Global Chatbot Market Industry Trends, Estimation & Forecast, 2018 - 2025

The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market.

A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates the enhanced performance of chatbots in all applications. Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. For instance, Slack and Twitter messaging platforms are preferred by majority of businesses.

While adoption of chatbots has increased in banking and financial sectors primarily to maintain customer relationships. The digitization-driven shift in customer engagement also influences the banking and financial sectors to redefine their touchpoints with customers and focus on understanding the customer's intent and their latent needs. Therefore, a number of banks integrate chatbots as they have the potential to simplify the entire banking experience for the customers.

“The Global Chatbot market was valued at USD447 million in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with a CAGR of 28.9 % during the forecast period” 

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Customer engagement and retention is one of the main focus areas of various verticals. These verticals have started deploying Artificial Intelligence (AI)-powered chatbots into their operations to engage customers and offer them seamless experiences throughout their journey. Chatbots act as an effective tool for verticals to attract, retain, and engage new customers, owing to their ability to engage customers, collect new data, and shorten sales life cycles. Hence, customer engagement and retention are projected to become a crucial application area to deploy chatbot solutions.

North America is expected to hold the largest market size during the forecast period. However,the APAC region shows rapid growth in the market, as the APAC region holds more than 50% of the world’s population, and therefore any major technological shifts, such as those being heralded by AI are likely to shape the future of the region. Many Asian countries, such as China, Singapore, India, and Japan are leveraging information-intensive AI technologies, and chatbot is one of the leading technology trends and hence, APAC is expected to show promising opportunities to deploy chatbot solutions.

Some of the Key players are IBM Corporation(US), Nuance Communications (US), Google (US), Amazon Web Services(US), Artificial Solutions (Spain), Inbenta Technologies (US), [24]7.ai (US), Chatfuel (US), AIVO (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India)

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