Overview and Scope
A chatbot is a computer program that simulates and interprets written or spoken human dialogue, allowing users to interact with digital gadgets in the same way they would interact with actual people. It can range from simple one-line programs that respond to a simple question to sophisticated digital assistants that learn and adapt as they collect and process data to create increasingly personalized experiences.
Sizing and Forecast
The chatbot market size has grown exponentially in recent years. It will grow from $6.7 billion in 2023 to $8.43 billion in 2024 at a compound annual growth rate (CAGR) of 25.9%. The growth in the historic period can be attributed to cost efficiency in customer service, advancements in natural language processing, e-commerce and product recommendations, enhanced customer engagement, travel assistance and booking..
The chatbot market size is expected to see exponential growth in the next few years. It will grow to $22.42 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%. The growth in the forecast period can be attributed to personalization and user context, industry-specific chatbots, integration with business applications, chatbots in hr and recruitment, enhanced security measures.. Major trends in the forecast period include increased adoption of ai and machine learning, omni-channel chatbot deployment, voice-based chatbots and conversational interfaces, enhanced personalization and user context awareness, ethical ai and responsible chatbot practices, integration with virtual assistants and smart devices..
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Segmentation & Regional Insights
The chatbot market covered in this report is segmented –
1) By Type: Text, Voice, Hybrid
2) By Component: Solution, Services
3) By Platform: Standalone, Web-Based, Messenger-Based or Third Party
4) By Deployment: On-Premise, Cloud
5) By End-User: BFSI, Healthcare, IT and Telecommunication, Retail, Travel and Hospitality, Other End-Users
North America was the largest region in the chatbot market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of smartphone users is expected to propel the growth of the chatbot market going forward. A smartphone is an electric device that provides a connection to a cellular network. Chatbots can simulate a conversation with the user in natural language through websites, messaging applications, or mobile apps. On mobile phones, chatbots can provide virtual assistance for various needs of the user. For instance, according to the National Health Authority of India, a government agency in India, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India in 2021, with a quarter-on-quarter increase of 25 million. Therefore, the rising adoption of smartphone users is driving the chatbot market growth.
Key Industry Players
Major companies operating in the chatbot market report are International Business Machines Corporation (IBM), Microsoft Corporation, Google LLC, Amazon Web Services Inc., Nuance Communications Inc., Creative Virtual Ltd., Artificial Solutions International AB, Inbenta Holdings Inc., Next IT Corporation, Aivo Inc., Conversica Inc., LiveChat Software S. A., Gupshup Technology (India) Pvt. Ltd., Contus Tech. (Contus), SmartBots LLC, Yellow Messenger Pte. Ltd., Kevit Technologies Pvt. Ltd., eGain Corporation, Helpshift Technologies Pvt. Ltd., Oracle Corporation, ServiceNow Inc., Personetics Technologies Ltd., MindMeld Inc., CogniCor Technologies S. L., PositiveNaick Analytics Pvt. Ltd., Pypestream Inc., Acuvate Software Pvt. Ltd., Botsify Inc., Astute Solutions LLC, Haptik Inc.
The chatbot market report table of contents includes:
1. Executive Summary
2. Chatbot Market Characteristics
3. Chatbot Market Trends And Strategies
4. Chatbot Market – Macro Economic Scenario
5. Global Chatbot Market Size and Growth
….
31. Chatbot Market Other Major And Innovative Companies
32. Global Chatbot Market Competitive Benchmarking
33. Global Chatbot Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Chatbot Market
35. Chatbot Market Future Outlook and Potential Analysis
36. Appendix
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