Chatbot Market
Global Chatbot Market Size, Share & Trends Analysis Report By Deployment Model (On-Premises, and Cloud-Based) By Component (Solution, and Services) By Verticals (Healthcare, Travel and Hospitality, Media and Entertainment, BFSI, and Others) By Application (Customer Care, Branding & Advertisement, and Others) Forecast, 2021-2027
The global chatbot market is anticipated to grow at a CAGR of around 25.4% during the forecast period (2021-2027). The chatbots are AI software designed to provide online information to customers or learners interactively via textual conversation process. The adoption of chatbots in various verticals owing to the numerous benefits provided by them which include real-time connectivity, 24/7 customer engagement, less marketing cost, among others. Retail & e-commerce is one of the largest end-users of chatbots, due to the increased number of retail & e-commerce businesses the use of chatbots has surged among retailers and other business owners. The factors that are contributing to the growth of the global online chatbot market include the increasing prevalence of smartphones coupled with chatbot features, growing online business, advancement in technologies, and the need for 24/7 customer support services. AI and Machine Learning (ML), Natural Language Processing technologies are expected to enhance the features of chatbots, which, in turn, would drive their demand. In addition, chatbots enable organizations to deliver timely services at reduced costs. This is the key factor behind the adoption of these software in large enterprises to achieve sophisticated operations.
Moreover, lack of awareness about the benefits offered by AI-based chatbots in developing countries, and the high cost of chatbots are the challenge expected to limit their adoption. Further, increasing initiatives in the R&D of self-learning chatbots with advanced features and less cost is expected to offer lucrative opportunities in the market during the forecast period.
Impact of COVID-19 on Global Chatbot Market
COVID-19 pandemic has swelled the demand and use of chatbots. Due to lockdown, the chatbot has been increasingly deployed by various organizations such as banking & insurance, healthcare, retail, education, and financial to respond to customer queries and other related information. These organizations were heavenly depended on chatbots to solve customer related issues from remote locations. In addition, retail & e-commerce was the largest end-user of the chatbot during the forecast period due to increased online shopping in lockdown, retailers were adopting chatbots as a real-time chat solution to maintain the customer-employers relationship.
Segmental Outlook
The global chatbot market is segmented based on deployment model, component, verticals, and application. Based on the deployment model, the global chatbot market is bifurcated into on-premises, and cloud-based. Among these, the cloud-based segment is projected to hold a significant share in the global chatbot market during the forecast period. Based on components, it is classified into solutions and services. The service segment is anticipated to generate high revenue owing to the various services coupled with chatbots such as real-time analysis, multilingual capabilities, among others. Similarly, based on verticals, the market is categorized into healthcare, travel & hospitality, media & entertainment, telecommunication, banking & financial services, retail & e-commerce, and others. The retail & e-commerce segment is projected to be the fastest-growing during the forecast period, and the BFSI segment is expected to show lucrative growth. Whereas, based on application, the global chatbot market is further segregated into customer care, branding & advertisement, data privacy & compliance, employee engagement & on-boarding, payment processing, and others.
Global Chatbot Market Share by Verticals, 2020 (%)
The Retail & E-Commerce Segment Holds the Significant Share in Global Chatbot Market
Among verticals, the retail & e-commerce segment held the largest share in the market in 2020, and it is projected to grow at a significant CAGR during the forecast period. Chatbots are gaining popularity in many sectors and the retail & e-commerce sector is one of them. The adoption of chatbots owing to the plentiful benefits coupled with them such as remote connectivity and virtual presence, consistent customer services, low marketing cost, among others are gaining popularity. The chatbot software and services offer retailers to connect with their customers driving customer engagement 24/7. The increased online presence of larges companies such as Amazon, Flipkart, Alibaba, among others has also increased the demand for advanced and cost-effective chatbots, and the demand is further projected to rise as the number of online businesses will increase. With rising small and large e-commerce and retail businesses and growing customer queries, the demand and scope of the chatbots will grow more during the forecast period. Moreover, the customer’s demands and shift towards online shopping, and increasing usage of smartphones with chatbot connectivity features will further improve the segment’s growth.
Regional Outlook
Geographically, the global chatbot market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America Dominated the market by accounting largest share in 2020, and it is further projected to maintain its dominance during the forecast period. The factors that are augmenting the growth of the chatbot market in the region include the presence of major players such as Google LLC., IBM Corp., Amazon Web Services (AWS), among others, and increasing investment in R&D of new and advanced technology for chatbots. The growing adoption of chatbots in various sectors for maintaining customer services owing to the features coupled with them and increasing retail & e-commerce business are the prominent factors boosting the market growth.
