The global retail chatbot market is anticipated to grow at a significant CAGR of 19.5% during the forecast period (2024–2031). The market growth is attributed to the adoption of chatbots by companies and organizations for customer service and interaction in various sectors Moreover, as per the Consumer Financial Protection Bureau in 2022, among the top 10 commercial banks in the US, all use chatbots of varying complexity to engage with customers, with over 98 million users (approximately 37% of the U.S. population) engaged with a bank’s chatbot. This number is projected to grow to 110.9 million users by 2026.
Browse the full report description of “Retail Chatbot Market Size, Share & Trends Analysis Report by product type (Rule-Based Chatbotsand Interactive Chatbot), By Application (Websites, Contact Center, Social Media, Mobile App), by Use Case (Industry, Product Recommendation, Tracking And Notification, Loyalty Programs and Offers and Feedback), and by Deployment (On-Premise And Cloud), by Components (Platform/SDK Kit And Services)Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/retail-chatbot-market
Additionally, companies are also looking to save costs, provide 24/7 services, and increase efficiency across organizations through change in workforce, for which they are moving towards chatbots and AI for better results. For instance, as per the Consumer Financial Protection Bureau in 2022, compared to the use of human agent customer service models, chatbots deliver $8 billion per year in cost savings, or approximately $0.70 per customer interaction. Wherein, as per IBEF India, service delivery operations across service lines are projected to become more efficient using Gen AI, resulting in a 20%–30% increase in productivity for specific use cases in service lines such as application development and BPO.
Market Coverage
• The market number available for - 2024-2031
• Base year-2024
• Forecast period-2024-2031
• Segment Covered-
o By product type
o By Application
o By use case
o By Deployment
o By Components
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
CompetitiveLandscape- includesOpenAI Inc., IBMCorp, Microsoft Corp, Amazon.com, Inc. and Salesforce Inc.
Key questions addressed by the report
Global Retail Chatbot Market Report Segment
By product type
By Application
By use case
By Deployment
By Components
Global Retail Chatbot Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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