New York, United States, June 29, 2022 (GLOBE NEWSWIRE) -- A chatbot system uses conversational artificial intelligence (AI) technology to simulate a conversation (or chat) with a user via messaging apps, websites, mobile apps, or the telephone. In real-time, user interactions are processed through rule-based language applications that perform live chat functions. One of the most prominent factors of chatbots is that, in contrast to applications, they do not need to be downloaded, do not demand updates, and do not use up any memory on the phone. Another advantage is that multiple bots can be combined into one conversation simultaneously. Since the chatbot automates a portion of the customer service and sales processes, the enterprise can reduce its operating expenses, which results in significant cost savings. This is one of the primary factors driving growth in the chatbot market.
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A chatbot can improve and engage customer interactions while requiring less intervention from human employees. It removes the barriers to providing service to customers that can appear when there is a greater demand than the capacity to meet it. Customers can get instant responses to their questions rather than wait on hold. By lowering the hassle that customers experience with a company's services, brand experiences can be improved. Chatbot virtual assistants are becoming increasingly popular among users in business-to-consumer (B2C) and business-to-business (B2B) settings. These assistants are used to complete simple tasks. The implementation of chatbot assistants results in a decrease in overhead costs, more efficient use of the time of support staff, and the ability for businesses to provide customer service outside of regular business hours.
Throughout the forecast period, it is envisioned that the market for chatbots will expand significantly. This is a result of the significant decrease in operating costs experienced by businesses as a direct result of the implementation of chatbots. It is anticipated that advancements in artificial intelligence and other approaches to machine learning will be a primary factor driving growth in the chatbot market. These advancements are expected to bring about improvements in the functionality of chatbots.
Key Highlights
- The global chatbot market was worth USD 526 million in 2021. It is expected to reach USD 3,619 million by 2030, growing at a CAGR of 23.9% during the forecast period (2022–2030).
- Based on end-users, the global chatbot market has been classified into Large, Medium, and Small Enterprises. Large Enterprises are expected to generate the highest market share, growing a CAGR of 23.8% during the forecast period.
- Based on the business model, the global chatbot market has been classified into Bot for Service, Bot for Social Media, Bot for Payments/Order Processing, Bot for Marketing, and Others. Bot for Services is anticipated to have the most significant market share during the forecast period, growing at a CAGR of 24.7%.
- Based on type, the global chatbot market has been classified into Standalone, Web-Based, and Messenger-Based/Third Party. Standalone is expected to hold the most commanding position in the market, growing at a CAGR of 24.4% by 2030.
- Based on the product landscape, the global chatbot market has been classified into Artificial Intelligence, Marketing, and Human Intelligence. Marketing will acquire the maximum market share, growing at a CAGR of 23.7% during the forecast period.
- Based on vertical, the global chatbot market has been classified into Healthcare, Retail, BFSI, Media and Entertainment, Travel and Tourism, E-commerce, and Others. E-Commerce will command the largest share, growing at a CAGR of 25.4% during the forecast period.
- Based on region, the global chatbot market has been segmented across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America will grow at a CAGR of 25.2% during the forecast period.
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Increasing Messaging Applications and Growing Usage in E-Commerce and BFSI Industries to Drive the Market of Chatbots
The use of over-the-top applications such as WhatsApp, Facebook Messenger, and others are multiplying. It is expected that this growth will occur because people are more engaged with messaging applications than they are with social networking sites. A sizable demand for chatbots will be there in the future to integrate with messaging applications.
Application-to-person automated messages will experience significant growth in the near future. This is because it can automate tasks such as booking hospital appointments, checking flight status, placing orders for online shopping sites, and locating the best deals, among other things, with just the click of a message. Since automated customer service provides immediate solutions, people will become more accustomed to automated customer service than most companies’ email or IVR services. It is anticipated that the application of machine learning and artificial intelligence to improve chatbot technology will be the primary driver of future demand for chatbots.
In addition, implementing Chatbots can boost cross-selling activity and reduce costs associated with providing customer service. The built chatbot must prioritize user safety in the financial sector while offering an intuitive interface. Therefore, developments in artificial intelligence and the explosive growth of messaging applications are driving the market for chatbots in the banking, financial services, and insurance industry (BFSI).
Customers who shop online prefer to receive brand-specific real-time price updates while they are doing their shopping. This is especially true in the e-commerce industry. Chatbots are becoming increasingly popular among businesses because they keep customers interested while simultaneously cutting down on their shopping time. It enables e-commerce businesses to increase their return on investment (ROI) while maintaining low operating costs.
Regional Insights
North America will hold the most prominent position in the market, growing at a CAGR of 25.2% by 2030. The substantial growth prospects for the market can be attributed to the significant benefits, including the reduction in operating costs of the enterprises, the enhancement of customer satisfaction, and the improvement in the operating efficiency of the enterprises, amongst others. The most significant number of chatbot startups and integrations can be found in the North American region. The market expansion is also primarily driven by well-established businesses' presence and chatbots' aggressive deployment in the healthcare, BFSI, and e-commerce sectors.
With a CAGR of 24% over the forecast period, Asia-Pacific is expected to account for the second-largest share of the market, worth USD 970 million. A growing number of large companies are increasingly adopting chatbots in their customer service departments' day-to-day operations, which is gaining popularity. Chatbots are being used in many high-volume customer service operations by various significant businesses. This trend is expected to continue shortly. The substantial growth prospects of chatbots in this region can be attributed to the tremendous benefits to enterprises, such as reductions in operating costs, improvements in customer satisfaction, and enhancements in operating efficiency.
