Chatbot Market - Consainsights

01

Executive Summary

Global Chatbot Market Size, 2017-2026 (USD Billion)

The global chatbot market size is expected to grow from USD 3.24 billion in 2021 to USD 10.51 billion by 2027 at a CAGR of 21.7%.

Impact of COVID-19 on Global Chatbot Market

The COVID-19 epidemic has helped increase the global use of chatbot technology. Following the epidemic, the use of chatbots for health care applications will continue to grow. Chatbots, a new technology that allows access to information via text or voice-based communication, proves its value during a coronavirus disaster and shows how this new communication channel can be helped in the coming years by many groups and institutions. Many companies and organizations are leading the way in sending chatbots to provide COVID-19 information. The two most authoritative sources of the epidemic, the WHO and the CDC have included discussions on their websites to provide the latest information on billions of cases of the disease and its symptoms. Many governments also introduce chatbots to provide guaranteed information to their citizens.

Driver: Increasing demand for self-service operations

In today's digital reality, customers expect an immediate solution. They prefer to go the easy way to communicate whenever they need help. No matter how common or complicated their question maybe, they just need to get the job done, without having to wait a long time. Customer self-help is about giving clients the power to resolve their questions, without wasting time looking for a support agent. The customer support solution allows businesses to be available 24/7 and reduces the number of incoming inquiries (emails or calls) by about 30-40%. However, with the rise of artificial intelligence (AI) and powerful NLP technology, businesses have begun using AI chatbots to drive higher ROI as part of their self-service strategy.

Opportunity: Self-learning Chatbots

Self-learning chatbots are the ones that rely on Machine Learning and other AI tools for chatting. Understanding and contextual dialogue solutions, nuances of language, and effectively dealing with obscure Visual Aids, instead of simple chatbots. IBM Watson is an AI discussion engine for building applications that can understand and respond using native language. It uses Artificial Intelligence and computer thinking technology to create a self-study chatbot. Chatbots, powered by the IBM Watson engine, can learn from formal and informal data, understand the context of this data, and provide accurate answers through machine learning and in-depth learning.

Challenge: Lack of awareness

For chatbots to be widely accepted by users, it is important that they feel useful and enjoyable. While there is a growing body of research on user capture and chatbot usage, there is a lack of conceptual-based studies that explain what constitutes a good or bad chatbot user experience. Businesses around the world help their customers connect with them through call centers, email, or IVRS and very few have invested in bots. A chatbot is a digital tool that, when used successfully, brings many benefits to customers and businesses. While there are many benefits to business chatbots and end customers, it is still unclear why businesses are reluctant to invest in this digital tool. Unfortunately, the use of chatbots between businesses has reached the expected level.

Retail and Ecommerce vertical segment to hold largest market share during the forecast period

Retail and Ecommerce bots work on messengers and websites to give your customers seamless omnichannel information and make it more common. These smart personal assistants work 24/7/365 and use natural language to create a personal shopping journey for every customer and targeted audience. Online shopping bots make chat an Ecommerce tool. The bots raise the level of online payment by providing personalized offers that are consistent with customer purchasing practices. Customer support chatbots work well 24/7/365, process multiple queries at the same time, and remove groups of people from the system to do more intelligent work. Sales bots improve targeting. They help brands create unsafe streams for messengers compared to permanently lost unread emails in the customer's inbox. Customer service chatbots guide buyers with sales furniture through intuitive messenger chat. They act as buy or buy bots to sell, sell and sell. The Ecommerce chatbot ensures a smooth transaction across all channels and satisfies today's customers who are inclined to combine shopping on the web, on mobile, and in-store. Chatbots easily integrates with industry-certified forums and becomes a one-stop Ecommerce solution for a complete shopping journey from shopping to reviews.

Asia Pacific to grow with the highest CAGR during the forecast period

The Asia Pacific chatbot market is booming due to the growth of the industry. Many large corporations are increasingly embracing chatbots in their regular customer service activities. This has led to a huge demand for chatbots in the region. In addition, the growth of the retail and e-commerce business in emerging economies such as China, Japan, and India in the region has accelerated the great demand and widespread acceptance of chatbots by retailers and owners of e-commerce businesses. China is considered a major technology hub. Continued growth in chatbot technology is expected to further market growth during forecasting. In addition, the presence of multiple startups and increased investment in AI and machine learning technology to improve the features of chatbots is also a factor driving the market growth.

Key Players

The major players operating in the global chatbot market are Microsoft (US), IBM (US), AWS (US), Google (US), Nuance (US), Oracle (US), Creative Virtual (UK), Artificial Solutions (Spain), Kore.ai (US), Inbenta (US), [24]7.AI (US), Yellow Messenger (India), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US), SmartBots (US), LiveChat (Poland), MindMeld (US), CogniCor (US), Gupshup (US), Contus (India), Chatfuel (US), Kevit (India), KeyReply (Singapore), Yekaliva (India), and Pypestream (US).

