Global Chatbot Market Size By End-User Vertical (BFSI, Healthcare, IT and Telecommunication), By Platform (Web-Based, Mobile, Stand-alone), By Geographic Scope And Forecast

Chatbot Market Size And Forecast

Chatbot Market size was valued at USD 618 Million in 2021 and is projected to reach USD 1,174 Million by 2030, growing at a CAGR of 8.8% from 2023 to 2030.

The advancement in technology coupled with rising customer demand for self-service is the crucial aspect of the rise in the market revenue of Chatbot as well as the 24*7 customer assistance at a lower operational cost will foster market growth. The Global Chatbot Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Chatbot Market Definition

A chatbot is can be defined as an Artificial Intelligence (AI) software used to conduct an online chat conversation by simulating a conversation with the help of text or text-to-speech. It helps to converse in natural language through various portals such as messaging applications, websites, mobile apps, and the telephone. Furthermore, chatbots are used across the BFSI sector in order to provide a better user experience, speed up response time, interact with customers in place of advisors, ease workloads, and so on.

The chatbot itself can answer all simple queries, and leave the complex ones for the customer support team, it is one of the best advantages of chatbots. This in turn helps to prevent money and also reduce the time that customer service agents spend solving simple problems. A chatbot may be a software application wont to conduct a web chat conversation via text or text-to-speech, rather than providing direct contact with a live human agent.

Global Chatbot Market Overview

The surge in the integration of chatbots with social media increased awareness toward chatbots, and therefore the rise in the need for the development of customer relationship management (CRM) is a number of the factors that fuel the Chatbot Market growth. However, an increase in the installation cost of chatbots at the initial stage and a lack of product differentiation restrain the growth of the market.

Furthermore, the implementation of technologies, such as interference engine, cloud-based deployment, application programming interface (API), and natural language processor (NLP), is expected to provide lucrative opportunities for the expansion of the Chatbot Market in BFSI during the forecast period. The rise in awareness toward chatbots and their benefits, such as 24/7 availability of services, augmented response capacity, increased return on investment (ROI) for customer support, and streamlined processes for repetitive inquiries, drive the market growth.

Global Chatbot MarketSegmentation Analysis

The Global Chatbot Market is segmented on the basis of End-User Vertical, Platform, and Geography.

Chatbot Market, By End-User Vertical

• BFSI
• Healthcare
• IT and Telecommunication
• Retail
• Others

Based on End-User Vertical, the market is bifurcated into BFSI, Healthcare, IT and Telecommunication, Retail, and Others. The usage of chatbots offers major benefits in the BFSI sector, such as improvement in net promoter score (NPS), enhancing customer satisfaction by reducing response times, and increase in customer convenience in terms of product offerings, thereby fueling the expansion of Chatbot Market in BFSI.

Chatbot Market, By Platform

• Web-Based
• Mobile
• Stand-alone

Based on Platform, the market is bifurcated into Web-Based, Mobile, and Stand-alone. The standalone segment is estimated to grow at a CAGR of 24.8% over the forecast period, therefore anticipated to hold the largest market shares in terms of volume.

Chatbot Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of regional analysis, the Global Chatbot Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is predicted to carry the most important market size during the forecast period. The APAC region shows a rapid climb within the market, because the APAC region holds quite 50% of the world’s population, and thus any major technological shifts, such as those being heralded by AI are likely to shape the longer term of the region.

Key Players

The “Global Chatbot Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Helpshift, Imperson Ltd., Astute Solutions, Facebook, Inc., Haptik, Inc., Pandorabots, Inc., Google, Inc., Kiwi, Inc., Microsoft Corporation, Kasisto Inc., ToyTalk (PullString Inc.), Yahoo Inc., and Slack Technologies, Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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