Chatbot Market Worth USD 4860 million in 2026, Growing at a CAGR of 22.7% - GMI Research

New analysis from GMI Research, expects the revenue for the Chatbot market worth USD 4,860 million in 2026, growing at a CAGR of 22.7% during 2019-2026. The primary factor propelling the demand for the Global Chatbot market includes the technological advancement in AI, natural language process, machine learning coupled with the reduction in chatbot development cost.

An increase in penetration of websites, smartphone users, and growing need to understand customer behavior will aid the growth of the chatbot market during forecast period. The increasing adoption of cloud-based technology such as IoT will positively influence the demand of the chatbot market across the globe.

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Based on Deployment, the On-Cloud segment is anticipated to lead the market during the forecast period owing to the increasing adoption of on-cloud chatbot systems driven by its remarkable properties such as high flexibility, scalability to the operations, instant analytics and accessibility.

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Based on the Component, the Software segment is expected to grow at a higher CAGR during the forecast period due to the integration of next-generation technology in chatbot solutions and the growing popularity of online messaging services to get a faster response.

Based on Industries, the Healthcare segment is anticipated to lead the market during the forecast period owing to the increasing implementation of chatbots in hospitals driven by the increasing smartphone utilization. Chatbots offers exceptional advantages such as health monitoring, providing fast information, and an easy process of scheduling appointments. The retail segment is expected to grow at a higher CAGR during the forecast period due to the 24*7 service availability, which increases customer engagement and customer satisfaction, and the ongoing trend of integrating chatbots with messaging apps will complement the demand of the market.

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Based on the region, North America is anticipated to lead the market during the forecast period owing to the large presence of well-established ICT infrastructure and the increasing acceptance of chatbot across various sectors such as BFSI and retail sector. Asia-Pacific is expected to grow at a higher CAGR during the forecast period due to the increasing usage of chatbots across small and medium-size enterprises to enhance customer experience followed by the growing penetration of smartphones across the Asian countries.

The Global Chatbot market has been segmented based on deployment type, component, industry, and key geographies. Based on the deployment type, the Global Chatbot market has been segmented into on-cloud and on-premises. Based on component, the market has been segmented into software and services. Based on Industries, the market has been segmented into Healthcare, IT and Comm, BFSI, Retail, Hospitality, Media, and others.

Various notable players operating in the market include Facebook Inc, Amazon, Microsoft Corp., Google, Nuance Communications Inc., IBM, Chatfuel, NEXT IT Corps, Artificial Solutions, WeChat, among others.

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