Press Release

Amid Ukraine-Russia crisis, our analysts and industry experts are closely monitoring the markets and working hard to identify, gather and timely deliver analysis of the impact of the situation and the impact that it has on various markets. All our reports are updated with the latest impact on the market before being sent out to our customers.

Global Chatbot Market to Grow at a CAGR of 24.9% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Chatbot Market Report and Forecast 2022-2027’, the market attained a value of around USD 430.9 million in 2020. The market is further expected to grow at a CAGR of 24.9% between 2022 and 2027.

The global chatbot industry is being driven by the increased demand for chatbot solutions across industry verticals such retail, BFSI, and healthcare, among others. This can be attributed to the growing focus of the market players on enhancing customer experience and providing them expeditious and user-friendly service. Additionally, the rapid technological advancements such as the integration of novel technologies in the chatbot interface are also expected to support the market growth in the forecast years. Furthermore, the growing development of voice-assisted chatbots is also expected to spearhead the market in the coming years.

The growing focus of the leading players to develop the chatbot software by applying advanced technological solutions to enhance user experience is expected to catalyse the industry growth in the forecast period. For instance, in May 2021, IBM Corporation (NYSE: IBM) announced its new hybrid cloud and AI platform at the Think conference, which allows businesses to automate customer usage and interaction. Also, the cloud technology would help in the storage and maintenance of the customer data with IBM Cloud Pak. Meanwhile, in May 2021, Artificial Solutions International AB (OTCMKTS: ASAIF), another leading chatbot creator, announced the expansion of their Conversational AI platform to 86 languages, with the addition of 2 more languages, namely, Korean and Albanian. This platform provides customer assistance in 86 languages globally, making it the most comprehensive conversational AI language solution in the market. Such developments are expected to positively impact the growth of the chatbot industry in the forecast period.

Market Breakup by Type, Product Landscape, Application, End Use, and Region:

  • The market is divided, based on type, into standalone, web based, and messenger based/third party. 
  • On the basis of product landscape, the market can be distributed into artificial intelligence, marketing, and human intelligence.
  • Based on application, the industry is segregated into bots for service, bots for social media, bots for payments/order processing, and bots for marketing, among others. 
  • The industry is segmented, on the basis of end use, into healthcare, retail, banking financial services and insurance (BFSI), media and entertainment, travel and tourism, and e-commerce, among others.
  • Region-wise, the global market for chatbots can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for chatbots is being driven by the rapid implementation of novel technological solutions such as artificial intelligence in the chatbot interface.
  • The increasing demand for automated and speedy customer services has significantly contributed to the market expansion. 
  • The increased investments in the research and development of chatbot technology are also aiding the industry growth. 
  • The growing demand for chatbot software across industry verticals to provide enhanced customer service is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for chatbots for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, product landscapes, applications, end uses, and major regions of chatbots.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global chatbot market are [24]7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc., Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, and eGain Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports





NEWSLETTER