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Competitive Players in the Market
Significant players in the market of a chatbot are
- Baidu
- Poncho
- Kik
- Anboto
- Artificial Solution
- CX Company
- Creative Virtual
- Intelligent Digital Avatars
- Inbenta
- Nuance Communications
- WebMD Health Corp
Global Chatbot Market: Segmentation
By End-User
- Large Enterprises
- Medium Enterprises
- Small Enterprises
By Business Model
- Bot for Service
- Bot for Social Media
- Bot for Payments/Order Processing
- Bot for Marketing
- Others
By Type
- Standalone
- Web-Based
- Messenger-Based/Third Party
By Product Landscape
- Artificial Intelligence
- Marketing
- Human Intelligence
By Vertical
- Healthcare
- Retail
- BFSI
- Media and Entertainment
- Travel and Tourism
- E-commerce
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Chatbot Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 End-User Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Large Enterprises
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Medium Enterprises
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Small Enterprises
5.4.1 Market Size & Forecast (Value & Volume)
6 Business Model Overview
6.1 Introduction
6.1.2 Market Size & Forecast (Value & Volume)
6.2 Bot for Service
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Bot for Social Media
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Bot for Payments/Order Processing
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Bot for Marketing
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Others
6.6.1 Market Size & Forecast (Value & Volume)
7 Type Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Standalone
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Web-Based
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Messenger-Based/Third Party
7.4.1 Market Size & Forecast (Value & Volume)
8 Product Landscape Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 Artificial Intelligence
8.2.1 Market Size & Forecast (Value & Volume)
8.3 Marketing
8.3.1 Market Size & Forecast (Value & Volume)
8.4 Human Intelligence
8.4.1 Market Size & Forecast (Value & Volume)
9 Vertical Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 Healthcare
9.2.1 Market Size & Forecast (Value & Volume)
9.3 Retail
9.3.1 Market Size & Forecast (Value & Volume)
9.4 BFSI
9.4.1 Market Size & Forecast (Value & Volume)
9.5 Media and Entertainment
9.5.1 Market Size & Forecast (Value & Volume)
9.6 Travel and Tourism
9.6.1 Market Size & Forecast (Value & Volume)
9.7 E-commerce
9.7.1 Market Size & Forecast (Value & Volume)
9.8 Others
9.8.1 Market Size & Forecast (Value & Volume)
10 Regional Overview
10.1 Introduction
10.1.1 Market Size & Forecast (Value & Volume)
10.2 North America
10.2.1 Economic Overview
10.2.2 Market Scenario
10.2.3 U.S.
10.2.4 Canada
10.2.5 Mexico
10.3 Central and South America and the Caribbean
10.3.1 Economic Overview
10.3.2 Market Scenario
10.3.3 Brazil
10.3.4 Argentina
10.3.5 Colombia
10.3.6 Rest of Central and South America and the Caribbean
10.4 Europe
10.4.1 Economic Overview
10.4.2 Market Scenario
10.4.3 Germany
10.4.4 France
10.4.5 The U.K.
10.4.6 Italy
10.4.7 The Rest Of Europe
10.5 Asia-Pacific (APAC)
10.5.1 Economic Overview
10.5.2 Market Scenario
10.5.3 China
10.5.4 Japan
10.5.5 India
10.5.6 Australia
10.5.7 South Korea
10.5.8 Rest Of APAC
10.6 Middle East
10.6.1 Economic Overview
10.6.2 Market Scenario
10.6.3 South Arabia
10.6.4 The UAE
10.6.5 Qatar
10.6.6 Oman
10.6.7 Turkey
10.6.8 The Rest Of Middle East
10.7 Africa
10.7.1 Economic Overview
10.7.2 Market Scenario
10.7.3 Nigeria
10.7.4 South Africa
10.7.5 The Rest Of Africa
11 Competitive Landscape — Manufacturers & Suppliers
11.1 Competition Dashboard
11.2 Industry Structure
11.3 Baidu
11.3.1 Business Overview
11.3.2 Financial Performance
11.3.3 Recent Developments
11.3.4 Portfolio
11.4 Poncho
11.5 Kik
11.6 WeChat
11.7 Anboto
11.8 Artificial Solution
11.9 CX Company
11.10 Creative Virtual
11.11 Intelligent Digital Avatars
11.12 Inbenta
11.13 Nuance Communications
11.14 WebMD Health Corp
11.15 WhatsApp.
12 Conclusion & Recommendation
13 Acronyms & Abbreviations
Read the full Report Description with Table of Content and Figure @ https://straitsresearch.com/report/chatbot-market/toc
Market News
- In 2022, Artificial Solutions announced that SKODA AUTO is expanding its conversational AI solution to cover new European countries.
- In 2022, Artificial Solutions announced that they had joined the Azure IP Co-sell incentivized partnership with Microsoft.
- In 2022, Google announced its most advanced conversational AI, LaMDA 2, which can converse on any topic.
News Media
NLP is expected to Foster the Global Artificial Intelligence in Education Market
Increasing Demand for Process Automation to Bolster the Growth of the Global AI in the Fintech Market
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