Chatbot Market Will Reflect Significant Growth Prospects by 2024

Global Chatbot Market: Snapshot

The global chatbot market is expected to be driven by the giant strides made in the field of artificial intelligence over the past decade. It becoming easier to implement high-end artificial intelligence in common consumer electronics, thereby allowing players in the global chatbot market to attain a far greater consumer pool than before. The global chatbot market is also being augmented by the increasing use of online messaging as well as the rise in the overall number of applications where chatbots can prove to be beneficial. However, the global chatbot market is currently being restrained by the high minimum requirements still needed to host chatbots effectively.

The global chatbot market in 2015 was valued at US$113.0 mn. It is predicted to expand at an incredibly high CAGR of 27.8% in terms of revenue, within a forecast period from 2016 to 2024. By the end of 2024, the global chatbot market is expected to reach US$994.5 mn. Large enterprises are expected to grab the lion’s share in the global chatbot market and are expected to generate a revenue of US$626.3 mn for the market by the end of 2024.

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Large Enterprises Make Best Use of Current Chatbot Features

The global scenario of the chatbot market can be simplified by segmenting it into two generalized segments according to the size of the enterprises that make use of them. With small and medium enterprises bundled as one, they are dwarfed by the high utility of chatbots by large enterprises. There is an intense scope of use of chatbots within the many promotional activities and customer engagements that large enterprises perform on a regular basis. The use of chatbots can allow these enterprises to boost their overall rate of promotion and reach across the consumer pool. In terms of revenue, large enterprises are easily expected to retain the lead in the global chatbot market over the coming years. Large enterprises also benefit from the scope of business process automation that advanced chatbots bring to the table, which can further increase their social media involvement and help market their products better.

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North America Leads Massively in Chatbot Demand

The global chatbot market can be segmented on the basis of geography into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, the global chatbot market has till now, been led by North America in terms of demand volume and revenue generated. In 2015, North America generated US$52.7 mn within the global chatbot market, showing a clear lead above other key regions. Moreover, this region is expected to lead the market in terms of growth rate in demand as well, between 2016 and 2024. The U.S. is showing an especially high demand in chatbots and is likely to continue doing so over the coming years.

At the same time, Asia Pacific is also expected to show a prolific growth in its demand for chatbots, owing to the growing ICT infrastructure within its leading economies such as China and India. The massive mobile user population in Asia Pacific is a key consumer pool for the global chatbot market, especially in the aspects of media publication management and personalized assistance applications.

The leading players currently associated with the global chatbot market, include Facebook, Inc., Astute Solutions, Haptik, Inc., Google, Inc., Imperson Ltd., Helpshift, Kiwi, Inc., Kasisto Inc., Pandorabots, Inc., Microsoft Corporation, ToyTalk (PullString Inc.), Slack Technologies, Inc. and Yahoo Inc.

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