The global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027.
Europe was the leading geographic chatbot market and it is anticipated to be the highest revenue contributor throughout the forecast period. Factors such as penetration of internet users, the number of social media users, and the number of smartphones users have a profound influence over the penetration of the chatbot market during the past few years. Moreover, the factors are expected to continue to have a substantial impact over the market growth during the coming along with investment towards AI enabled CRM services, and the solution is expected to boost the growth of the market in the region. According to a report published by the World Federation of Advertisers (WFA) in 2017, the European region with a total population of 839 million reported almost 79% of internet users in the region.
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Chatbot Market Vendors be Amazon Web Services, Artificial Solutions , Creative Virtual Pvt. Ltd. , CX Company , eGain Corporation , IBM Corporation, INBENTA TECHNOLOGIES INC, Microsoft, Nuance Communications, Inc. , Verint Systems Inc.
The growing popularity of AI to have a noteworthy impact on the chatbot market
All the key industries across are globe including BFSI, retail, healthcare, media & entertainment, government, and others are embracing and investing in disruptive technologies such as artificial intelligence, IoT, big data, and predictive analytics among others. This adoption is driven by the successful uses cases of AI which resulted in increased operational efficiency, better sales revenue, and improved customer experiences. Vendors are upgrading its Chatbots solution by integrating AI technology for better understandings of customers and to increase its sales by AI capabilities. The adoption of Chatbots is driven by the successful uses cases of AI which resulted in increased operational efficiency, better sales revenue, and improved customer experiences. The nature of business is becoming very competitive and to compete efficiently, enterprises nowadays relying on useful information and business analytics. Traditionally, business analytical tools were used to project sales from the data about events that were a week or month old. With the advent of artificial intelligence technology which learns in real time and provides recommendations based on patterns, businesses have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers.
Artificial intelligence allows businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, artificial intelligence enables businesses to improve operational efficiency, lower operating costs, enhance service quality and customer experience. With the increasing business complexities and high adoption of artificial intelligence across the industries, the market for Chatbots is expected to surge during the forecast period.
Rising trends in the adoption of voice enabled Chatbot
The emergence of advanced-driver-assistance systems like adaptive braking, self-parking, backup cameras, and automatic cruise control that further increase the passenger safety in the vehicles. Shared mobility services is another trend buzzing in the automobile ecosystem. A strong internet infrastructure coupled with cars that would be able to communicate with the rider and amongst each other regarding their availabilities and route mapping would form a trend in the upcoming few years. Highly advanced sensors are anticipated to be integrated into these vehicles for efficient communications to happen and therefore, these automotive electronic trends are anticipated to present good opportunities for the chatbot market players to cache in.
GLOBAL CHATBOT MARKET – SEGMENTATION
Global Chatbot Market – By Component
- Solution
- Services
Global Chatbot Market – By Deployment
- On-premise
- Cloud
Global Chatbot Market – By Usage
- Website
- Contact Centers
- Social Media
- Mobile Platform
Global Chatbot Market – By End-User
- Retail & E-commerce
- BFSI
- Healthcare
- Travel & Tourism
- Others
Global chatbot market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
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Why to Purchase?
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Chatbot market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Chatbot market, thereby allowing players across the value chain to develop effective long term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
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