Global Chatbot Market: Snapshot
Vast developments in the field of artificial intelligence in the past few years have significantly benefitted the level of maturity that chatbots have witnessed from being simple answer machines with scripted responses to the present day chatbots that are smart enough to effectively engage potential consumers. Businesses are also increasingly using chatbots in highly interesting ways demonstrating the larger spectrum of capacities and capabilities of chatbots.
Technological advancements are allowing the easy implementation of artificial intelligence tools in consumer electronic products, thereby allowing the chatbot market to gain a larger consumer base. The market for chatbots is also significantly benefitting from the increased use of online messaging and the use of chatbots in digital marketing strategies for purposes such as customer engagement and generation of lead.
Transparency Market Research estimates that the global chatbot market will exhibit a staggering 27.8% CAGR, in terms of revenue, over the period between 2016 and 2024. The market is expected to rise from a valuation of US$113.0 mn in 2015 to US$994.5 mn in 2024.
Large Enterprises Make Best Use of Current Chatbot Features
The global chatbot market has been segmented in terms of the size of enterprises making use of them into small enterprises, medium-sized enterprises, and large enterprises. Of these, the segment of large enterprises accounted for a dominant share in the global chatbot market revenue in 2015. The segment is also expected to remain the key demand-driver for chatbots over the report’s forecast period, generating US$626.3 mn for the global market by 2024.
The vast scope of use of chatbots in large enterprises for digital marketing applications is the key factor contributing to the leading position of the segment in the global chatbot market. The segment of large enterprises also presents massive demand for chatbots owing to their use in initiating business process automation activities. Large enterprises also benefit from the use of chatbots in improving their marketing strategies and social media involvement.
North America to Contribute Massive Share in Global Revenue
From a geographical standpoint, the report includes the analytical overview of the chatbot market across regions such as North America, Asia Pacific, Latin America, Europe, and Middle East and Africa. Of these, the market in North America is presently known to account for a massive share in the overall market, the regional market was valued at US$52.7 mn in 2015 and is expected to retain its leading spot throughout the report’s forecast period, in terms of growth rate as well as demand. Healthy growth of the U.S. market for chatbots will remain the key force driving the North America market over the forecast period.
On the other hand, the market for chatbots in Asia Pacific is also expected to exhibit a highly promising CAGR over the report’s forecast period. Demand will chiefly stem from the rapidly expanding ICT infrastructure in leading economies such as India and China in the region. The already massive and rising population of mobile phone users is the region forms a highly promising consumer pool for the region’s chatbot market, especially for applications such as personalized assistance applications.
Some of the leading vendors contributing notably to the overall development of the global chatbot market are Helpshift, Imperson Ltd., Astute Solutions, Facebook, Inc., Haptik, Inc., Pandorabots, Inc., Google, Inc., Kiwi, Inc., Microsoft Corporation, Kasisto Inc., ToyTalk (PullString Inc.), Yahoo Inc., and Slack Technologies, Inc.