Global Chatbot Market Growth, By Region 2021-2027
Asia-Pacific is projected to be the Fastest Growing in Global Chatbot Market
Geographically, Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. In Asia-Pacific, China, India, and Japan are the major contributor to the growth of the market. The factors that are driving the growth of the chatbot market in Asia-Pacific include growing industrialization, rising disposable income, supportive government policies, and increasing smartphone users. The adoption of chatbots in China is increasing due to the rising e-commerce business. Big giants in China such as Alibaba, Amazon, JD.com, among others are adopting this software on a large level to maintain customer engagement and customer care services. Moreover, the presence of numerous startups and investment in chatbots and machine learning by them and growing adoption of chatbots by small and mid-sized enterprises to improve customer relationship management is further expected to excel the demand for chatbots, which in turn, boost the market growth.
Market Players Outlook
The key players in the chatbot market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include IBM Corp., Microsoft Corp., Google LLC., Amazon Web Services (AWS), Oracle, Creative Virtual Ltd., Artificial Solution International AB, Botsify Inc., Kore.ai, Nuance Communication, Inc., among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. For instance, in February 2021, Nuance Communication, Inc., completed the acquisition of Saykara Inc. a like-minded startup focused on developing a mobile AI assistant to automate clinical documentation for physicians. The acquisition will add Nuance to expand their product offerings in conversational artificial intelligence (AI) and ambient clinical intelligence (ACI) solutions.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global chatbot market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Chatbot Industry
• Recovery Scenario of Global Chatbot Industry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Chatbot Market, By Deployment Model
5.1.1. On-Premises
5.1.2. Cloud-based
5.2. Global Chatbot Market, By Component
5.2.1. Solution
5.2.2. Services
5.3. Global Chatbot Market, By Verticals
5.3.1. Healthcare
5.3.2. Travel and Hospitality
5.3.3. Media and Entertainment
5.3.4. Telecommunication
5.3.5. Banking & Financial Service and Insurance (BFSI)
5.3.6. Retail and E-commerce
5.3.7. Others
5.4. Global Chatbot Market, By Application
5.4.1. Customer Care
5.4.2. Branding & Advertisement
5.4.3. Data Privacy and Compliance
5.4.4. Employee Engagement and On-boarding
5.4.5. Payment Processing
5.4.6. Others
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East & Africa
7. Company Profiles
7.1. [24]7.ai, Inc
7.2. Acuvate Software Pvt Ltd.
7.3. Aivo
7.4. Amazon Web Services Inc.
7.5. Artificial Solution International AB
7.6. Botsify Inc.
7.7. CogniCor Technologies Inc.
7.8. Contus
7.9. Conversica, Inc
7.10. Creative Virtual Ltd.
7.11. eGain Corp. (US)
