a software app used to conduct an online chat conversation via text, instead of providing direct contact with an actual human. These are created to convincingly simulate the way a human would interact with another person, chatbot systems usually need constant modulation and testing, and many in production remain unfit for conversation because none of them can pass the Turing test. (A test that determines if a chatbot simulates actual human behavior or not). Chatbots are used as a dialogue tool for different purposes for example customer service, request processing, information gathering, etc. Some chatbot apps deploy extensive word classification processes, NLPs, and advanced artificial intelligence, other bots simply scan the data for keywords and generate responses that often have common phrases from libraries or other databases. Many drivers fuel the chatbot market growth. The market is mostly driven by the help of AI. A key driving factor of the chatbots market is the rise of social media messaging. The chatbots market report contains the overall market analysis. The report includes multiple factors that drive and influence Chatbots market growth. The report also has the COVID 19 analysis and the ways to recover from its repercussions. The report is prepared by analysts after making multiple research methodologies. These include the market demand, growth, market opportunities, value chain analysis, etc. The report has an in-depth segmentation of the market which is further sub-segmented into different End-Users, Application Industry, and regional Analyses. The report also includes the key players of the global chatbots market. Chatbots Market To know about the Research Methodology :- Request Free Sample Report

Global Chatbots Market Dynamics:

A major driver of the global chatbots market is the increasing need for low operation costs in case of efficient customer support. Chatbots are crucial in delivering day and night customer support to consumers, which helps various industries to rationalize and optimize the customer experience they have at every level in the process. Various sectors, such as finance, retail, E-Commerce, government, telecom, and travel and tourism, have reconfigured their focus toward resolving customer queries in the lowest time possible. The arrangement of quick responses to customer inquiries has become a key factor for the success of businesses. Therefore, industries prefer chatbots as a powerful user interface for attracting customers effectively and giving them a dynamic and satisfactory user environment. A crucial restraint of the global chatbots market is the lack of accuracy in the user voice authentication methodologies. There are two methods for User Voice Authentication. The first is the one in which the user repeats the same sentence repeatedly and creates a general template of different voiceprints. These templates are then matched with their spoken sentences in the future to authenticate them. The second method is to make a voiceprint with a single phrase or word and store it as the individual voiceprint. In this case, third parties can steal authentication data and use it to gain access. These are the available voice authentication methods that need more improvements to be efficient methods for user verification. The key opportunity in the global chatbots market is the rise and development of self-learning chatbots which provide a conversational experience that is equivalent to that of a person. Self-learning chatbots adapt to different conditions in the environment in which they operate and learn from their actions and decisions. These chatbots are considered smart enough to analyze data in the smallest of time and accompany the customer to find the exact information they are looking for by giving support in local and other languages. Self-learning chatbots, with data-based behavior, are powered by Natural Language Processing and Reinforced Learning. That’s why they also enable the delivery of more human-like and natural communication allowing them to learn from their own mistakes.

Global Chatbots Market Segment Analysis:

By End-Users, the market is segmented into small & medium enterprises and large enterprises. The large enterprises held the highest share in the global chatbots market in 2020. The large enterprises segment is also projected to witness the highest CAGR of 14.8%. The large enterprises segment is also projected to hold the highest share in the global chatbots market in 2027. By Application, the market is segmented into Social Media Bots, Payments/ Order processing Bots, Service Bots, Retail & Marketing Bots, and Other. Social Media Bots and Payments/ Order processing Bots held the highest share in the global chatbots market in 2020. These segments are also projected to witness the highest CAGR of 10.9% and 8.8% in the forecast period (2021-2027). This growth is correlated to the rise in social media users in developing countries like India and the growth of payment processing bots segment is associated with the growth of the banking, finance, and insurance sector. Retail & Marketing and Service bots are projected to witness growth of xx% and xx% respectively in the forecast period (2021-2027). Chatbots Market By Industry, the market is segmented into Media and entertainment, E-commerce, Banking, Financial Services, and Insurance (BFSI), Healthcare, Travel & Tourism, and Others. The E-Commerce and Media and Entertainment segments are projected to grow at CAGR of 7.3% and 6.8% in the forecast period (2021-2027) respectively. This growth is correlated to the rise in OTT platforms and social media in post-pandemic times and the E-commerce growth rate can be attributed to the rise in online shopping. The BFSI segment is projected to witness a CAGR of 5.6 % in the forecast period (2021-2027). This is correlated to the steep increase in online transaction processing and electronic funds transfer projected in the forecast period (2021-2027). Chatbots Market

Global Chatbots Market Regional Insights:

North America held the largest Chatbots market Share of xx% in 2020 due to its popularity among US citizens. North America represents the major growth in the market because of multiple growth parameters in the forecast period (2021-2027). The progress in technology, steep rise in the use of the internet, and lower prices of smartphones and tablets in North America influence the growth. Asia-Pacific region held the second-highest position in the global chatbots market in terms of share in the year 2020. This region is also projected to witness the highest CAGR of 10.7% in the forecast period (2021-2027). The countries in this region are technology and data-driven and promise many opportunities in terms of revenue and investments in the global chatbots market in the aforementioned forecast period. The market growth influencing parameters in this region include flexible economic situations, industrialization, globalization-based legislations of governments, and digitization. The objective of the report is to present a comprehensive analysis of the global Chatbots market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Chatbots market dynamics, structure by analyzing the market segments and projecting the global Chatbots market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Chatbots market make the report investor’s guide.