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Market Overview
3.1. Introduction
3.1.1. Definition
3.1.2. Chatbot Evolution/Developments
3.2. Global Chatbot Market Overview
3.3. Key Market Indicators
3.3.1. OTT Chat Platforms (Facebook Messenger, Whatsapp etc.)
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunity
3.5. Chatbot Ecosystem Analysis
3.6. Global Chatbot Market Analysis and Forecasts, 2014 – 2024
3.6.1. Market Revenue Projections (US$ Mn)
4. Global Chatbot Market Analysis and Forecasts, By Platform
4.1. Introduction & Definition
4.2. Key Findings / Developments
4.3. Market Size (US$ Mn) Forecast By Platform2014 – 2024 (US$ Mn)
4.3.1. Web-Based
4.3.2. Mobile
4.3.3. Stand-alone
4.4. Market Attractiveness by Platform
5. Global Chatbot Market Analysis and Forecasts, By Enterprise Size
5.1. Introduction & Definition
5.2. Key Findings / Developments
5.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
5.3.1. Small and Medium Enterprises
5.3.2. Large Enterprises
5.4. Market Attractiveness by Enterprise Size
6. Global Chatbot Market Analysis and Forecasts, By Region
6.1. Key Findings
6.2. Key Trends
6.3. Market Size (US$ Mn) Forecast By Region
6.3.1. North America
6.3.2. Europe
6.3.3. Asia Pacific
6.3.4. Middle East and Africa
6.3.5. South America
6.4. Market Attractiveness by Country/Region
7. North America Chatbot Market Analysis and Forecast
7.1. Key Findings
7.2. Market Size (US$ Mn) Forecast By Platform, 2014 – 2024
7.2.1. Web-Based
7.2.2. Mobile
7.2.3. Stand-alone
7.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
7.3.1. Small and Medium Enterprises
7.3.2. Large Enterprises
7.4. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
7.4.1. The U.S.
7.4.2. Canada
7.4.3. Rest of North America
7.5. Market Attractiveness Analysis
7.5.1. By Platform
7.5.2. By Enterprise Size
7.5.3. By Country
8. Europe Chatbot Market Analysis and Forecast
8.1. Key Findings
8.2. Market Size (US$ Mn) Forecast By Platform2014 – 2024
8.2.1. Web-Based
8.2.2. Mobile
8.2.3. Stand-alone
8.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
8.3.1. Small and Medium Enterprises
8.3.2. Large Enterprises
8.4. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
8.4.1. France
8.4.2. United Kingdom
8.4.3. Russia
8.4.4. Rest of Europe
8.5. Market Attractiveness Analysis
8.5.1. By Platform
8.5.2. By Enterprise Size
8.5.3. By Country
9. Asia Pacific Chatbot Market Analysis & Forecast
9.1. Key Findings
9.2. Market Size (US$ Mn) Forecast By Platform, 2014 – 2024
9.2.1. Web-Based
9.2.2. Mobile
9.2.3. Stand-alone
9.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
9.3.1 Small and medium Enterprises
9.3.2. Large Enterprises
9.4 Market Size (US$ Mn) Forecast By Country, 2014 – 2024
9.4.1. China
9.4.3. Japan
9.4.4. Australia
9.4.5. Rest of APAC
9.5. Market Attractiveness Analysis
9.5.1. By Platform
9.5.2. By Enterprise Size
9.5.3. By Country
10. Middle East and Africa Chatbot Market Analysis and Forecast
10.1. Key Findings
10.2. Market Size (US$ Mn) Forecast By Platform, 2014 – 2024
10.2.1. Web-Based
10.2.2. Mobile
10.2.3. Stand-alone
10.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
10.3.1. Small and Medium Enterprises
10.3.2. Large Enterprises
10.4. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
10.4.1. UAE
10.4.2. Saudi Arabia
10.4.3. Rest of Middle East
10.5. Market Attractiveness Analysis
10.5.1. By Platform
10.5.2. By Enterprise Size
10.5.3. By Country
11. South America Chatbot Market Analysis and Forecast
11.1. Key Findings
11.2. Market Size (US$ Mn) Forecast By Platform2014 – 2024
11.2.1. Web-Based
11.2.2. Mobile
11.2.3. Stand-alone
11.3. Market Size (US$ Mn) Forecast By Enterprise Size, 2014 – 2024
11.3.1. Small and Medium Enterprises
11.3.2. Large Enterprises, 2014 – 2024 (US$ Mn)
11.4. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Rest of South America
11.5. Market Attractiveness Analysis
11.5.1. By Platform
11.5.2. By Enterprise Size
11.5.3. By Country
12. Competition Landscape
12.1. Competition Matrix (By Tier and Size of companies)
12.2. Market Share Analysis by Company (2015)
12.3. Company Profiles (Details – Overview, Financials, Recent Developments, Strategy & SWOT Analysis)
12.3.1. Facebook, Inc.
12.3.1.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.1.2. Market Presence, By Segment
12.3.1.3. Strategy
12.3.1.4. Revenue and Operating Profits
12.3.1.5. SWOT Analysis
12.3.2. Google, Inc.
12.3.2.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.2.2. Market Presence, By Segment
12.3.2.3. Strategy
12.3.2.4. Revenue and Operating Profits
12.3.2.5. SWOT Analysis
12.3.3. Haptik, Inc.
12.3.3.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.3.2. Market Presence, By Segment
12.3.3.3. Strategy
12.3.3.4. Revenue and Operating Profits
12.3.3.5. SWOT Analysis
12.3.4. Helpshift
12.3.4.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.4.2. Market Presence, By Segment
12.3.4.3. Strategy
14.3.4.4. Revenue and Operating Profits
12.3.4.5. SWOT Analysis
12.3.5. Imperson Ltd.
12.3.5.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.5.2. Market Presence, By Segment
12.3.5.3. Strategy
12.3.5.4. Revenue and Operating Profits
12.3.5.5. SWOT Analysis
12.3.6. Kasisto Inc.
12.3.6.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.6.2. Market Presence, By Segment
