Chatbot Market Size, Share, Analysis, Prominent Players, and Forecast 2031

"Final Report will add the analysis of the impact of COVID-19 on industry."

A comprehensive market research report has recently analyzed the worldwide "Chatbot Market" industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Aivo, Botscrew, Cleverbot, MobileMonkey, IBM Corporation, LiveChatInc., eGain Corporation, Dialogflow, Nuance Communications, Artificial Solutions Holding ASH AB, Creative Virtual Ltd., Avaamo Inc., Kore.ai Inc., EdgeVerve Systems Limited, SMOOCH.ai, Inbenta Technologies Inc., Botsify Inc., Next IT Corp., Creative Virtual Ltd], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million.The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021,Germany came in first place with US$ 339,074 million.Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by16.5% year over year, while Italy ha s decreased by 0.2%.

Chatbot Market to Witness over 20% CAGR until 2030

The global chatbot market is growing at a high CAGR because of the rising adoption of artificial intelligence into business operations along with the flourishing e-commerce and BFSI sector that is significantly investing in chatbot integration to improve customer engagement and satisfaction…

A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the chatbot market was worth USD 3.4 billion in the year 2021. It is estimated to grow at a CAGR of 23.40%, earning revenues of around USD 15 billion by 2022. The global chatbot market is flourishing at a high rate owing to the rising adoption of artificial intelligence into business operations along with the flourishing e-commerce and the BFSI sector that is significantly investing in chatbot integration to improve customer engagement and satisfaction. Chatbots are also gaining significant traction among small and medium-sized businesses due to the entry of chatbots startups in the market, which is anticipated to drive market growth in the forecast period.

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Increasing Adoption of Chatbots in Large Enterprises

The chatbot market is segmented into large enterprises, and small and medium-sized enterprises, based on organization size. The large enterprise segment accounts for the highest share in the market owing to their large consumer base and higher volume of grievances compared to SMEs. This is why larger organizations invest in the adoption of chatbots to boost their customer engagement. However, the small and medium-sized enterprises are projected to witness the highest CAGR during the forecast period.

Rising Demand for Real-Time Customer Service is Boosting Chatbot Market

The chatbot market is segmented into customer service, personal assistant, branding and advertisement, customer engagement and retention, data privacy and compliance, employee engagement and onboarding, payment processing, and others, based on application. The customer service segment holds the largest market share as it allows 24�?7 service and the customers get an instance and real-time responses along with saving the cost of the company. Therefore, several leading companies such as Starbucks, Spotify, Whole Foods, Mastercard, etc., are opting for chatbots, which is driving its overall market growth.

Chatbot Market - By End-User

Based on end-users, the chatbot market is segmented into banking, financial services, insurance, information technology, telecom, retail and e-commerce, healthcare and life sciences, travel and hospitality, media and entertainment, transportation and logistics, government, and others. The e-commerce segment accounts for the largest market share owing to the flourishing online sales market and large volumes of customer issues regarding the platform, services, and orders. Following e-commerce, the BFSI segment also covers substantial market share due to the increasing penetration of online payment platforms and rising demand for real-time and secure grievance redressal.

Chatbot Market - Regional Insights

Geographically, the chatbot market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the chatbot market, followed by Europe. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The flourishing e-commerce and BFSI sector along with rising IT infrastructure development in emerging economies including India, China, South Korea, Japan, etc., acts as a major driving factor for the growth of the chatbot market. Furthermore, increasing chatbot startups offering services at minimal costs that are proving to be budget-friendly for SMEs is also fueling the growth of the market.

Impact of COVID-19 on Chatbot Market

The unprecedented COVID-19 pandemic outbreak initially negatively impacted the growth of the chatbot market. The pandemic affected the financial capability of the businesses, due to which the demand for chatbot integration witnessed a sharp decline during this period. However, the market is projected to grow tremendously during the forecast period owing to the rising internet traffic and increasing screen time of the internet users, which is propelling the need for real-time and 24�?7 available assistance. Furthermore, chatbots are also assisting the healthcare industry to manage critical and less urgent cases, which is anticipated to emerge as a major driving factor for market growth.

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Competitive Landscape

The leading market players of the chatbot market are Aivo, Botscrew, Cleverbot, MobileMonkey, IBM Corporation, LiveChatInc., eGain Corporation, Dialogflow, Nuance Communications, Artificial Solutions Holding ASH AB, Creative Virtual Ltd., Avaamo Inc., Kore.ai Inc., EdgeVerve Systems Limited, SMOOCH.ai, Inbenta Technologies Inc., Botsify Inc., Next IT Corp., Creative Virtual Ltd., and other prominent players.

The chatbot market is extremely competitive with the presence of numerous global as well as regional market players. Several startups are also emerging, giving tough competition to the established players. The companies significantly focus on improving and expanding their offerings and chatbot capabilities to gain a competitive edge. They also prominently adopt competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.

Market Segment-

By Type(Rule-Based, Ai-Based)

By Chanel Integration(Websites, Contact Centers, Social Media, Mobile Applications)

By Organization Size(Large Enterprises, Small And Medium-Sized Enterprises)

By Application(Customer Service, Personal Assistant, Branding And Advertisement, Customer Engagement And Retention, Data Privacy And Compliance, Employee Engagement And Onboarding, Payment Processing, Others)

By End-User(Banking, Financial Services, And Insurance, Information Technology And Telecom, Retail And E-Commerce, Healthcare And Life Sciences, Travel And Hospitality, Media And Entertainment, Transportation And Logistics, Government, Others)

By Region(North America, Europe, Asia-Pacific (Apac), Latin America (Latam), Middle-East & Africa (Mea)

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

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This release was published on openPR.