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Global Chatbot Market Size, Trends, Analysis, Forecast: By Type: Standalone, Web Based, Messenger Based/Third Party; By Product Landscape: Artificial Intelligence, Marketing, Human Intelligence; By Application: Bots for Service, Bots for Social Media, Others; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Chatbot Market Outlook
The global chatbot market size stood at a value of around USD 839.33 million in 2023. The market is further expected to grow at a CAGR of 24.9% in the forecast period of 2024-2032 to attain a value of USD 6,210.48 million by 2032.
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 programs that simulate human-like conversation.
These dialogue systems are mainly adopted by businesses for customer service enhancement, as they provide immediate automated responses and make 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, predict subsequent interactions and offer relevant information.
With the advent of smartphones and smart speakers, companies like Apple, Amazon, and Google introduced virtual assistants that use voice recognition and complex algorithms to assist users. Recent years have seen significant improvements in AI, with chatbots becoming more capable of handling complex conversations and tasks.
Chatbots also assist in scheduling appointments, providing medical information, and even offering preliminary diagnoses in some cases. E-commerce sites use chatbots to assist customers in shopping, recommending products, and managing transactions. Furthermore, they are used in games and as virtual companions for entertainment purposes. As technology continues to advance, the capabilities and applications of chatbots are likely to expand even further.
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Chatbot Market Segmentation
By type, the market is divided into:
- Standalone
- Web Based
- Messenger Based/Third Party
The demand for web-based chatbots in the market has been steadily growing, driven by several key factors. These chatbots are easy to integrate into existing websites, making them a popular choice for businesses of all sizes. They do not require users to download an app or join a new platform, making them immediately accessible to anyone visiting a website.
A significant driver of web-based chatbot demand is their ability to enhance customer service. These chatbots can provide instant responses to customer queries, guide users through websites, assist in finding products or information, and even handle basic transactions. This instant assistance improves user experience and can help businesses reduce the workload on human customer service representatives.
On the basis of product landscape, the market can be segmented into:
- Artificial Intelligence
- Marketing
- Human Intelligence
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The rapid technological advancements in the fields of artificial intelligence (AI) and machine learning (ML) are expected to drive chatbot market growth in the forecast period. Technological interventions such as the adoption of AI are proving to be a game-changer in the dynamic market. Artificial intelligence allows chatbots to simulate human dialogues by learning from past interactions and predicting 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 sector-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.
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
Bots for service, often referred to as customer service bots or support bots, play a crucial role in the chatbots market. They are specifically designed to enhance customer service and support processes in various industries. Service bots are programmed to provide instant responses to common customer inquiries. This includes answering FAQs, providing product information, or giving updates about services.
These bots can assist in resolving simple issues or problems faced by customers, such as troubleshooting basic technical issues or guiding them through a process. Service bots can identify queries that require human intervention and route these to the appropriate human customer service representatives for further assistance.
On the basis of end use, the market can be segregated into:
- Healthcare
- Retail
- Banking Financial Services and Insurance (BFSI)
- Media and Entertainment
- Travel and Tourism
- E-commerce
- Others
Based on end use, the e-commerce segment is predicted to hold a significant chatbot market share. 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 marketing costs while increasing 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 market.
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The report also covers the major regional markets for chatbots, which are as follows:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Chatbot Market Analysis
The market has witnessed significant growth and evolution, driven by advancements in artificial intelligence, machine learning, and natural language processing. One of the major market drivers is the rising adoption of chatbots by businesses seeking efficient ways to handle customer inquiries and improve service quality. Chatbots offer a cost-effective alternative to traditional customer service models as well as valuable insights into customer behaviour and preferences.
Modern chatbots are increasingly powered by sophisticated AI, allowing for more natural and effective interactions. The increased integration of chatbots with other technologies like CRM systems, payment gateways, and analytics tools is one of the key chatbot market trends.
Regional Insights
North America to Occupy a Significant Market Share
North America is estimated to possess a considerable share of the market 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 rise in chatbot market demand is also the result of the growing presence of the major market 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 market in the forecast period.
Key Players in the 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 market based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Product Landscape |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Chatbot Market Analysis
8.1 Key Industry Highlights
8.2 Global Chatbot Historical Market (2018-2023)
8.3 Global Chatbot Market Forecast (2024-2032)
8.4 Global Chatbot Market by Type
8.4.1 Standalone
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Web based
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Messenger Based/Third Party
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Chatbot Market by Product Landscape
8.5.1 Artificial Intelligence
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Marketing
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Human Intelligence
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Chatbot Market by Application
8.6.1 Bots for Service
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Bots for Social Media
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Bots for Payments/Order Processing
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Bots for Marketing
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Chatbot Market by End Use
8.7.1 Healthcare
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Retail
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Banking Financial Services and Insurance (BFSI)
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Media and Entertainment
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Travel and Tourism
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 E-commerce
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Others
8.8 Global Chatbot Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Chatbot Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Chatbot Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Chatbot Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Chatbot Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Chatbot Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 [24]7.ai, Inc
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Aivo LLC
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Artificial Solutions International AB
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Botsify Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Creative Virtual Private Limited
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Inbenta Technologies Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 IBM Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 eGain Corporation
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Chatbot Market: Key Industry Highlights, 2018 and 2032
2. Global Chatbot Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Chatbot Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Chatbot Historical Market: Breakup by Product Landscape (USD Million), 2018-2023
5. Global Chatbot Market Forecast: Breakup by Product Landscape (USD Million), 2024-2032
6. Global Chatbot Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Chatbot Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Chatbot Historical Market: Breakup by End Use (USD Million), 2018-2023
9. Global Chatbot Market Forecast: Breakup by End Use (USD Million), 2024-2032
10. Global Chatbot Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Chatbot Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Chatbot Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Chatbot Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Chatbot Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Chatbot Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Chatbot Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Chatbot Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Chatbot Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Chatbot Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Chatbot Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Chatbot Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Chatbot Market Structure
Key Questions Answered in the Report
In 2023, the global chatbot market attained a value of nearly USD 839.33 million.
The market is projected to grow at a CAGR of 24.9% between 2024 and 2032.
The major drivers of the market are the increasing demand for automated customer services, the growing implementation of chatbots in various industry verticals, and the increasing demand for enhanced and speedy customer experiences.
The increasing development in artificial intelligence and the rapid technological advancements are the key trends guiding the market growth.
The major regions in the market 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.
Artificial intelligence, marketing, and human intelligence are the various product landscapes of chatbot considered in the market report.
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 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.
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