Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3.60 Billion in 2022 chatbot market will reach USD 24.80 Billion by 2032. Business-wise, chatbots are most frequently used in customer contact centres to handle incoming messages and refer customers to the right page. They're also widely used for internal functions, including as helping all employees with regular tasks like vacation planning, computer and office supply orders, training, and other self-service tasks that don't require human participation.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.60 Billion |
| Market Size in 2032 | USD 24.80 Billion |
| CAGR | 21.28% |
| No. of Pages in Report | 238 |
| Segments Covered | Component, Type, Deployment, Application, End User. |
| Drivers | The rising demand for personalized customer experiences |
| Opportunities | The growing use of chatbots in the e-commerce sector |
| Restraints | The lack of awareness |
Key Insight of the Chatbot Market
North America emerged as the most significant market, with 41.29% market revenue share in 2022.
North America dominated the market, with a market share of around 41.29% in 2022. The anticipated expansion in this market is attributed to the growing use of chatbots in everyday consumer interactions and the transition from a technology-centric approach to a human-centric one.
The solution segment accounted for the largest market share of 56.11% in 2022.
The solution segment dominated the market, with a market share of around 56.11% in 2022. The increasing consumer use of over-the-top (OTT) networking and communication website applications is the reason for this growth.
The standalone segment accounted for the largest market share of 29.18% in 2022.
The standalone segment dominated the market, with a market share of around 29.18% in 2022. The desire from customers for visual assistant features in stand-alone messaging systems is the reason for this increase.
The cloud segment accounted for the largest market share of 54.21% in 2022.
The cloud segment dominated the market, with a market share of around 54.21% in 2022. The increasing demand for cloud-based services around the world is the reason for this growth.
The e-commerce segment accounted for the largest market share of 24.18% in 2022.
The e-commerce segment dominated the market, with a market share of around 24.18% in 2022. The quick shift in customer demand for online shopping is responsible for this growth.
The large enterprises segment accounted for the largest market share of 57.13% in 2022.
The large enterprises segment dominated the market, with a market share of around 57.13% in 2022. Artificial intelligence's rapid technological developments have been associated with this increase.
Market Dynamics
Driver: The rising demand for personalized customer experiences
Businesses are using chatbots with increasing frequency to give customers personalised experiences. This tendency drives the creation of chatbots that use customer data to provide more relevant and personalised responses. Furthermore, as consumers expect round-the-clock care due to the growing usage of digital communication channels, chatbots have become a popular choice for businesses trying to enhance their customer support capabilities.
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Some of the major players operating in the chatbot market are:
• Artificial Solutions
• Aivo LLC
• Google
• Inbenta Holdings Inc
• Creative Virtual Ltd
• eGain Corporation
• IBM
• Smartbots
• Nuance Communications, Inc
• Contus
• Conversica, Inc.
• Amazon Web Services, Inc.
• Kevit
• CogniCor Technologies
• Cyfuture India Pvt. Ltd.
Key Segments cover in the market:
By Component:
• Services
• Solution
By Type:
• Web-Based
• Standalone
• AI-Powered
• Messenger-Based
• Rule-Based
By Deployment:
• On-premise
• Cloud
By Application:
• Retail
• Healthcare
• Media and Entertainment
• Real Estate
• Education
• E-commerce
• Banking Financial Services and Insurance (BFSI)
• Others
By End User:
• Large Enterprises
• Small and Medium Enterprises
By Region
• Asia Pacific (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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