Chatbot Market

GMI Research analysis indicates that the Chatbot Market size reached USD 2,144 million in 2022 and is slated to register a double digit CAGR of 22.7% over the period 2023-2030 and is projected to reach USD 11,013 million in 2030, attributed to growing demand for messaging applications.

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Major Chatbot Market Drivers

Global Chatbot Market is primarily driven by rising consumers preference for using messaging applications over social networking sites, increasing adoption of consumer analytics solutions by different companies, and growing need for 24*7 customer support. Nowadays, messaging has become one of the most common methods to communicate through smartphones. As per our findings, messaging applications have 20% more active users as compared to social media networks and on an average, a person uses 3 different messaging applications per week. These Chatbot industry trends are pushing companies to integrate chatbot services with messaging applications, which is expected to create more growth opportunities for Chatbot Market in the upcoming years.

Many companies are adopting chatbot software to provide 24*7 customer service, reduce their operational costs, and automate their sales and marketing operations. Organizations are using chatbots as conversational interface for engaging users more efficiently. Some of the big companies such as Spotify, Starbucks and Bank of America have already deployed chatbot to deliver seamless customer experience. For instance, Sportify launched its Facebook messenger bot, which enables users to find and share music from Facebook’s messaging app. Spotify also incorporated chat extension feature in the messaging app, which allows users to listen and share sportify songs and albums, while using the app. Moreover, strategic partnerships, new product launch, developments in the field of natural language processing, and increasing demand for Artificial Intelligence and audio-speech based chatbots, are supplementing the Chatbot Market Growth. However, challenges related to effective utilization of Chatbots, is restricting the market growth.

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Based on Organization Size, Large Enterprises segment held the largest Chatbot Market share in 2022

Large enterprises are focusing to optimize their chatbots to achieve sophisticated operations. Majorly chatbot development tools are based on Machine Learning, which enables large organizations to build AI applications and technological advancements in the field of Artificial Intelligence has significantly increased the usage of mobile based messaging applications. Many Small and medium enterprises have limited adoption rates due to maintenance cost of Chatbot solutions and insufficient availability of skilled workforce.

According to Chatbot Market research report, Retail and Ecommerce segment dominated the market in 2022

Ecommerce and retail businesses are increasingly adopting Chatbot services to enhance customer engagement, increase return on investment, reduce marketing cost and offer customized product recommendations. As per our estimates, conversational solutions such as virtual agents and chatbots can help companies to reduce customer service cost by up to 30%.
Chatbot solutions are gaining traction in the BSFI sector due to technological advancements in the field of Artificial Intelligence and rise in the number of messaging applications. Major companies in banking and financial sector are using chatbot software to enhance customer experience and improve their cross-selling activities. Chatbot solutions are increasingly used in used in healthcare industry schedule appointments more efficiently, access symptoms of patients, collect data and feedback, minimize waiting time, provide mental health assistance and maintaining anonymity of patients.

As per Chatbot Market report, North American region is projected to hold the largest market share

Many start-ups across North America are using Chatbot software to increase customer engagement coupled with rise in the adoption of mobile applications, are pushing the market growth in region in the region. Asia-Pacific Chatbot Market is propelled by growing demand for real-time customer insights across different industry verticals, government policies promoting digitalization, technological advancements and rapid digitalization across India and China. Many enterprises in Asia-Pacific region are adopting chatbot solutions to increase their operational efficiency and enhance customer satisfaction.

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Chatbot Market Leaders

Various notable players operating in the market include Microsoft Corporation, Google LLC., IBM Corporation, Amazon Web Services, eGain Corporation, Nuance Communication, Inc., Creative virtual Ltd., Artificial Solution International AB, Next IT Corp., Chatfuel, among others.

Key Developments:

• • In July 2022, Tata Consultancy Services (TCS) announced its collaboration with Walton Centre NHS Foundation Trust to develop digital solutions which focusses on enhancing specialist productivity and reducing patient’s wait time TCS will create develop AI-based chatbot which will interact with patients referred to neurology and collect details of condition and symptoms through set of questions.
  • In May 2022, Glenmark Pharmaceuticals Ltd., announced the launch of its Whatsapp based chatbot, which is designed to assists patients with fungal infection and promote disease awareness.
  • In February 2021, Kore.ai developed virtual a virtual assistant platform in Japan. This platform is designed to enhance experience of users in their native language.
  • February 2021, Nuance Communications, Inc, announced that it has acquired Saykara, Inc, a start-up based in U.S which focusses on developing of mobile AI assistant to automate clinical documentation for physicians.
  • In October 2020, Artificial Solutions, one of the leading specialists in enterprise-strength conversational AI, announced that it has added new updates to Taneo Languages. This update will enable enterprises to provide high-quality conversations in less time with minimal effort.
  • In January 2019, IBM Corporation entered into a strategic partnership with Ingenico Group, for developing payment payment-enabled chatbot to provide personalized experiences to its users. Ingenico group is based in Europe, which focusses on delivering technologies for conducting secure electronic transactions.

Market Segmentation

The Global Chatbot market has been segmented based on Component, Technology, Deployment Model, Usage, Organization Size, Application, Vertical, and Regions. Based on Component, the market is segmented into Solutions and Services. Based on the Technology, the market is segmented into Machine Learning and Deep Learning, Natural Language Processing and Automated Speech Recognition. Based on the Deployment Model, the market is segmented into On-Premises and Cloud. Based on Usage, the market is segmented into Websites, Contact Centres, Social Media, Mobile Platform. Based on Organization Size, the market is segmented into Large Enterprises and Small and Medium-Sized Enterprises. Based on Application, the market is segmented into Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Data Privacy and Compliance, On-Boarding and Employee Engagement, and Others. Based on Vertical, the market is segmented into Banking & Financial Services and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, Telecommunications, and Others.

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Market Segmentation

Global Chatbot Market by Component

• • Solutions
    • Platform
    • Software
  • Services
    • Managed Services
    • Professional Services

Global Chatbot Market by Technology

• • Machine Learning and Deep Learning
  • Natural Language Processing
  • Automated Speech Recognition

Global Chatbot Market by Deployment Model         

• • On-Premises
  • Cloud

Global Chatbot Market by Usage

• • Websites
  • Contact Centers
  • Social Media
  • Mobile Platform

Global Chatbot Market by Organization Size

• • Large Enterprises
  • Small and Medium-Sized Enterprises

Global Chatbot Market by Application

• • Customer Support
  • Personal Assistant
  • Branding and Advertisement
  • Customer Engagement and Retention
  • Data Privacy and Compliance
  • On-Boarding and Employee Engagement
  • Others

Global Chatbot Market by Vertical

• • Banking & Financial Services and Insurance
  • Retail and Ecommerce
  • Healthcare
  • Travel and Hospitality
  • Media and Entertainment
  • Telecommunications
  • Others

Global Chatbot Market by Region

• • North America Chatbot Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Deployment Model
    • By Usage
    • By Organization Size
    • By Application
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Chatbot Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Deployment Model
    • By Usage
    • By Organization Size
    • By Application
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Chatbot Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Deployment Model
    • By Usage
    • By Organization Size
    • By Application
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Chatbot Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Deployment Model
    • By Usage
    • By Organization Size
    • By Application
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Chatbot (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft Corporation
  • Google LLC
  • IBM Corporation
  • Amazon Web Services
  • eGain Corporation
  • Nuance Communication, Inc.
  • Creative virtual Ltd.
  • Artificial Solution International AB
  • Next IT Corp.
  • Chatfuel