Report Description

Global chatbot market is projected to grow at a CAGR of 22.6% during the forecast period due to the growing adoption of customer service activities among numerous enterprises in order to decrease the operating costs. The chatbot is an interactive application developed using rules of artificial intelligence (AI) technology. It is programmed to interact with humans through the textual conversation interaction process and is incorporated with various messaging services, thereby aiding users in multiple sectors. Numerous advancements in artificial intelligence and machine learning technologies are expected to improve the capabilities of chatbots. This is expected to drive market growth over the forecast period.

In the historical years, the chatbot market has grown significantly. The increased need for providing 24x7 customer service and lowering operational costs by assigning jobs to the chatbot system, as well as the rise in consumer demand for self-service operations, has resulted in increased service demand. This can be attributed to people's growing preference for messaging apps over social networking sites. Chatbots designed for integration with messaging apps are also expected to be in high demand in the future. Furthermore, as businesses automate their sales and customer service, chatbots are gaining popularity. Chatbots enable organisations to provide timely services at lower costs. According to Global Statistics, 23% of customer service companies currently use AI chatbots, and 80% of people have interacted with a chatbot at some point.

Increasing Payments via Chatbots is Fueling the Market Growth

The payment gateways are the major trend for the growth of the chatbot market globally. Several payment services, including PayPal, have incorporated chatbots in their payment gateways and digital wallets in 2020. With the growing modernization, the application of chatbots is no longer limited to just customer service. The intelligent chatbot would walk them through the process until the final payment.


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Growing Popularity of Voice Bots is Driving the Market Growth

The advancement in the conversational artificial intelligence (AI) with the usage of voice-driven search is propelling the market at a drastic rate for the upcoming years. Voice bot technology is the next generation technology which basically operates through advanced AI technology. Most of the consumers prefer voice cloning based interfaces over text-based interfaces on messaging platforms. The trend of using conversational bots to assist consumers over voice and text is rising. In education, travel, and insurance sectors, voice bots are expected to grow the adoption of chatbots with a seamless user experience.

Rising Demand for Emotionally Intelligent Bots is Stimulating the Market Growth

The rising demand for emotionally intelligent bots is slowly becoming a chatbot trend with newer, groundbreaking technology. For instance, facial feature detection AI software can detect a person’s feelings. Additionally, chatbots with emotional intelligence can figure out the moods of the user by analyzing the patterns of the texting behavior. The technology analyses capitalization, punctuation, and the voice commands to predict several emotions. Conversational AI with soft skills is expected to further humanize business and customer interactions.

Expanding Customer Service Experience via NLP-Powered Chatbots is Pushing the Market Growth

Chatbot technology driven by natural language processing (NLP) is groundbreaking for businesses with excellent customer service experiences. The technology can figure out the user’s intent and generate responses accordingly from the technology analyses from past conversations with the customer to provide accurate responses. For instance, the Royal Bank of Scotland (RBS) has already incorporated NLP-powered chatbots to enhance its customer experience. With the rising urbanization, the need for advanced monitoring of emotions is needed for organizations which in turn is adopting NLP-based chatbots to improve conversations.

Trend of Chatbots with a Human Touch is Driving the Market Growth

One of the emergent chatbot trends is bots with a human touch. Chatbots use artificial intelligence to suggest options when customers type in their inquiries. Chatbots are becoming increasingly sophisticated in terms of mimicking human conversation. The technology is advanced in such a manner that it identifies the right intent behind a query and provides an accurate response to that query by learning from interactions. Chatbots are beginning to pick up patterns in user behavior. Thus, chatbots are becoming indispensable for high-impact conversations, which in turn is expected to drive the chatbot market globally.

Market Segmentation

On the basis of type, the market is segmented into standalone, web-based and messenger-based. On the basis of application, the market is segmented into service, social media, payments, marketing, and others. On the basis of product, the market is further bifurcated into artificial intelligence and human intelligence. Based on organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. On the basis of vertical, the market is further split into healthcare, retail, Banking Financial Services & Insurance (BFSI), media & entertainment, travel & tourism, e-commerce, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

Amazon Web Services, Inc., Artificial Solutions, AIVO, Creative Virtual Ltd., eGain Corporation, Inbenta Holdings Inc., IBM Corporation, Google LLC, Haptik Technologies Limited, Microsoft Corporation, are among the major players that are driving the growth of the global chatbot market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Application

Product

Organization Size

Vertical

Region

Regional Scope

Asia-Pacific, North America, Europe, Middle East & Africa and South America

Country Scope

China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia

Key Companies Profiled

Amazon Web Services, Inc., Artificial Solutions, AIVO, Creative Virtual Ltd., eGain Corporation, Inbenta Holdings Inc., IBM Corporation, Google LLC, Haptik Technologies Limited, Microsoft Corporation

