Chatbot Market worth $10.5 billion by 2026 - Report by MarketsandMarkets™

Chicago, July 08, 2022 (GLOBE NEWSWIRE) -- According to research report “Chatbot Market by Component, Type (Rule Based & AI Based), Application (Customer Service, Customer Engagement & Retention), Channel Integration, Business Function (ITSM, Finance), Vertical, and Region - Global Forecast to 2026”, published by MarketsandMarkets™, The global Chatbot Market size to grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The adoption of chatbot solutions is considerable and is projected to grow at a good pace in the coming years. One of the factors contributing to the growth of the Chatbot Market is the advent of technologies, such as analytics, AI, and cloud, which enable various industries to organize their operations. Furthermore, the increasing customer demand for self-services is accelerating the adoption of chatbots, thus offering a competitive advantage to businesses.

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285 - Tables
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322 - Pages

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Chatbots are computer programs used specially for conversations through messaging applications/web interfaces. They have been around since the 1960s, and the earliest program was called ELIZA, which is a scripted therapist program that responded to user’s typed responses. Today, chatbots carry multiple functions within a messaging conversation without the need for downloading an external application. AI has made significant developments in current chatbot capabilities. Techniques such as deep learning and ML leverage a large amount of data and efficient processing power, thus improving the quality of understanding and decision-making.

The global Chatbot Market is segmented on the basis of components into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. The growing use of AI and analytics for policymaking, environmental analysis, and real-time decision-making is expected to increase the adoption of services.

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The global Chatbot Market is segmented on the baisis of type into into rule based and AI based. The AI-based segment is expected to at a higher CAGR during the forecast period. Due to intelligent customer engagement and the self-learning process, the AI-based segment is anticipated to register the fastest growth during the forecast period.

The global Chatbot Market by channel integration is segmented into websites, contact centers, social media, and mobile applications. The market size of the social media segment is expected to grow at the highest CAGR during the forecast period. The surging chatbot integrations with social media, increasing awareness of chatbots, and rising need to improve Customer Relationship Management (CRM) are some of the factors fueling the Chatbot Market growth. The mobile applications segment is expected to account for the largest market size during the forecast period. Due to the provision of better user interface and experience, and 24/7 assistance and interactive experience in human language, the mobile applications segment is expected to grow during the forecast period.

The global Chatbot Market by business function is segmented into IT Service Management (ITSM), HR, sales and marketing, and finance. Businesses are adopting digital transformation for modernizing customer communication and improving internal processes. The finance business segment is expected to grow at the highest CAGR during the forecast period. The sales and marketing business function is expected to account for the largest market size during the forecast period, owing to the ease in the process of collecting data from customers to improve service/ product quality and conversion rates.

The global Chatbot Market by application is segmented into customer service, personal assistant, branding and advertisement, customer engagement and retention, data privacy and compliance, employee engagement and on-boarding, payment processing, sales and marketing, and others (churn analysis, campaign management, news delivery, and data aggregation). The use of chatbots is growing across these applications for increasing profit margins, reducing costs, and enhancing operational efficiency. The data privacy and compliance segment is expected to grow at the highest growth rate during the forecast period, owing to the icreasing use of chatbots to identify data, such as locations, IP addresses, company details, phone numbers of users, and email addresses.

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The Chatbot Market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, transportation and logistics, government, travel and hospitality, media and entertainment, and others (education, energy and utilities, and manufacturing). Key factors favoring the growth of chatbots across these verticals include the rising technology advancements and growing availability of industry-specific chatbots. Healthcare and life sciences vertocal is expected to grow at the highest CAGR during the forecast period. Chatbots have the potential to revolutionize healthcare. They can substantially boost efficiency and improve the accuracy of symptom collection and ailment identification, preventive care, post-recovery care, and feedback procedures.

The Chatbot Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. Countries in APAC are technology-driven and present major opportunities in terms of investments and revenue. These countries include China, Singapore, Japan, and India. Factors such as flexible economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization are expected to support the growth of the Chatbot Market in APAC.

Major vendors in the Chatbot Market include IBM (US), Microsoft (US), Google (US), AWS (US), Nuance (US), Oracle (US), Creative Virtual (UK), Artificial Solutions (Spain), Kore.ai (US), Inbenta (US), [24]7.AI (US), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US), LiveChat (Poland), MindMeld (US), CogniCor (US), Gupshup (US), Contus (India), Chatfuel (US), KeyReply (Singapore), SmartBots (US), Yellow Messenger (India), Kevit (India), Yekaliva (India), and Pypestream (US). These chatbot vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global Chatbot Market.

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