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Chatbot Industry- Exclusive Market Research Report 2020-2026 | Future Developments | Latest Innovation | Advance Technology | Top Companies
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The global Chatbot market size to grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.
Top Key Players Profiled in the Chatbot Market:
• IBM (US)
• Microsoft (US)
• Google (US)
• AWS (US)
• Nuance (US)
• Oracle (US)
• Creative Virtual (UK)
• Artificial Solutions (Spain)
• Kore.ai (US)
• Inbenta (US)
• [24]7.AI (US)
• Aivo (Argentina) ServiceNow (US)
• Conversica (US)
• Personetics (US)
• LiveChat (Poland)
• MindMeld (US)
• CogniCor (US)
• Gupshup (US)
• Contus (India)
• Chatfuel (US)
• KeyReply (Singapore)
• SmartBots (US)
• Yellow Messenger (India)
• Kevit (India)
• Yekaliva (India)
• Pypestream (US)
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The chatbot market is estimated to witness a trivial slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors is badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods.
“The services segment is expected to grow at a higher CAGR during the forecast period”
The global chatbot market is segmented on the basis of components into solutions and services.
“The AI-based segment to grow at a higher CAGR during the forecast period”
The global chatbot market is segmented on the baisis of type into into rule based and AI based. The AI-based segment is expected to at a higher CAGR during the forecast period. Due to intelligent customer engagement and the self-learning process, the AI-based segment is anticipated to register the fastest growth during the forecast period.
“Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period”
The chatbot market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, transportation and logistics, government, travel and hospitality, media and entertainment, and others (education, energy and utilities, and manufacturing). Key factors favoring the growth of chatbots across these verticals include the rising technology advancements and growing availability of industry-specific chatbots.
Breakdown of primary participants’ profile:
• By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
• By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
Reason to access this report:
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall chatbot market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
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