Chatbot Market Growth, Size 2022, Top Leaders Share, Analysis Report By 2027
According to the latest report by IMARC Group, titled “Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global chatbot market size reached a value of US$ 3.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.9 Billion by 2027, exhibiting a CAGR of 25% during 2022-2027. A chatbot represents an artificial intelligence (AI)-based computer program that is used for simulating human conversations to allow users to interact with digital devices effectively. It is built on a developer framework with cloud backup, analytics, database integrations, etc. 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 numerous benefits, including enhanced efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Chatbot Market Trends:
The elevating levels of digitization across several industries, such as BFSI, telecommunication, healthcare, etc., and the rising requirement for high-quality customer care service are primarily driving the chatbot market. Furthermore, the increasing adoption of over-the-top (OTT) messaging and social networking applications is also augmenting the global market growth. Besides this, continuous technological innovations, including the integration of predictive analytics, machine learning (ML), blockchain, etc., for the development of self-learning chatbots, are further catalyzing the product demand. Additionally, ongoing advancements in IT infrastructures and extensive R&D activities in the field of natural language processing (NLP) are projected to propel the global chatbot market over the forecasted period.
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Global Chatbot Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- 7.ai Inc
- Acuvate Software Pvt Ltd
- Artificial Solutions
- Creative Virtual Ltd.
- eGain Corporation
- International Business Machines Corporation
- Inbenta Technologies Inc.
- Kore.ai Inc
- LiveChat Inc
- Nuance Communications Inc.
- Verint Systems Inc.
Breakup by Type:
- Messenger-based/Third party
Breakup by Product:
- Artificial Intelligence
- Human Intelligence
Breakup by Application:
- Bots for Service
- Bots for Social Media
- Bots for Payments/Order Processing
- Bots for Marketing
Breakup by Organization Size:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- Banking, Financial Services and Insurance
- Media and Entertainment
- Travel and Tourism
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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