Chatbot Market worth $15.5 billion by 2028, growing at a CAGR of 23.3% Report by MarketsandMarkets™

Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- The Chatbot Market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028 with a CAGR of 23.3% during the forecast period according to a new report by MarketsandMarkets™. With the advent of generative models in chatbots, enterprises can now provide fast assistance to customers 24/7 while managing large volumes of customers and delivering immersive user experiences. Moreover, Chatbots can handle a large volume of inquiries and requests simultaneously, which means that they can easily scale to meet the needs of growing businesses without the need for additional human resources.

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322 - Tables
85 - Figures
342 - Pages

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Scope of the Report

The global chatbot market is segmented based on offering such as solutions and services. The solutions are again sub-categorized into standalone, web-based,messaging-based, and other solutions (live chat and videobots). The services segment is further segregated into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. The use of AI and analytics for policymaking, environmental analysis, and real-time decision-making is expected to increase the implementation of services.

The global chatbot market is segmented on the baisis of type into menu based, linguistic based, keyword recognition based, contextual, hybrid and voicebots.The voicebots segment is expected to at a higher CAGR during the forecast period.  Due to intellectual customer engagement and the self-learning process, the voicebots segment is anticipated to register the fastest growth during the forecast period.

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The global chatbot market by channel integration is segmented into email and website, mobile apps, messaging apps, and telephone/ IVR. The messaging apps to grow rapidly during forecast period owing to the rising usage of smartphones and the need to better customer experience.  The mobile apps segment is projectec to hold largest market share in 2023 due to the rising demand for better user interface and experience coupled with 24/7 assistance in real-time.

The bot communication segment is bifurcated into text, audio/voice, and video. Audio/voice bot communication is expected to grow rapidly during the forecast period. Text-based communication mode to account for the largest market size during the forecast period as most of the chatbot solutions are text-based that can interact with humans using text-based queries or spoken language, or a combination of both. Chatbots can handle a large volume of inquiries and requests simultaneously, which means they can easily scale to meet the needs of growing businesses without additional human resources.

The global chatbot market by business function is segmented into IT Service Management (ITSM), HR, sales and marketing, contact centers, operations and supply chain, and finance and accounting. Many businesses adopting digital transformation to modernize customer communication and improve internal processes. The HR business segment is to gain traction during the forecast period. The contact centers business function is expected to account for the largest market size during the forecast period.

As per verticals, chatbots leverage solutions across leading end users such as BFSI, IT and ITES, telecom, retail and eCommerce, healthcare and life sciences, government and defense, energy and utilities, travel and hospitality, media and entertainment, and other verticals (manufacturing, construction & real estate, automotive, and education). The healthcare and life sciences to gain traction in coming years owing to the need to improve the accuracy of symptom collection and ailment identification, preventive care, post-recovery care, and feedback procedures. Chatbots can provide patients with basic medical advice, schedule appointments, and remind patients about medication and treatment schedules. This can help to improve patient engagement and reduce the workload of healthcare professionals.

The chatbot market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Chatbots can help enterprises in North America improve customer service and reduce costs by automating routine tasks. Asia Pacific is expected to grow rapidly during the forecast period. Countries such as China, Singapore, Japan, South Korea, ANZ, and India are technology-driven and present major opportunities in terms of investments and revenue. Factors such as economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization are expected to aid the growth of the chatbot market in Asia.

Top Trends in Global Chatbot Market

• The developments in chatbots were largely driven by Artificial Intelligence (AI) and Natural Language Processing (NLP) technology. Chatbots have advanced in sophistication and are now more adept at accurately comprehending and responding to human language as these technologies continue to advance.
• Various communication methods, including websites, social media platforms, messaging apps, and even voice assistants, were integrating chatbots. Businesses were able to offer streamlined customer assistance and service because to this omni-channel strategy.
• For particular areas like healthcare, finance, e-commerce, and customer service, chatbots were becoming increasingly specialised. These sector-specific chatbots provided customised solutions and enhanced user interfaces.
• Simple rule-based chatbots were becoming less popular as conversational and context-aware chatbots gained popularity. These chatbots could have more relevant and natural discussions with users by utilising AI and NLP.
• As voice assistants like Apple's Siri, Google Assistant, and Amazon Alexa grew in popularity, chatbots adapted to offer voice-based interactions in order to meet the rising need for hands-free and voice-controlled engagements.

Key Industry Development

• The use of chatbots in customer support operations was one of the important advancements. Businesses were using chatbots to handle consumer enquiries, offer support, and answer commonly asked questions, which helped improve response times and lessen the pressure on human employees.
• Chatbot-powered virtual assistants were becoming more and more common. These AI-powered assistants may take care of a variety of jobs, such as scheduling appointments, setting reminders, and answering queries.
• Chatbots were being actively adopted by the e-commerce industry to improve the purchasing experience. Personalised product recommendations, order tracking, and frictionless transactions were all made possible by chatbots.
• The usage of chatbots in the healthcare sector was being investigated to help people schedule appointments, obtain medical information, and provide a preliminary diagnosis based on symptoms.
• Chatbots were being used by banks and other financial organisations to respond to consumer questions about account balances, transactions, loan enquiries, and investment guidance.

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