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Global Chatbot Market: By Type: Standalone, Web based, Messenger Based/Third Party; By Product Landscape: Artificial Intelligence, Marketing, Human Intelligence; By Application; By End Use; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Chatbot Market Outlook

The global chatbot market stood at a value of around USD 430.9 million in 2020. The market is further expected to grow at a CAGR of 24.9% in the forecast period of 2022-2027 to attain a value of USD 1635.88 million by 2026.

 

Global Chatbot Market

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Thriving E-Commerce Sector to Bolster the Growth of the Global Chatbot Industry

Based on end use, the e-commerce segment is predicted to hold a significant market share in the chatbot industry. This growth can be associated with the growing adoption of chatbot services by various e-commerce companies, as chatbots help with improving customer service. In addition, chatbots also reduce the marketing costs while increasing the business returns due to which chatbots are being widely deployed in various industries like banking, healthcare, retail, and entertainment, among others. Furthermore, other benefits associated with chatbots include 24/7 customer engagement, personalised experience, handling routine customer queries with immediate responses, and reduced human interventions, which are expected to propel the growth of the chatbot industry.

 

North America to Occupy a Significant Market Share in the Global Chatbot Industry

North America is estimated to possess a considerable share of the chatbot industry in the forecast period. This growth can be attributed to the increased implementation of chatbot services by various companies across different industry verticals in the region. In addition, chatbots are increasingly used for routine customer service applications, as they improve customer satisfaction and enhance overall operational efficiency. Moreover, the steady growth is also the result of the growing presence of the major industry players in the region, which, in turn, is leading to increased investments in the research and development of chatbot technology. These factors are expected to catalyse the growth of the chatbot industry in the forecast period.

 

Chatbot: Market Segmentation

A chatbot, as the name suggests, is a software application that  utilises artificial intelligence and natural language processing to conduct online chat conversations with an individual. Chatbots are software programmes that simulate human-like conversation. These dialogue systems are mainly adopted by businesses for the purpose of customer service enhancement, as it provides immediate automated responses and makes the experience more personalised. For example, there are rule-based chatbots that answer set questions such as frequently asked questions. In contrast, AI chatbots learn from human behaviour over time and predict the subsequent interactions and offer relevant information.

 

Global Chatbot Market by Segment

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By type, the market is divided into:

  • Standalone
  • Web Based
  • Messenger Based/Third Party

On the basis of product landscape, the industry can be segmented into:

  • Artificial Intelligence
  • Marketing 
  • Human Intelligence

Based on application, the market can be categorised into:

  • Bots for Service
  • Bots for Social Media
  • Bots for Payments/Order Processing
  • Bots for Marketing 
  • Others

On the basis of end use, the industry can be segregated into:

  • Healthcare 
  • Retail
  • Banking Financial Services and Insurance (BFSI)
  • Media and Entertainment 
  • Travel and Tourism
  • E-commerce 
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Chatbot Market by Region

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Proliferation of Artificial Intelligence (AI) to Augment the Growth of the Global Chatbot Industry

The rapid technological advancements in the field of artificial intelligence (AI) and machine learning (ML) are expected to drive the industry growth in the forecast period. Technological interventions such as the adoption of AI are proving to be a game-changer in the dynamic chatbot industry. Artificial intelligence allows for chatbots to simulate human dialogues by learning from past interactions and predicting the subsequent interactions, which would allow for speedy and convenient interaction. Moreover, their self-learning interface would enable them to correct their mistakes with each passing interaction, therefore, making them more human-like. Furthermore, with growing technological interventions, the leading manufacturers are increasingly creating industry-specific chatbots, providing a wide variety of options to different enterprises based on their service requirements.

In April 2020, WHO introduced a chatbot on the Facebook Messenger app to combat Covid-19 misinformation, which aimed to offer accurate and quick information about Covid-19 through Factbook’s global outreach. Such developments are expected to enhance the popularity of chatbots in the forecast period.

 

