Chatbot Market

Executive Summary

Chatbot Market was valued at US $4.93 billion in 2021 and is projected to grow at 30.51% CAGR over the forecast period to reach US $24.37 billion by 2027. Chatbot Market represented US $2.04 billion opportunity over 2019-2021 and estimated to create US $19.44 billion opportunity in 2027 over 2021.

Chatbot from Consainsights analyses the Chatbot Market in the Technology & Media industry over the forecast period to 2027.

Chatbot research report from Consainsights outlines the detailed strategic analysis, trends, market opportunities, growth prospects, industry and market challenges and sustainable solutions to sustain in the competitive environment.

Chatbot segmentation includes Component, Type, Deployment Mode, Channel Integration, Organization Size, Business Function, Application, Vertical and Geography.

Based on the Component, the Chatbot analysis covers Solutions, Services.

In Component segment, Solutions segment has highest cagr growth of 26.70%.

Based on the Type, the Chatbot analysis covers Rule Based, AI Based.

In Type segment, Rule Based segment has highest cagr growth of 26.70%.

Based on the Deployment Mode, the Chatbot analysis covers On-Premises, Cloud.

In Deployment Mode segment, On-Premises segment has highest cagr growth of 26.70%.

Based on the Channel Integration, the Chatbot analysis covers Websites, Contact Centers, Social Media, Mobile Applications.

In Channel Integration segment, Websites segment has highest cagr growth of 26.70%.

Based on the Organization Size, the Chatbot analysis covers Large Enterprises, Small and Medium-Sized Enterprises.

In Organization Size segment, Large Enterprises segment has highest cagr growth of 26.70%.

Based on the Business Function, the Chatbot analysis covers Information Technology Service Management, Human Resources, Sales and Marketing, Finance.

In Business Function segment, Information Technology Service Management segment has highest cagr growth of 26.70%.

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

In Application segment, Customer Service segment has highest cagr growth of 26.70%.

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

In Vertical segment, Banking, Financial Services, and Insurance segment has highest cagr growth of 26.70%.

Based on the region, the Chatbot analysis covers North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America.

Key companies operating in the market include IBM, Microsoft, Google, Amazon Web Services (AWS), Nuance Communications, Servicenow, Creative Virtual, Kore.ai, Artificial Solutions, Inbenta, [24]7.ai, AIvo, Conversica, Personetics, Oracle, Livechat, Mindmeld, Cognicor Technologies, Gupshup, Contus, Chatfuel, Keyreply, Smartbots, Yellow Messenger, Kevit, Yekaliva, Pypestream and so on. This report covers the detailed analysis of the company profiles such as business segments, product portfolio, key brand insights and growth strategies adopted, company SWOT and Strategy analysis along with the financial analysis and analyst insights on the key companies operating in this market.

Market Overview

Definition & Scope

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.

Currency, Year & Forecast

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.

Component

Introduction

In 2021, Solutions segment has the highest revenue of US $2.17 billion and is expected to grow at CAGR of 26.70% by 2027 Solutions segment has highest cagr growth of 26.70%.

Solutions

Solutions segment was valued at US $1.27 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $10.70 billion by 2027. Solutions segment represented US $0.89 billion opportunity over 2019-2021 and estimated to create US $8.53 billion opportunity in 2027 over 2021.

Services

Services segment was valued at US $0.72 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $6.06 billion by 2027. Services segment represented US $0.51 billion opportunity over 2019-2021 and estimated to create US $4.83 billion opportunity in 2027 over 2021.

Type

Introduction

In 2021, Rule Based segment has the highest revenue of US $2.11 billion and is expected to grow at CAGR of 26.70% by 2027 Rule Based segment has highest cagr growth of 26.70%.

Rule Based

Rule Based segment was valued at US $1.24 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $10.45 billion by 2027. Rule Based segment represented US $0.87 billion opportunity over 2019-2021 and estimated to create US $8.33 billion opportunity in 2027 over 2021.

AI Based

AI Based segment was valued at US $0.58 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $4.91 billion by 2027. AI Based segment represented US $0.41 billion opportunity over 2019-2021 and estimated to create US $3.91 billion opportunity in 2027 over 2021.

Deployment Mode

Introduction

In 2021, On-Premises segment has the highest revenue of US $2.74 billion and is expected to grow at CAGR of 26.70% by 2027 On-Premises segment has highest cagr growth of 26.70%.

