Chatbot Market Trends | Industry Size Statistics 2028

The global chatbot market size was valued at USD 3.5 billion in 2021 and is poised to grow at a significant CAGR of 27.7% during the forecast period 2022-28. A chatbot is a piece of Artificial Intelligence (AI) software that simulates text-based or text-to-speech communication in order to conduct online chats. It is beneficial to speak to a user in a natural language across messaging services, the internet, mobile apps, and the phone. Moreover, chatbots are used in the BFSI sector to improve user experience, engage with clients in place of advisers, quicken response times, reduce workloads, and other things. Some of the factors driving the growth of the chatbot market include an increase in the integration of chatbots with social media, higher awareness of chatbots, and rising demand for better customer relationship management (CRM). The market's development is, however, constrained by rising chatbot installation costs at the beginning of the process and a lack of product diversification. Additionally, during the forecast period, it is anticipated that the use of technologies like the interference engine, cloud-based deployment, application programming interface (API), and natural language processor (NLP) will present lucrative opportunities for the growth of the chatbot market in BFSI.

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Chatbot Market Growth Factors:
Throughout the projected period, the healthcare category is anticipated to increase at a quicker rate. In the healthcare sector, a chatbot offers privacy protections to safeguard a person's identity, particularly in fragile and mental health issues. Furthermore, it provides quick results, notifications, reminders, and interpersonal engagement to assist users to adopt better health habits. This is done by detecting and managing the user's anxiety levels and behavior. The degree of personalization is kept high. Mobile sensors can measure physiological factors including heart rate, body temperature, and physiological vitals like oxygenation. Conversational chatbots can understand user questions of varying intelligence levels and respond with pre-defined labels obtained from training data. For example, the Healthily app describes the symptoms of many diseases, as well as assessments of general health and patient progress. Users of the Ada app can assess their symptoms similarly while travelling and without an appointment. Users have access to Ada, an AI-powered fast symptom checker, 24 hours a day, seven days per week. No matter the location or the time, it has consistently provided precise disease suggestions, occasionally even before a clinical diagnosis.

The global chatbot market segmentation:
1) By Component: Solution, Service
2) Deployment: On-Premises and Cloud
3) Application: Website, Contact Centers, Social Media, Application.
4) End User: Banking, Financial Services and Insurance (BFSI), Retail and e-commerce, Information Technology (IT) and Telecom, Media and Entertainment, Healthcare, Others (Government and Education).

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Chatbot Market Regional Analysis:
North America will gain the greatest market share with a CAGR of 27%. The market's growth possibilities may be attributed to elements like lower operating expenses, more customer happiness, and increased business operational effectiveness. The majority of chatbot integrations have occurred in North America, which is also where the majority of chatbot businesses are located. Moreover, well-established companies and aggressive chatbot deployment in the BFSI, e-commerce, and healthcare sectors are the main forces behind the market expansion.

Major players working in the Chatbot Market are Creative Virtual Ltd, Dialogflow (Google), EdgeVerve Systems Limited (An Infosys Company), eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Ipsoft Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications, Serviceaide Inc., SMOOCH.ai (Zendesk)

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This release was published on openPR.