Key Industry Players in the Global Chatbot Market

The report gives a detailed analysis of the following key players in the global chatbot market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • [24]7.ai, Inc
  • Aivo LLC
  • Artificial Solutions International AB
  • Botsify Inc
  • Creative Virtual Private Limited
  • Inbenta Technologies Inc.
  • IBM Corporation
  • eGain Corporation 
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Product Landscape, Application, End Use, Region
Breakup by Type Standalone, Web based, Messenger Based/Third Party
Breakup by Product Landscape Artificial Intelligence, Marketing, Human Intelligence
Breakup by Application Bots for Service, Bots for Social Media, Bots for Payments/Order Processing, Bots for Marketing, Others
Breakup by End Use Healthcare, Retail, Banking Financial Services and Insurance (BFSI), Media and Entertainment, Travel and Tourism, E-commerce, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered [24]7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc., Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, eGain Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Chatbot Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Chatbot Historical Market (2017-2021) 
    8.3    Global Chatbot Market Forecast (2022-2027)
    8.4    Global Chatbot Market by Type
        8.4.1    Standalone
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Web based
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Messenger Based/Third Party
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Global Chatbot Market by Product Landscape
        8.5.1    Artificial Intelligence
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Marketing
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Human Intelligence
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
    8.6    Global Chatbot Market by Application
        8.6.1    Bots for Service
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Bots for Social Media
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Bots for Payments/Order Processing
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Bots for Marketing
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Others
    8.7    Global Chatbot Market by End Use
        8.7.1    Healthcare
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021)
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Retail
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021)
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Banking Financial Services and Insurance (BFSI)
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021)
            8.7.3.3    Forecast Trend (2022-2027)
        8.7.4    Media and Entertainment
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2017-2021)
            8.7.4.3    Forecast Trend (2022-2027)
        8.7.5    Travel and Tourism
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2017-2021)
            8.7.5.3    Forecast Trend (2022-2027)
        8.7.6    E-commerce
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2017-2021)
            8.7.6.3    Forecast Trend (2022-2027)
        8.7.7    Others
    8.8    Global Chatbot Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    [24]7.ai, Inc
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Aivo LLC
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Artificial Solutions International AB
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Botsify Inc.
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Creative Virtual Private Limited
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Inbenta Technologies Inc.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    IBM Corporation
            12.2.7.1    Company Overview
            12.2.7.2    Product Portfolio
            12.2.7.3    Demographic Reach and Achievements
            12.2.7.4    Certifications
        12.2.8    eGain Corporation
            12.2.8.1    Company Overview
            12.2.8.2    Product Portfolio
            12.2.8.3    Demographic Reach and Achievements
            12.2.8.4    Certifications
        12.2.9    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Chatbot Market: Key Industry Highlights, 2016 and 2026
2.    Global Chatbot Historical Market: Breakup by Type (USD Million), 2017-2021
3.    Global Chatbot Market Forecast: Breakup by Type (USD Million), 2022-2027
4.    Global Chatbot Historical Market: Breakup by Product Landscape (USD Million), 2017-2021
5.    Global Chatbot Market Forecast: Breakup by Product Landscape (USD Million), 2022-2027
6.    Global Chatbot Historical Market: Breakup by Application (USD Million), 2017-2021
7.    Global Chatbot Market Forecast: Breakup by Application (USD Million), 2022-2027
8.    Global Chatbot Historical Market: Breakup by End Use (USD Million), 2017-2021
9.    Global Chatbot Market Forecast: Breakup by End Use (USD Million), 2022-2027
10.    Global Chatbot Historical Market: Breakup by Region (USD Million), 2017-2021
11.    Global Chatbot Market Forecast: Breakup by Region (USD Million), 2022-2027
12.    North America Chatbot Historical Market: Breakup by Country (USD Million), 2017-2021
13.    North America Chatbot Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Europe Chatbot Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Europe Chatbot Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Asia Pacific Chatbot Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Asia Pacific Chatbot Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Latin America Chatbot Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Latin America Chatbot Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Middle East and Africa Chatbot Historical Market: Breakup by Country (USD Million), 2017-2021
21.    Middle East and Africa Chatbot Market Forecast: Breakup by Country (USD Million), 2022-2027
22.    Global Chatbot Market Structure

Key Questions Answered in the Report

In 2020, the global chatbot market attained a value of nearly USD 430.9 million.

The market is projected to grow at a CAGR of 24.9% between 2022 and 2027.

The major drivers of the industry, such as the increased demand for automated customer services, the growing implementation of chatbots in various industry verticals, the increasing demand for enhanced and speedy customer experience, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the increased development in the artificial intelligence technology and rapid technological advancements.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant types of chatbot are standalone, web based, and messenger based/third party.

The various product landscapes of chatbot include artificial intelligence, marketing, and human intelligence.

The major applications of the product include bots for service, bots for social media, bots for payments/order processing, and bots for marketing, among others.

The different end uses of chatbot include healthcare, retail, banking financial services and insurance (BFSI), media and entertainment, travel and tourism, and e-commerce, among others.

The major players in the industry 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.

Analyst Review

The global chatbot market attained a value of about USD 430.9 million in 2020, driven by the increasing implementation of chatbots in various industry verticals. Aided by the technological advancements, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 24.9%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By type, the chatbot industry can be distributed into standalone, web based, and messenger based/third party. On the basis of product landscape, the industry can be segmented into artificial intelligence, marketing, and human intelligence. Based on application, the market can be categorised into bots for service, bots for social media, bots for payments/order processing, and bots for marketing, among others. On the basis of end use, the industry can be segregated into healthcare, retail, banking financial services and insurance (BFSI), media and entertainment, travel and tourism, and e-commerce, among others. The major regional markets for chatbots are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include [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.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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