On-Premises

On-Premises segment was valued at US $1.61 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $13.55 billion by 2027. On-Premises segment represented US $1.13 billion opportunity over 2019-2021 and estimated to create US $10.81 billion opportunity in 2027 over 2021.

Cloud

Cloud segment was valued at US $0.70 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $5.88 billion by 2027. Cloud segment represented US $0.49 billion opportunity over 2019-2021 and estimated to create US $4.69 billion opportunity in 2027 over 2021.

Channel Integration

Introduction

In 2021, Websites segment has the highest revenue of US $2.87 billion and is expected to grow at CAGR of 26.70% by 2027 Websites segment has highest cagr growth of 26.70%.

Websites

Websites segment was valued at US $1.68 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $14.17 billion by 2027. Websites segment represented US $1.18 billion opportunity over 2019-2021 and estimated to create US $11.30 billion opportunity in 2027 over 2021.

Contact Centers

Contact Centers segment was valued at US $0.78 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $6.59 billion by 2027. Contact Centers segment represented US $0.55 billion opportunity over 2019-2021 and estimated to create US $5.26 billion opportunity in 2027 over 2021.

Social Media

Social Media segment was valued at US $0.38 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $3.20 billion by 2027. Social Media segment represented US $0.27 billion opportunity over 2019-2021 and estimated to create US $2.55 billion opportunity in 2027 over 2021.

Mobile Applications

Mobile Applications segment was valued at US $0.05 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.41 billion by 2027. Mobile Applications segment represented US $0.03 billion opportunity over 2019-2021 and estimated to create US $0.33 billion opportunity in 2027 over 2021.

Organization Size

Introduction

In 2021, Large Enterprises segment has the highest revenue of US $2.29 billion and is expected to grow at CAGR of 26.70% by 2027 Large Enterprises segment has highest cagr growth of 26.70%.

Large Enterprises

Large Enterprises segment was valued at US $1.34 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $11.31 billion by 2027. Large Enterprises segment represented US $0.94 billion opportunity over 2019-2021 and estimated to create US $9.02 billion opportunity in 2027 over 2021.

Small and Medium-Sized Enterprises

Small and Medium-Sized Enterprises segment was valued at US $0.77 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $6.46 billion by 2027. Small and Medium-Sized Enterprises segment represented US $0.54 billion opportunity over 2019-2021 and estimated to create US $5.16 billion opportunity in 2027 over 2021.

Business Function

Introduction

In 2021, Information Technology Service Management segment has the highest revenue of US $2.38 billion and is expected to grow at CAGR of 26.70% by 2027 Information Technology Service Management segment has highest cagr growth of 26.70%.

Information Technology Service Management

Information Technology Service Management segment was valued at US $1.40 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $11.78 billion by 2027. Information Technology Service Management segment represented US $0.98 billion opportunity over 2019-2021 and estimated to create US $9.39 billion opportunity in 2027 over 2021.

Human Resources

Human Resources segment was valued at US $0.92 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $7.71 billion by 2027. Human Resources segment represented US $0.64 billion opportunity over 2019-2021 and estimated to create US $6.15 billion opportunity in 2027 over 2021.

Sales and Marketing

Sales and Marketing segment was valued at US $0.39 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $3.26 billion by 2027. Sales and Marketing segment represented US $0.27 billion opportunity over 2019-2021 and estimated to create US $2.60 billion opportunity in 2027 over 2021.

Finance

Finance segment was valued at US $0.19 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $1.63 billion by 2027. Finance segment represented US $0.14 billion opportunity over 2019-2021 and estimated to create US $1.30 billion opportunity in 2027 over 2021.

Application

Introduction

In 2021, Customer Service segment has the highest revenue of US $1.94 billion and is expected to grow at CAGR of 26.70% by 2027 Customer Service segment has highest cagr growth of 26.70%.

Customer Service

Customer Service segment was valued at US $1.14 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $9.60 billion by 2027. Customer Service segment represented US $0.80 billion opportunity over 2019-2021 and estimated to create US $7.66 billion opportunity in 2027 over 2021.

Personal Assistant

Personal Assistant segment was valued at US $0.68 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $5.75 billion by 2027. Personal Assistant segment represented US $0.48 billion opportunity over 2019-2021 and estimated to create US $4.59 billion opportunity in 2027 over 2021.

