Chatbot Market Size to be Worth Around USD 4.9 Billion by 2032

Ottawa, Jan. 27, 2023 (GLOBE NEWSWIRE) -- A chatbot is a computer software that employs artificial intelligence to communicate with people online via text or audio. Businesses primarily use it to communicate with clients via text, image, and video. Chatbots are used on apps, websites, and messaging services like Twitter, WhatsApp, and Facebook Messenger.

Factors such as a surge in demand for uninterrupted customer assistance, adoption of advanced chatbots by market players, and increasing penetration of chatbots on e-commerce websites are driving chatbot market growth. However, the need for more awareness of chatbot technology and the lack of user voice authentication accuracy obstructs the market's growth. Furthermore, initiatives towards developing self-learning chatbots to deliver more human-like conversational experiences are expected to provide growth opportunities to the market.

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Key Takeaways:

• North America has accounted highest market share of 41% in 2022.
• By end user, the large enterprises segment has held largest market share of 51% in 2022.
• By application, the bot-for-service segment has held 36% market share in 2022.
• By type, the standalone segment has held market share of 55.70% in 2022.
• By product, the marketing segment Has generated largest market share of 56% in 2022.
• By vertical, eCommerce segment has held market share of over 21% in 2022.

The regional landscape of the global chatbot market

Asia Pacific is estimated to grow rate faster during the forecast period. The growth in this region is due to rising industrialization and the increasing need for chatbots. The growing retail and e-commerce businesses in emerging economies such as China, India, Indonesia, Vietnam, Malaysia, the Philippines, Taiwan, and Thailand have accelerated the high demand for and widespread adoption of chatbots by retailers and e-commerce business owners. Moreover, Europe is estimated to grow faster during the forecast period, and this growth is attributed to increased demand for AI-based customer support services.

The product landscape of the global chatbot market     

Artificial intelligence (AI) is estimated to be the fastest-growing segment during the forecast period. The growth is due to the extensive investments made by market participants in the AI chatbot. For instance, Orbita in Boston raised $9 million in funding for a conversational AI-powered voice and chatbot platform, which is co-led by Philips Health Technology Ventures and HealthX Ventures, investors Cultivation Capital and Newark Venture Partners. The company provides a robust conversational AI platform that enables healthcare organizations to create and manage HIPAA-compliant virtual healthcare assistants for consumer and clinical applications that improve patient engagement, lower healthcare costs, and improve outcomes.

The vertical landscape of the global chatbot market

The healthcare segment is expected to grow faster rate during the forecast period. A chatbot in the healthcare industry offers privacy features to protect an individual's identity, especially in vulnerable and mental health disorders. Moreover, it helps detect and manage the user's anxiety levels and behaviour to help them develop better health habits as it gives prompt outcomes, notifications, reminders, and interaction with people. A high level of personalization is maintained. Mobile sensors can assess physiological parameters, including body temperature, heart rate, and bodily vitals like oxygenation.

Additionally, a facial recognition tool can identify patients' behaviours. Comprehensive healthcare data, such as disease symptoms, diagnosis, indicators, and prospective therapies, can be used to train chatbot algorithms. Chatbots are adept at handling vast volumes of medical data, like Wisconsin Breast Cancer Diagnosis (WBCD) and COVIDX for COVID-19. 

Conversational chatbots with various intelligence levels may comprehend user inquiries and reply using pre-defined labels derived from training data. For instance, the Healthily app details numerous diseases' symptoms and evaluations of general health and patient progress. Similarly, users of the Ada app can evaluate their symptoms on the road and without an appointment. Ada is a rapid symptom checker driven by AI that is available to users around the clock, every day of the week. It has given accurate disease suggestions regardless of place or time, sometimes even before a clinical diagnosis.

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Scope of the Report

Market Dynamics of the global chatbot market

Driver: Growing E-commerce sector

E-commerce chatbots are AI systems that online merchants utilize to communicate with clients at every stage of the buying process. Customers receive individualized purchasing experiences via chatbots based on their previous interactions, purchases, website browsing patterns, age, and gender. It provides prompt notifications and proactive information to inform customers about freshly released goods, deals, and price adjustments to boost e-commerce enterprises' profits. 

