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

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.

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