Branding and Advertisement

Branding and Advertisement segment was valued at US $0.47 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $3.92 billion by 2027. Branding and Advertisement segment represented US $0.33 billion opportunity over 2019-2021 and estimated to create US $3.13 billion opportunity in 2027 over 2021.

Customer Engagement and Retention

Customer Engagement and Retention segment was valued at US $0.24 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $2.00 billion by 2027. Customer Engagement and Retention segment represented US $0.17 billion opportunity over 2019-2021 and estimated to create US $1.60 billion opportunity in 2027 over 2021.

Data Privacy and Compliance

Data Privacy and Compliance segment was valued at US $0.20 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $1.70 billion by 2027. Data Privacy and Compliance segment represented US $0.14 billion opportunity over 2019-2021 and estimated to create US $1.36 billion opportunity in 2027 over 2021.

Employee Engagement and on Boarding

Employee Engagement and on Boarding segment was valued at US $0.09 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.80 billion by 2027. Employee Engagement and on Boarding segment represented US $0.07 billion opportunity over 2019-2021 and estimated to create US $0.64 billion opportunity in 2027 over 2021.

Payment Processing

Payment Processing segment was valued at US $0.06 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.53 billion by 2027. Payment Processing segment represented US $0.04 billion opportunity over 2019-2021 and estimated to create US $0.42 billion opportunity in 2027 over 2021.

Other Applications

Other Applications segment was valued at US $0.01 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.07 billion by 2027. Other Applications segment represented US $0.01 billion opportunity over 2019-2021 and estimated to create US $0.06 billion opportunity in 2027 over 2021.

Vertical

Introduction

In 2021, Banking, Financial Services, and Insurance segment has the highest revenue of US $1.92 billion and is expected to grow at CAGR of 26.70% by 2027 Banking, Financial Services, and Insurance segment has highest cagr growth of 26.70%.

Banking, Financial Services, and Insurance

Banking, Financial Services, and Insurance segment was valued at US $1.13 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $9.49 billion by 2027. Banking, Financial Services, and Insurance segment represented US $0.79 billion opportunity over 2019-2021 and estimated to create US $7.57 billion opportunity in 2027 over 2021.

Information Technology and Telecom

Information Technology and Telecom segment was valued at US $0.69 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $5.83 billion by 2027. Information Technology and Telecom segment represented US $0.49 billion opportunity over 2019-2021 and estimated to create US $4.65 billion opportunity in 2027 over 2021.

Retail and Ecommerce

Retail and Ecommerce segment was valued at US $0.41 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $3.44 billion by 2027. Retail and Ecommerce segment represented US $0.29 billion opportunity over 2019-2021 and estimated to create US $2.74 billion opportunity in 2027 over 2021.

Healthcare and Life Sciences

Healthcare and Life Sciences segment was valued at US $0.28 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $2.32 billion by 2027. Healthcare and Life Sciences segment represented US $0.19 billion opportunity over 2019-2021 and estimated to create US $1.85 billion opportunity in 2027 over 2021.

Travel and Hospitality

Travel and Hospitality segment was valued at US $0.17 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $1.45 billion by 2027. Travel and Hospitality segment represented US $0.12 billion opportunity over 2019-2021 and estimated to create US $1.15 billion opportunity in 2027 over 2021.

Media and Entertainment

Media and Entertainment segment was valued at US $0.12 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $1.02 billion by 2027. Media and Entertainment segment represented US $0.09 billion opportunity over 2019-2021 and estimated to create US $0.81 billion opportunity in 2027 over 2021.

Transportation and Logistics

Transportation and Logistics segment was valued at US $0.05 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.45 billion by 2027. Transportation and Logistics segment represented US $0.04 billion opportunity over 2019-2021 and estimated to create US $0.36 billion opportunity in 2027 over 2021.

Government

Government segment was valued at US $0.03 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.28 billion by 2027. Government segment represented US $0.02 billion opportunity over 2019-2021 and estimated to create US $0.23 billion opportunity in 2027 over 2021.

Other Verticals

Other Verticals segment was valued at US $0.01 billion in 2019 and is projected to grow at 26.70% CAGR over the forecast period to reach US $0.10 billion by 2027. Other Verticals segment represented US $0.01 billion opportunity over 2019-2021 and estimated to create US $0.08 billion opportunity in 2027 over 2021.