The e-commerce industry requires 24-hour customer service, which is only sometimes feasible with human assistance. This is driving the adoption of chatbots in the e-commerce sector, enabling two-way communication and a real-time connection with users, allowing for a better shopping experience at any time and location. Increased use of smartphones and social media websites with chatbots provides for greater customer engagement. This results in a more seamless payment experience, more efficient communication, and a shorter sales cycle. Chatbots are used in the e-commerce and retail sectors to deliver automated emails and instant customer responses. This increases the customer base and sales, strengthening the customer engagement solutions market. 

Restraint: Dearth of accuracy in users' voice authentication 

Conversational AI platforms can also be built using chatbots. They can recognize human sentiments and emotions. On the other hand, misinterpreting human feelings and emotions can significantly and adversely affect businesses. Identifying and responding to the emotion in the user's voice can be challenging. On the other hand, it's easy to imagine chatbots imitating real people, for instance, to automate cybercrimes like scamming and phishing. Furthermore, chatbots that can simulate a real human conversation will differ from the far artificial general intelligence (AGI) that is as intelligent as a human. Using chatbots in the wild, regardless of how human-like they are, will still necessitate human supervision to ensure they do not "go rogue."

Opportunity: Rising adoption of advanced chatbots by market players 

The chatbot industry is increasing rapidly. This expansion is attributed to the increased use of these bots to handle queries and provide customer support. As per Salesforce.com, Inc, an American cloud-based software company, more than 69% of consumers use chatbots to speed up communication. Moreover, strategic collaboration, product innovation, and business expansions by tech behemoths are expected to boost the chatbot market globally. For instance, in November 2020, Microsoft collaborated with Novo Nordisk, a global healthcare company focusing on diabetes management, to create an AI Chinese-speaking chatbot for patients diagnosed with diabetes. In addition, Amazon Web Services, Inc. commercialized AWS Chatbot for all customers in April 2020. AWS Chatbot is an interactive agent that can receive critical alerts, execute commands to return diagnostic data, run AWS Lambda functions, and create AWS support cases. Such significant developments may increase demand for chatbot services in the global market.

COVID-19 Impact on the global chatbot market

During COVID-19, several companies operating in the chatbot market, such as Google and IBM, have taken strategic steps to help society. For instance, in June 2020, the Andhra Pradesh National Health Mission announced that they had integrated with IBM Watson, a virtual agent, to help people quickly get answers to their COVID-19 queries. The innovative chatbot is designed to understand and respond to common pandemic questions in different languages, such as Telugu, Hindi, and English. Furthermore, the World Health Organization (WHO) announced in April 2020 that they had successfully launched Facebook Messenger, their version of the WHO health alert platform, to provide accurate and instant information about COVID-19.

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Key Developments in the marketplace

• The "shift-left" movement toward self-service and automation was made more accessible and affordable across a wide range of enterprise and customer service and support scenarios when Serviceaide Inc. announced Automation 2.0 in June 2022 as part of a united upgrade across its full line of service management products.
• In September 2022, eGain Corporation, the leading knowledge automation platform provider for customer engagement, announced the availability of a pre-built connector for IBM Watson Assistant in September 2022. The connector takes advantage of eGain's proprietary BYOB architecture, allowing business users to easily integrate the Watson Assistant into the eGain platform without requiring coding.

Market Segmentation

By End User

• Small Enterprises
• Medium Enterprises
• Large Enterprises
  
  

By Application 

• Bots for Service
• Bots For social media
• Bots For Payments/Order Processing
• Bots For Marketing
• Others
  
  

By Type 

• Standalone
• Web-based
• Messenger-based/Third Party
  
  

By Product 

• Artificial Intelligence
• Marketing
• Human Intelligence
  
  

By Vertical 

• Healthcare
• Retail
• Banking, Financial Services and Insurance (BFSI)
• Media and Entertainment
• Travel & Tourism
• E-commerce
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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