Dublin, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The "Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global chatbot market reached a value of US$ 3.7 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 13.9 Billion by 2027, exhibiting a CAGR of 24.68% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A chatbot is an artificial intelligence (AI)-based computer program used for simulating human conversations to enable users to interact with digital devices effectively. It is usually developed on a developer framework with cloud backup, analytics and database integrations.
Chatbots are majorly incorporated into messaging applications, websites, mobile applications and other digital devices for interacting as digital assistants through text or text-to-speech functionalities. They offer various benefits, such as improved efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing and automatic lead generation and qualification.
Chatbot Market Trends:
Rapid digitization across industries and the increasing requirement for high-quality customer care service across organizations are among the key factors driving the growth of the market. Chatbots are an integral component of running effective customer care programs and are used across various industries, including banking, financial services and insurance (BFSI), information technology (IT), telecommunication, e-commerce and healthcare, for resolving customer queries in minimal time.
For instance, BFSI organizations use chatbots to assist users in transferring funds, checking balances, opening accounts and saving money. Moreover, the widespread adoption of over-the-top (OTT) messaging and social networking applications among consumers, especially millennials, is providing a thrust to the market growth.
Additionally, various technological advancements, such as the integration of predictive analytics, machine learning (ML), blockchain and cloud computing technologies for the development of self-learning chatbots, are acting as other growth-inducing factors. These innovative chatbots can adapt to changing digital environments and can provide a human-like conversational experience by learning from the user's actions, experiences and decisions.
Other factors, including significant improvements in the IT infrastructure, along with extensive research and development (R&D) activities in the field of natural language processing (NLP), are anticipated to drive the market toward growth.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being [24]7.ai, Inc., Acuvate Software Pvt. Ltd., Aivo, Artificial Solutions International AB, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Holdings Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications Inc., and Verint Systems Inc.
Key Questions Answered in This Report:
- How has the global chatbot market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global chatbot market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the product?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global chatbot market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Chatbot Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Standalone
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Web-based
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Messenger-based/Third party
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Product
7.1 Artificial Intelligence
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Marketing
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Human Intelligence
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Application
8.1 Bots for Service
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Bots for Social Media
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Bots for Payments/Order Processing
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Bots for Marketing
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Organization Size
9.1 Small Enterprises
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Medium Enterprises
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Large Enterprises
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Vertical
10.1 Healthcare
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Retail
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Banking, Financial Services, and Insurance
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Media and Entertainment
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Travel and Tourism
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 E-commerce
10.6.1 Market Trends
10.6.2 Market Forecast
10.7 Others
10.7.1 Market Trends
10.7.2 Market Forecast
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 [24]7.ai Inc.
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.2 Acuvate Software Pvt. Ltd.
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.3 Aivo
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.4 Artificial Solutions International AB
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Financials
16.3.5 Creative Virtual Ltd.
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.6 eGain Corporation
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.7 International Business Machines Corporation
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.7.3 Financials
16.3.7.4 SWOT Analysis
16.3.8 Inbenta Holdings Inc.
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.9 Kore.ai Inc.
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.10 LiveChat Inc.
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.11 Nuance Communications Inc.
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.11.3 Financials
16.3.11.4 SWOT Analysis
16.3.12 Verint Systems Inc.
16.3.12.1 Company Overview
16.3.12.2 Product Portfolio
16.3.12.3 Financials
16.3.12.4 SWOT Analysis
For more information about this report visit https://www.researchandmarkets.com/r/61ix7l
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