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The global chatbot market size to grow at a CAGR of 29.7% during the forecast period
The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. The chatbot market is driven by factors, such as advancement in technology coupled with rising customer demands for self-services and 24*7 customer assistance at lower operational costs. However, lack of awareness about the the outcomes of the use of chatbot technology with various applications to retrict thre growth of the chatbot market.
Services segment to grow at a higher CAGR during the forecast period
The chatbot market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed services and professional services. The growth of this segment can be attributed to the increasing deployment of chatbot software and platforms, which leads to the increasing the demand for pre- and post-deployment services, as these solutions require training due to technical complexities.
Retail and eCommerce vertical to grow at the highest CAGR during the forecast period
The chatbot market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences, and others. The retail and eCommerce segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand to provide customers with seamless omnichannel experience and turn them into regular customers.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the chatbot market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the chatbot market.
- By Company: Tier I: 38%, Tier II: 41%, and Tier III: 21%
- By Designation: C-Level Executives: 65%, Directors: 20%, and Others: 15%
- By Region: North America: 45%, APAC: 30%, Europe: 15%, MEA: 5%, and Latin America: 5%
The report includes the study of key players offering chatbot solutions and services. It profiles major vendors in the global chatbot market. Major vendors in the chatbot market are IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), 7.ai (US), Chatfuel (US),Avio (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India). It further includes an in-depth competitive analysis of key players in the chatbot market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
- The market study covers the chatbot market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment mode, organization size, technology, usage, application, vertical, and region.
- The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall chatbot market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.