7.12. Google LLC.
7.13. IBM Corp.
7.14. Inbenta Technologies Inc.
7.15. Kevit Technologies
7.16. LiveChat, Inc
7.17. Microsoft Corp
7.18. MindMeld Inc.
7.19. Nuance Communication, Inc.
7.20. Oracle Corp.
7.21. Personetics Technologies
7.22. Pypestream Inc.
7.23. SmartBots
7.24. Verint Systems Inc.
7.25. Yellow Messenger
1. GLOBAL CHATBOT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL, 2020-2027 ($ MILLION)
2. GLOBAL ON-PREMISES CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL CLOUD-BASED CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL CHATBOT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
5. GLOBAL SOLUTION IN CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL SERVICES IN CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL CHATBOT MARKET RESEARCH AND ANALYSIS BY VERTICLES, 2020-2027 ($ MILLION)
8. GLOBAL CHATBOT IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL CHATBOT IN TRAVEL & HOSPITALITY MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL CHATBOT IN MEDIA AND ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL CHATBOT IN TELECOMMUNICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL CHATBOT IN BANKING & FINANCIAL SERVICES AND INSURANCE (BFSI) MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL CHATBOT IN RETAIL AND E-COMMERCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL CHATBOT IN OTHERS VERTICAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL CHATBOT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
16. GLOBAL CHATBOT FOR CUSTOMER CARE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
17. GLOBAL CHATBOT FOR BRANDING & ADVERTISEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL CHATBOT FOR DATA PRIVACY AND COMPLIANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL CHATBOT FOR EMPLOYEE ENGAGEMENT AND ON-BOARDING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
20. GLOBAL CHATBOT FOR PAYMENT PROCESSING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
21. GLOBAL OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
22. NORTH AMERICAN CHATBOT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
23. NORTH AMERICAN CHATBOT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL,2020-2027 ($ MILLION)
24. NORTH AMERICAN CHATBOT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
25. NORTH AMERICAN CHATBOT MARKET RESEARCH AND ANALYSIS BY VERTICLES, 2020-2027 ($ MILLION)
26. NORTH AMERICAN CHATBOT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
27. EUROPEAN CHATBOT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
28. EUROPEAN CHATBOT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL, 2020-2027 ($ MILLION)
29. EUROPEAN CHATBOT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
30. EUROPEAN CHATBOT MARKET RESEARCH AND ANALYSIS BY VERTICLES, 2020-2027 ($ MILLION
31. EUROPEAN CHATBOT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION
32. ASIA-PACIFIC CHATBOT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
33. ASIA-PACIFIC CHATBOT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL, 2020-2027 ($ MILLION)
34. ASIA-PACIFIC CHATBOT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
35. ASIA-PACIFIC CHATBOT MARKET RESEARCH AND ANALYSIS BY VERTICLES, 2020-2027 ($ MILLION)
36. ASIA-PACIFIC CHATBOT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
37. REST OF THE WORLD CHATBOT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
38. REST OF THE WORLD CHATBOT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL, 2020-2027 ($ MILLION)
39. REST OF THE WORLD CHATBOT MARKET RESEARCH AND ANALYSIS BY COMPONENT,2020-2027 ($ MILLION)
40. REST OF THE WORLD CHATBOT MARKET RESEARCH AND ANALYSIS BY VERTICLES, 2020-2027 ($ MILLION)
41. REST OF THE WORLD CHATBOT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL CHATBOT MARKET, 2020-2027 (% MILLION)
2. IMPACT OF COVID-19 ON GLOBAL CHATBOT MARKET BY SEGMENT, 2020-2027 (% MILLION)
3. RECOVERY OF GLOBAL CHATBOT MARKET, 2020-2027 (%)
4. GLOBAL CHATBOT MARKET SHARE BY DEPLOYMENT MODEL,2020 VS 2027 (%)
5. GLOBAL CHATBOT MARKET SHARE BY COMPONENT, 2020 VS 2027 (%)
6. GLOBAL CHATBOT MARKET SHARE BY VERTICLES, 2020 VS 2027 (%)
7. GLOBAL CHATBOT MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
8. GLOBAL CHATBOT MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL ON-PREMISES CHATBOT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL CLOUD-BASED CHATBOT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)GLOBAL SOLUTION IN CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL SERVICES IN CHATBOT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL CHATBOT IN HEALTHCARE MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL CHATBOT IN TRAVEL & HOSPITALITY MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL CHATBOT IN MEDIA AND ENTERTAINMENT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL CHATBOT IN TELECOMMUNICATION MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL BANKING & FINANCIAL/INSURANCE SERVICES MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
17. GLOBAL CHATBOT IN RETAIL AND E-COMMERCE MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL CHATBOT IN OTHERS VERTICLE MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL CHATBOT FOR CUSTOMER CARE MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
20. GLOBAL CHATBOT FOR BRANDING & ADVERTISEMENT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
21. GLOBAL CHATBOT FOR DATA PRIVACY AND COMPLIANCE MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
22. GLOBAL CHATBOT FOR EMPLOYEE ENGAGEMENT AND ON-BOARDING MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
23. GLOBAL CHATBOT FOR PAYMENT PROCESSING MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
24. GLOBAL OTHERS MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
25. US CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
26. CANADA CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
27. UK CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
28. FRANCE CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
29. GERMANY CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
30. ITALY CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
31. SPAIN CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
32. REST OF EUROPE CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
33. INDIA CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
34. CHINA CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
35. JAPAN CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
36. SOUTH KOREA CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
37. REST OF ASIA-PACIFIC CHATBOT MARKET SIZE, 2020-2027 ($ MILLION)
38. REST OF THE WORLD CHATBOT MARKET SIZE, 2021-2027($ MILLION
