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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.
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.
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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: Industry Definition and 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.
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.
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, EMR’s 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 EMR’s Key Indicators for Demand
10.4 EMR’s 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 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
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