New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global chatbot market is anticipated to generate a revenue of $19,570 million and grow at a CAGR of 28.7% throughout the estimated timeframe from 2020 to 2027.
As per our analysts, with the rising adoption of advanced chatbots by market players to handle queries and support customers, the global chatbot market is expected to observe remarkable growth during the analysis period. Besides, the increasing strategic collaboration, product innovation, and business expansions of tech giants are further expected to fortify the growth of the market over the forecast timeframe. Moreover, the rapidly growing adoption of self-learning chatbots to deliver a more humanlike conversational experience is predicted to bolster the growth of the market during the estimated timeframe. However, the lack of awareness and other challenges such as the complex management of chatbots may hamper the growth of the market over the forecast timeframe.
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Segments of the Chatbot Market
The report has divided the market into segments based on component type, deployment, usage, end-user, and region.
Component Type: Solution Sub-Segment to be Most Profitable
The solution sub-segment is predicted to garner a revenue of $10,763.8 million during the analysis period. The increasing technological developments coupled with the growing customer demand for self-services are expected to amplify the growth of the market sub-segment during the forecast timeframe.
Deployment: Cloud Sub-Segment to be Most Productive
The cloud sub-segment is expected to generate a revenue of $11,298.0 million throughout the estimated period. This is mainly because the cloud-based chatbots handle various confidential business information such as employees’ social security numbers, client contact details, and many others. Furthermore, the growing popularity of cloud-based natural-language intelligence bots such as Alexa, Google Assistant, etc., is expected to upsurge the growth of the market sub-segment during the forecast period.
Usage: Website Sub-Segment to be Most Lucrative
The website sub-segment is projected to garner a revenue of $5,848.8 million during the analysis timeframe. The rising integration of chatbot platforms into websites helps users in several ways such as scheduling flights, ordering food, and many others, which is expected to propel the growth of the chatbot market sub-segment throughout the forecast period.
End-User: Travel & Tourism Sub-Segment to be Most Beneficial
The travel & tourism sub-segment is predicted to generate a revenue of $2,591.1 million over the estimated timeframe. This is mainly due to the increasing demand for more meaningful travel experiences among travelers all across the globe. Moreover, the various benefits of chatbots such as easy access, delivery of valuable information to clients, and increased engagement rate are expected to fuel the growth of the market sub-segment during the analysis period.
Region: North America Region to Hold the Largest Share of the Market
The North America region of the chatbot market is expected to garner a revenue of $5,581.4 million during the forecast timeframe. This is majorly because of the enormous growth in the deployment of chatbots in multiple business verticals. In addition, continuous technological innovations such as IoT, artificial intelligence, and many more in this region are predicted to drive the regional growth of the market throughout the analysis period.
Covid-19 impact on the Chatbot Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the chatbot market. This is mainly because of the rapid deployment of chatbots by various industries such as healthcare, banking & insurance, and many others to respond to the queries of customers during the pandemic period. Moreover, the remote work facility adopted by various organizations has increased the dependency on chatbots to control the burden of customer queries during the period of crisis.
Key Players of the Chatbot Market
The major players in the chatbot market include
- Aivo, and KeyReply
- [24]7. Ai
- CONTUS.
- International Business Machine Corporation
- Yellow Messenger
- Amazon Web Services, Inc
- Conversica, Inc
- Google Inc.
- Kevit, and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Inquire here to buy the Full Report
For instance, in March 2022, ubisend, a leading chatbot platform that provides software and support to help businesses build the chatbot experiences they need, announced its acquisition of Soprano Design, a leading global CPaaS provider that helps to unleash the true power of communication for large enterprise and government. This acquisition would strengthen ubisend’s market opportunity for developing its unique AI-powered messaging communication solutions to over 4,500+ global customers and mobile network operator partners of Soprano.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Chatbot Market:
- Global Chatbot Market to Witness Exponential Growth by 2027, Owing to Recent Developments by Key Market Players
- Top 10 Chatbot Development Enterprises to Lookout for in 2021 & Beyond