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the global chatbot market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Chatbot Market, By Type:
    • Standalone
    • Web-based
    • Messenger-Based
  • Chatbot Market, By Application:
    • Service
    • Social Media
    • Payments
    • Marketing
    • Others
  • Chatbot Market, By Product:
    • Artificial Intelligence
    • Human Intelligence
  • Chatbot Market, By Organization Size:
    • Small Enterprises
    • Medium Enterprises
    • Large Enterprises
  • Chatbot Market, By Vertical:
    • Healthcare
    • Retail
    • Banking Financial Services & Insurance (BFSI)
    • Media & Entertainment
    • Travel & Tourism
    • E-commerce
    • Others
  • Chatbot Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Italy
    • Middle East & Africa
      • Israel
      • Turkey
      • Saudi Arabia
      • UAE
    • South America
      • Brazil
      • Argentina
      • Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global Chatbot market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Chatbot Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Chatbot Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Key Factors for Selecting Vendor

5.3.  Key Satisfaction Level

5.4.  Key Challenges Faced

6.    Global Chatbot Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type (Standalone, Web-based, Messenger-Based)

6.2.2.    By Application (Service, Social Media, Payments, Marketing, Others)

6.2.3.    By Product (Artificial Intelligence, Human Intelligence)

6.2.4.    By Organization Size (Small & Medium Enterprises (SMEs), Large Enterprises)

6.2.5.    By Vertical (Healthcare, Retail, Banking Financial Services & Insurance (BFSI), Media & Entertainment, Travel & Tourism, E-commerce, Others)

6.2.6.    By Region

6.2.7.    By Company

6.3.  Market Map

7.    North America Chatbot Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Application

7.2.3.    By Product

7.2.4.    By Organization Size

7.2.5.    By Vertical

7.2.6.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Chatbot Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Application

7.3.1.2.3.           By Product

7.3.1.2.4.           By Organization Size

7.3.1.2.5.           By Vertical

7.3.2.    Canada Chatbot Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Application

7.3.2.2.3.           By Product

7.3.2.2.4.           By Organization Size

7.3.2.2.5.           By Vertical

7.3.3.    Mexico Chatbot Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Application

7.3.3.2.3.           By Product

7.3.3.2.4.           By Organization Size

7.3.3.2.5.           By Vertical

8.    Asia-Pacific Chatbot Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Application

8.2.3.    By Product

8.2.4.    By Organization Size

8.2.5.    By Vertical

8.2.6.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Chatbot Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Application

8.3.1.2.3.           By Product

8.3.1.2.4.           By Organization Size

8.3.1.2.5.           By Vertical

8.3.2.    Japan Chatbot Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Application

8.3.2.2.3.           By Product

8.3.2.2.4.           By Organization Size

8.3.2.2.5.           By Vertical

8.3.3.    South Korea Chatbot Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Application

8.3.3.2.3.           By Product

8.3.3.2.4.           By Organization Size

8.3.3.2.5.           By Vertical

8.3.4.    India Chatbot Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Application

8.3.4.2.3.           By Product

8.3.4.2.4.           By Organization Size

8.3.4.2.5.           By Vertical

8.3.5.    Australia Chatbot Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Application

8.3.5.2.3.           By Product

8.3.5.2.4.           By Organization Size

8.3.5.2.5.           By Vertical

9.    Europe Chatbot Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Application

9.2.3.    By Product

9.2.4.    By Organization Size

9.2.5.    By Vertical

9.2.6.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Chatbot Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Application

9.3.1.2.3.           By Product

9.3.1.2.4.           By Organization Size

9.3.1.2.5.           By Vertical

9.3.2.    United Kingdom Chatbot Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Application

9.3.2.2.3.           By Product

9.3.2.2.4.           By Organization Size

9.3.2.2.5.           By Vertical

9.3.3.    France Chatbot Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Application

9.3.3.2.3.           By Product

9.3.3.2.4.           By Organization Size

9.3.3.2.5.           By Vertical

9.3.4.    Italy Chatbot Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By Application

9.3.4.2.3.           By Product

9.3.4.2.4.           By Organization Size

9.3.4.2.5.           By Vertical

9.3.5.    Spain Chatbot Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Type

9.3.5.2.2.           By Application

9.3.5.2.3.           By Product

9.3.5.2.4.           By Organization Size

9.3.5.2.5.           By Vertical

10. South America Chatbot Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Product

10.2.4. By Organization Size

10.2.5. By Vertical

10.2.6. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Chatbot Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Application

10.3.1.2.3.         By Product

10.3.1.2.4.         By Organization Size

10.3.1.2.5.         By Vertical

10.3.2. Argentina Chatbot Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Application

10.3.2.2.3.         By Product

10.3.2.2.4.         By Organization Size

10.3.2.2.5.         By Vertical

10.3.3. Colombia Chatbot Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Application

10.3.3.2.3.         By Product

10.3.3.2.4.         By Organization Size

10.3.3.2.5.         By Vertical

11. Middle East & Africa Chatbot Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Type

11.2.2. By Application

11.2.3. By Product

11.2.4. By Organization Size

11.2.5. By Vertical

11.2.6. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Israel Chatbot Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Type

