The Chatbot by The Business Research Company provides market overview across 60+ geographies in the seven regions — Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010–2021) and extends its insights into a ten-year forecast period (2023–2033).
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According to The Business Research Company’s Chatbot, 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..
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.
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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
Technological advancements have emerged as a key trend gaining popularity in the chatbot market. Major companies operating in the catboat market are focused on developing new technological solutions to strengthen their position in the market. For instance, in November 2021, ZeroShotBot, a US-based chatbot company, launched a new disruptive conversational AI technology that democratizes chatbots for both large and small organizations. It is the new technique of creating chatbots that can be scaled in hours and does not require any training data, allowing anyone with no coding knowledge or training to construct a fully functional chatbot.
The chatbot market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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