Global Chatbots Market Scope: Inquiry Before Buying

Global Chatbots Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 2.61 Billion.
Forecast Period 2021 to 2027 CAGR: 28.5 % Market Size in 2027: US $ 15.1 Billion.
Segments Covered: by End-Users • Small & Medium Enterprises • Large Enterprises
by Application • Social Media Bots • Payments/ Order processing Bots • Service Bots • Retail & Marketing Bots • Other
by Industry • Media and entertainment • E-commerce • Banking, Financial Services, and Insurance (BFSI) • Healthcare • Travel & Tourism • Others

Global Chatbots Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Chatbots Market Key Players

Artificial Solutions • Kore.ai • Inbenta • [24]7.AI • Aivo • ServiceNow • Conversica • Personetics • LiveChat • MindMeld • CogniCor • Gupshup • Contus • Chatfuel • KeyReply • SmartBots • Yellow Messenger • Kevit • Yekaliva • Pypestream FAQs: 1. Which is the potential market for chatbots in terms of the region? Ans. North America represents the major growth in the market because of multiple growth parameters in the forecast period (2021-2027). 2. What are the opportunities for new market entrants? Ans. The key opportunity in the global chatbots market is the rise and development of self-learning chatbots which provide a conversational experience that is equivalent to that of a person. 3. What is expected to drive the growth of the chatbots market in the forecast period? Ans. A major driver of the global chatbots market is the increasing need for low operation costs in case of efficient customer support. 4. What is the projected market size & growth rate of the chatbots Market? Ans. Chatbots Market size was valued at US$ 2.61 Billion in 2020 and the total chatbots revenue is expected to grow at 28.5% through 2021 to 2027, reaching nearly US$ 15.1 Billion. 5. What segments are covered in the chatbots market report? Ans. The segments covered in the report are End-Users, Application, Industry and, Region.
1. Global Chatbots Market: Research Methodology 2. Global Chatbots Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Chatbots Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Chatbots Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Chatbots Market Segmentation 4.1 Global Chatbots Market, by Application (2020-2027) • Social Media Bots • Payments/ Order processing Bots • Service Bots • Retail & Marketing Bots • Other 4.2 Global Chatbots Market, by Industry (2020-2027) • Media and entertainment • E-commerce • Banking, Financial Services, and Insurance (BFSI) • Healthcare • Travel & Tourism • Others 4.3 Global Chatbots Market, by End-user (2020-2027) • Small & Medium Enterprises • Large Enterprises 5. North America Chatbots Market(2020-2027) 5.1 Global Chatbots Market, by Application (2020-2027) • Social Media Bots • Payments/ Order processing Bots • Service Bots • Retail & Marketing Bots • Other 5.2 Global Chatbots Market, by Industry (2020-2027) • Media and entertainment • E-commerce • Banking, Financial Services, and Insurance (BFSI) • Healthcare • Travel & Tourism • Others 5.3 Global Chatbots Market, by End-user (2020-2027) • Small & Medium Enterprises • Large Enterprises 5.4 North America Chatbots Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Chatbots Market (2020-2027) 6.1. Asia Pacific Chatbots Market, by Application (2020-2027) 6.2. Asia Pacific Chatbots Market, by Industry (2020-2027) 6.2. Asia Pacific Chatbots Market, by End-user (2020-2027) 6.2. Asia Pacific Chatbots Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Chatbots Market (2020-2027) 7.1 Middle East and Africa Chatbots Market, by Application (2020-2027) 7.2. Middle East and Africa Chatbots Market, by Industry (2020-2027) 7.2. Middle East and Africa Chatbots Market, by End-user (2020-2027) 7.4. Middle East and Africa Chatbots Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Chatbots Market (2020-2027) 8.1. Latin America Chatbots Market, by Application (2020-2027) 8.2. Latin America Chatbots Market, by Industry (2020-2027) 8.2. Latin America Chatbots Market, by End-user (2020-2027) 8.4 Latin America Chatbots Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Chatbots Market (2020-2027) 9.1. European Chatbots Market, by Application (2020-2027) 9.2. European Chatbots Market, by Industry (2020-2027) 9.3. European Chatbots Market, by End-user (2020-2027) 9.4. European Chatbots Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1 Artificial Solutions 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Kore.ai 10.3 Inbenta 10.4 [24]7.AI 10.5 Aivo 10.6 ServiceNow 10.7 Conversica 10.8 Personetics 10.9 LiveChat 10.10 MindMeld 10.11 CogniCor 10.12 Gupshup 10.13 Contus 10.14 Chatfuel 10.15 KeyReply 10.16 SmartBots 10.17 Yellow Messenger 10.18 Kevit 10.19 Yekaliva 10.20 Pypestream

About This Report

Report ID 7204
Category Information Technology & Telecommunication
Published Date Nov 2019
Updated Date Dec 2021
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