11.3.1.2.2.         By Application

11.3.1.2.3.         By Product

11.3.1.2.4.         By Organization Size

11.3.1.2.5.         By Vertical

11.3.2. Turkey Chatbot Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Type

11.3.2.2.2.         By Application

11.3.2.2.3.         By Product

11.3.2.2.4.         By Organization Size

11.3.2.2.5.         By Vertical

11.3.3. UAE Chatbot Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Type

11.3.3.2.2.         By Application

11.3.3.2.3.         By Product

11.3.3.2.4.         By Organization Size

11.3.3.2.5.         By Vertical

11.3.4. Saudi Arabia Chatbot Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Type

11.3.4.2.2.         By Application

11.3.4.2.3.         By Product

11.3.4.2.4.         By Organization Size

11.3.4.2.5.         By Vertical

12. Market Dynamics

12.1.     Drivers

12.1.1. Rise of instant messaging platforms

12.1.2. Improved customer service

12.1.3. Increasing usage of chatbots for advertising and promotion

12.2.            Challenges

12.2.1. Lack of understanding among businesses

12.2.2. Concerns regarding security and privacy

13. Market Trends & Developments

13.1.        Increasing Payments via chatbots

13.2.        Growing popularity of voice bots

13.3.        Rising demand for emotionally intelligent bots

13.4.        Expanding customer service experience via NLP-powered chatbots

13.5.        Trend of Chatbots with a human touch

14. Company Profiles

14.1.                 Amazon Web Services, Inc.

14.1.1.    Business Overview

14.1.2.    Key Revenue (If Available)

14.1.3.    Recent Developments

14.1.4.    Key Personnel

14.1.5.    Key Product/Service Offered

14.2.                 Artificial Solutions

14.2.1.    Business Overview

14.2.2.    Key Revenue (If Available)

14.2.3.    Recent Developments

14.2.4.    Key Personnel

14.2.5.    Key Product/Service Offered

14.3.                 AIVO

14.3.1.    Business Overview

14.3.2.    Key Revenue (If Available)

14.3.3.    Recent Developments

14.3.4.    Key Personnel

14.3.5.    Key Product/Service Offered

14.4.                 Creative Virtual Ltd.

14.4.1.    Business Overview

14.4.2.    Key Revenue (If Available)

14.4.3.    Recent Developments

14.4.4.    Key Personnel

14.4.5.    Key Product/Service Offered

14.5.                 eGain Corporation

14.5.1.    Business Overview

14.5.2.    Key Revenue (If Available)

14.5.3.    Recent Developments

14.5.4.    Key Personnel

14.5.5.    Key Product/Service Offered

14.6.                 Inbenta Holdings Inc.

14.6.1.    Business Overview

14.6.2.    Key Revenue (If Available)

14.6.3.    Recent Developments

14.6.4.    Key Personnel

14.6.5.    Key Product/Service Offered

14.7.                 IBM Corporation

14.7.1.    Business Overview

14.7.2.    Key Revenue (If Available)

14.7.3.    Recent Developments

14.7.4.    Key Personnel

14.7.5.    Key Product/Service Offered

14.8.                 Google LLC

14.8.1.    Business Overview

14.8.2.    Key Revenue (If Available)

14.8.3.    Recent Developments

14.8.4.    Key Personnel

14.8.5.    Key Product/Service Offered

14.9.                 Haptik Technologies Limited

14.9.1.    Business Overview

14.9.2.    Key Revenue (If Available)

14.9.3.    Recent Developments

14.9.4.    Key Personnel

14.9.5.    Key Product/Service Offered

14.10.               Microsoft Corporation

14.10.1. Business Overview

14.10.2. Key Revenue (If Available)

14.10.3. Recent Developments

14.10.4. Key Personnel

14.10.5. Key Product/Service Offered

15. Strategic Recommendations

15.1.     Fastest Growing Market by Application

15.2.     Dominating Market by Vertical

15.3.     Dominating Market by Region & Country

15.4.     Growing Technologies for Chatbot

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Key players in the market are Amazon Web Services, Inc., Artificial Solutions, AIVO, Creative Virtual Ltd., eGain Corporation, Inbenta Holdings Inc., IBM Corporation, Google LLC, Haptik Technologies Limited, and Microsoft Corporation, among others.

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The main types are healthcare, retail, banking financial services & insurance (BFSI), media & entertainment, travel & tourism, e-commerce and others.

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The Chatbot advantages includes lower cost than human workers, 24/7 online services, used as a sales & marketing tool, among others.

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The rise of instant messaging platforms, improved customer service and increasing usage of chatbots for advertising and promotion are expected to be the main drivers for the growth of the Global Chatbot Market during the forecast period.

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Sakshi Bajaal

Business Consultant
Press Release

Chatbot Market to be Dominated by Artificial Intelligence Through 2028

Feb, 2023

Growing adoption of Chatbot for advertising and growing technological development in verticals such as artificial intelligence and natural language processing are driving the implementation of the ch