Revenue Share (%), By Component (2019)
Revenue Share (%), By Type (2019)
Revenue Share (%), By Deployment Mode (2019)
Revenue Share (%), By Channel Integration (2019)
Revenue Share (%), By Organization Size (2019)
Revenue Share (%), By Business Function (2019)
Revenue Share (%), By Application (2019)
Revenue Share (%), By Vertical (2019)
Revenue Share (%), By Region (2019)

02

Market Overview

The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.
The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2027.
The review period considered for this study is from 2018-2027. The CAGR is for the forecast period, 2022-2027.
Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing, and the average selling price (ASP) was kept constant throughout the forecast period for each country.
Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.
As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final values.

The currency used in this report is USD, with the market size indicated in terms of USD million/billion.
For companies reporting their revenues in USD, the revenues were taken from their respective annual reports/SEC filings.
For companies reporting their revenues in other currencies, the average annual currency conversion rates were used for a particular year to convert the value to USD Market Definition.

03

By Channel Integration

By Channel Integration, The global Chatbot Market analysis covers Contact Centers, Mobile Applications, Social Media, Websites.

The Contact Centers segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Contact Centers: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Mobile Applications segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Mobile Applications: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Social Media segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Social Media: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Websites segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Websites: global Chatbot Market Revenue Opportunity (Us$ Mn)

04

By Application

By Application, The global Chatbot Market analysis covers Branding and Advertisement, Customer Engagement and Retention, Customer Service, Data Privacy and Compliance, Employee Engagement and on Boarding, Other Applications, Payment Processing, Personal Assistant.

The Branding and Advertisement segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Branding and Advertisement: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Customer Engagement and Retention segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Customer Engagement and Retention: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Customer Service segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Customer Service: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Data Privacy and Compliance segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Data Privacy and Compliance: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Employee Engagement and on Boarding segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Employee Engagement and on Boarding: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Other Applications segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other Applications: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Payment Processing segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Payment Processing: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Personal Assistant segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Personal Assistant: global Chatbot Market Revenue Opportunity (Us$ Mn)

05

By Component

By Component, The global Chatbot Market analysis covers Services, Solutions.

The Services segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Services: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Solutions segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Solutions: global Chatbot Market Revenue Opportunity (Us$ Mn)

06

By Deployment Mode

By Deployment Mode, The global Chatbot Market analysis covers Cloud, On-Premises.

The Cloud segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Cloud: global Chatbot Market Revenue Opportunity (Us$ Mn)

The On-Premises segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

On-Premises: global Chatbot Market Revenue Opportunity (Us$ Mn)

07

By Vertical

By Vertical, The global Chatbot Market analysis covers Banking, Financial Services, and Insurance, Government, Healthcare and Life Sciences, Information Technology and Telecom, Media and Entertainment, Other Verticals, Retail and Ecommerce, Transportation and Logistics, Travel and Hospitality.

The Banking, Financial Services, and Insurance segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Banking, Financial Services, and Insurance: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Government segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Government: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Healthcare and Life Sciences segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Healthcare and Life Sciences: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Information Technology and Telecom segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Information Technology and Telecom: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Media and Entertainment segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Media and Entertainment: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Other Verticals segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other Verticals: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Retail and Ecommerce segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Retail and Ecommerce: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Transportation and Logistics segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Transportation and Logistics: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Travel and Hospitality segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Travel and Hospitality: global Chatbot Market Revenue Opportunity (Us$ Mn)

08

By Organization Size

By Organization Size, The global Chatbot Market analysis covers Large Enterprises, Small and Medium-Sized Enterprises.

The Large Enterprises segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Large Enterprises: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Small and Medium-Sized Enterprises segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Small and Medium-Sized Enterprises: global Chatbot Market Revenue Opportunity (Us$ Mn)

09

By Type

By Type, The global Chatbot Market analysis covers AI Based, Rule Based.

The AI Based segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

AI Based: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Rule Based segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Rule Based: global Chatbot Market Revenue Opportunity (Us$ Mn)

010

By Business Function

By Business Function, The global Chatbot Market analysis covers Finance, Human Resources, Information Technology Service Management, Sales and Marketing.

The Finance segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Finance: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Human Resources segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Human Resources: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Information Technology Service Management segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Information Technology Service Management: global Chatbot Market Revenue Opportunity (Us$ Mn)

The Sales and Marketing segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.