Chatbot Market to Grow USD 15.5 billion by 2028, at a CAGR of 23.3% | Key Players, Demands, Trends, Future Outlook

The market for chatbot market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3% during the forecast period. Increasing focus on customer engagement through various channels and rising usage of generative models in chatbots to drive growth in the chatbot market. Chatbots can be a valuable tool for enterprises looking to improve customer service, reduce costs, and increase efficiency.

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The report includes the study of key players offering chatbot solutions and services. It profiles major vendors in the global chatbot market. The major vendors in the global chatbot market include Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), OpenAI (US), Salesforce (US), Meta (US), Artificial Solutions (Sweden), ServiceNow (US), [24]7.ai (US), Kore.ai (US), Conversica (US), Inbenta (US), Creative Virtual (US), Avaamo (US), Haptik (India), Solvvy (US), Gupshup (US), Aivo (US), Personetics (US), LivePerson (US), Freshworks (India), Engati (US), Botsify (Pakistan), Yellow.ai (US), Drift (US), Intercom (US), Chatfuel (US), Landbot (Spain), Pandorabots (US), Customers.ai (US), Rasa (Germany), and BotsCrew (UK).

The chatbot market refers to the industry that revolves around the development, deployment, and utilization of chatbot technology. A chatbot is a computer program or an artificial intelligence (AI) application that interacts with users through natural language conversations, typically via messaging platforms, websites, or mobile applications.

The chatbot market has experienced significant growth in recent years due to advancements in AI technologies, increasing customer demand for instant and personalized interactions, and the need for businesses to streamline their customer service and support processes. Chatbots are designed to understand and respond to user queries, provide information, assist with tasks, and even simulate human-like conversations.

Key factors driving the growth of the chatbot market include:

Rising demand for automated customer support: Businesses across various industries are adopting chatbots to provide 24/7 customer support, improve response times, and reduce the workload on human support agents. Chatbots can handle a wide range of customer inquiries, provide instant responses, and offer personalized recommendations.

Increasing focus on improving user experience: Chatbots are being integrated into websites and applications to enhance user experience by providing quick and convenient access to information and services. They can assist users with product recommendations, help with navigation, and offer personalized content.

Advancements in AI and natural language processing (NLP): AI technologies, including machine learning and NLP, have significantly improved the capabilities of chatbots. They can now understand and interpret user queries more accurately, learn from user interactions, and provide more relevant and contextual responses.

Cost efficiency and scalability: Chatbots offer businesses a cost-effective solution for handling a large volume of customer inquiries. They can handle multiple conversations simultaneously, reducing the need for additional human resources. Moreover, chatbots can be easily scaled to accommodate growing customer demands.

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Integration with messaging platforms: The popularity of messaging apps and platforms has created an opportunity for chatbot integration. Chatbots can be deployed on platforms such as Facebook Messenger, WhatsApp, Slack, and WeChat, allowing businesses to reach customers directly within their preferred messaging channels.

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