Chatbot Market

The global chatbot market was estimated to be US$ 5,012.21 Million in 2022 and is expected to reach US$ 39,044.58 Million by 2032 at a CAGR of 22.8%.

Chatbots is a computer program which conducts a discussion via auditory or documented methods. These programs are often designed to influentially simulate how a human would behave as a conversational partner, thereby passing the Turing test. Chatbots are basically used in dialog systems for various practical purposes including customer service or information acquisition.

Some chatterbots use sophisticated natural language processing systems, but many simpler systems scan for keywords within the input, then fetch a reply with the most appropreate keywords, or the most alike wording pattern, from a database. The chatbot is anticipated to increase at a high rate due to the rise in penetration of various websites and mobile applications, surge in demand of automated patient management tools in the healthcare industry, proliferating demand of intelligent customer engagement and rise in the cloud based technology during the forecast period.

Factors such as lack of awareness owing to relatively early presence in tech-adoption life cycle and high cost deployment as well as the system integration complexities are the major factors that may hamper the growth of chatbots market in the near future.

The chatbots market is majorly classified into type, usage, industrial vertical, deployment type, and end-user. By type segment the market has been categorized into software and services. On the basis of usage, the market has been bifurcated into websites, contact centers, social media and mobile platform. Industry vertical has been widely segmented into financial services, healthcare, communication, retail, travel & hospitality, government, education, utilities and others. The deployment type is basically divided into on-premises and on-cloud. On-cloud deployment has the largest market share and is anticipated to continue the dominance over the forecast period. End-user segment has been categorized into small & medium enterprises. On the basis of geography analysis, the adoption rate of chatbot solutions across APAC is projected to rise at a substantial rate due to the rising advancement in the technology and industries. These factors would lead to the market awareness about the business value and return on investment, which can be understood on long run. The regional analysis of the market includes the classification of the industry verticals, type, usage, end users and deployment type into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

The Asia Pacific regional market excluding Japan is expected to gain a significant share over the future period. The rising awareness among customers about the benefits of the chatbots is anticipated to drive the APAC market for chatbot in the future years.

The major companies that provide chatbots include IBM Corporation, CX Company, Nuance Communications, Inc., Artificial Solutions, Egain Corporation, Creative Virtual Pvt., Ltd, Next IT Corporation., Speaktoit, Inc., 24/7 Customers, Inc, and Codebaby (Idavatars) Inc., and Others.

Global Chatbot Market Segmentation:

By Type Segment

• Software
• Services

On The Basis Of Usage

• Bifurcated Into Websites
• Contact Centers
• Social Media
• Mobile Platform

By Industry Vertical

• Financial Services
• Healthcare
• Communication
• Retail
• Travel & Hospitality
• Government
• Education
• Utilities

By Deployment Type

• On-premises
• On-cloud

By Geography

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America