AI Chatbots Market-expected to reach at USD 43.23 billion in 2032.- - A Comprehensive Study by Key Players:IBM, Kore.ai, Nuance Communications, [24]7.ai, Inbenta, Google, AIVO, LogMeIn, AWS, Gupshup, SmartBots.ai, Yellow Messenger, Chatfuel, CogniCor Tech

The global chatbot market size was valued at USD 643.7 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.7% from 2022 to 2032. This market expected to reach at USD 43.23 billion in 2032.

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Global AI Chatbots: Top Key Players

IBM, Kore.ai, Nuance Communications, [24]7.ai, Inbenta, Google, AIVO, LogMeIn, AWS, Gupshup, SmartBots.ai, Yellow Messenger, Chatfuel, CogniCor Technologies, Passage AI

The market has witnessed significant growth in the last few years. The growth in the need for offering 24x7 customer service and reducing the operational cost by signing the jobs to the chatbots and the rise in consumer demand for self-service operations have led to the increase in the product demand. This can be attributed to the growing preference of individuals for messaging applications over social networking sites. Chatbots that are developed for integration with messaging applications are also expected to witness significant demand in the future. Moreover, chatbots are gaining popularity as businesses continue to automate their sales and customer services. The use of chatbots enables organizations to deliver timely services at reduced costs.

There is a significant rise in the usage of messaging services, which is expected to surpass the social networking sites in terms of the number of users. There is also a significant development in the natural language processing field, which made the interactions between computer and human languages more streamlined. The entire Ecosystem of the chatbot comprises various cross-linking features that help in the optimum usage of the application.

Product types uploaded in the AI Chatbots are:

Messengers, Web Widgets, Others

Key applications of this report are:

Large Enterprises, SMEs

Type Insights
The standalone segment dominated the market with a revenue share of over 55.0% in 2021 and is expected to maintain its lead during the forecast period. Nowadays, consumers are using visual assistant applications such as Google Assistant, Amazon's Alexa, and Apple's Siri to use in standalone messaging platforms. This is expected to create a great upsurge in the demand for standalone chatbots.

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Vertical Insights
The e-commerce segment dominated the market with a revenue share of over 20.0% in 2021. Chatbots find applications in a wide range of industries, such as healthcare, retail, BFSI, media and entertainment, travel and tourism, and e-commerce. The BFSI segment is expected to register the second-fastest CAGR from 2022 to 2030. Chatbots are gaining popularity in a number of sectors owing to the benefits such as remote connectivity and virtual presence, which substantially reduce the transportation cost. The travel and tourism vertical is expected to witness considerable growth during the forecast period.
Some Points from Table of Contents

CRegional Insights
North America accounted for the largest revenue share of over 40.0% in 2021. Asia Pacific, which is a major hub for the services industry, follows next. Many large enterprises increasingly adopt chatbots in their routine customer service activities. The substantial growth prospects of chatbots in various regions can be attributed to the significant benefits that it offers to enterprises, such as reduced operating costs, improved customer satisfaction, and enhanced operating efficiency.

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Report includes Competitor's Landscape:

APAC to grow at a higher CAGR during the forecast period
The chatbot market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. Countries in APAC are technology-driven and present major opportunities in terms of investments and revenue. These countries include China, Singapore, Japan, and India. Factors such as flexible economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization are expected to support the growth of the chatbot market in APAC.

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