12.3.6.3. Strategy
12.3.6.4. Revenue and Operating Profits
12.3.6.5. SWOT Analysis
12.3.7. Kiwi, Inc.
12.3.7.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.7.2. Market Presence, By Segment
12.3.7.3. Strategy
12.3.7.4. Revenue and Operating Profits
12.3.7.5. SWOT Analysis
12.3.8. Microsoft Corporation
12.3.8.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.8.2. Market Presence, By Segment
12.3.8.3. Strategy
12.3.8.4. Revenue and Operating Profits
12.3.8.5. SWOT Analysis
12.3.9. Slack Technologies, Inc.
12.3.9.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.9.2. Market Presence, By Segment
12.3.9.3. Strategy
12.3.9.4. Revenue and Operating Profits
12.3.9.5. SWOT Analysis
12.3.10. ToyTalk (PullString Inc.)
12.3.10.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.10.2. Market Presence, By Segment
12.3.10.3. Strategy
12.3.10.4. Revenue and Operating Profits
12.3.10.5. SWOT Analysis
12.3.11. Yahoo Inc.
12.3.11.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.11.2. Market Presence, By Segment
12.3.11.3. Strategy
12.3.11.4. Revenue and Operating Profits
12.3.11.5. SWOT Analysis
12.3.12. Pandorabots, Inc.
12.3.12.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.12.2. Market Presence, By Segment
12.3.12.3. Strategy
12.3.12.4. Revenue and Operating Profits
12.3.12.5. SWOT Analysis
12.3.13. Astute Solutions
12.3.13.1. Company Details (HQ, Foundation Year, Employee Strength)
12.3.13.2. Market Presence, By Segment
12.3.13.3. Strategy
12.3.13.4. Revenue and Operating Profits
12.3.13.5. SWOT Analysis
13. Key Takeaways
List of Figures
Figure 1: Global Chatbot Market Size (US$ Mn) Forecast, 2014 - 2024
Figure 2: Global Chatbot Market Y-o-Y Growth (Value %) Forecast, 2015 - 2024
Figure 3: Global Chatbot Market Share, by Platform, 2016 and 2024
Figure 4: Global Chatbot Market Revenue and Y-o-Y Growth, by Platform – Web-Based, 2014 - 2024, (US$ Mn)
Figure 5: Global Chatbot Market Revenue and Y-o-Y Growth, by Platform – Mobile, 2014 - 2024, (US$ Mn)
Figure 6: Global Chatbot Market Revenue and Y-o-Y Growth, by Platform – Standalone, 2014 - 2024, (US$ Mn)
Figure 7: Global Chatbot Market Attractiveness Analysis by Platform (2016)
Figure 8: Global Chatbot Market Value Share by Enterprise Size, 2016 and 2024
Figure 9: Global Chatbot Market Revenue and Y-o-Y Growth, by Enterprise Size – Small and Medium Enterprises, 2014 - 2024,
Figure 10: Global Chatbot Market Revenue and Y-o-Y Growth, by Enterprise Size – Large Enterprises, 2014 - 2024, (US$ Mn and Value %)
Figure 11: Global Chatbot Market Attractiveness Analysis by Enterprise Size (2016)
Figure 13: Global Chatbot Market Value Share Analysis by Region, 2016 and 2024
Figure 14: Chatbot Market Attractiveness, by Region
Figure 15: North America Chatbot Market Revenue, 2014 - 2024, (US$ Mn)
Figure 16: North America Chatbot Market Y-o-Y Growth, 2015 - 2024
Figure 17: North America Chatbot Market Share, by Enterprise Size, 2016 and 2024
Figure 18: North America Chatbot Market Share Analysis, by Country, 2016 and 2024
Figure 21: Market Attractiveness by Country (2016)
Figure 19: Market Attractiveness by Platform (2016)
Figure 20: Market Attractiveness by Enterprise Size (2016)
Figure 22: Europe Chatbot Market Revenue (US$ Mn) Forecast, 2014 - 2024
Figure 23: Europe Chatbot Market Y-o-Y Growth (Value %), 2014- 2024
Figure 24: Europe Chatbot Market Share Analysis, by Platform, 2016 and 2024
Figure 25: Europe Chatbot Market Share Analysis, by Enterprise Size, 2016 and 2024
Figure 26: Europe Chatbot Market Share Analysis, by Country, 2016 and 2024
Figure 29: Market Attractiveness by Country (2016)
Figure 27: Market Attractiveness by Platform (2016)
Figure 28: Market Attractiveness by Enterprise Size (2016)
Figure 30: Asia Pacific Chatbot Market Revenue (US$ Mn) Forecast, 2014 - 2024
Figure 31: Asia Pacific Chatbot Market Y-o-Y Growth (Value %), 2015- 2024
Figure 32: Asia Pacific Chatbot Market Share Analysis, by Platform, 2016 and 2024
Figure 33: Asia Pacific Chatbot Market Share Analysis, by Enterprise Size, 2016 and 2024
Figure 34: Asia Pacific Chatbot Market Value Share Analysis, by Country, 2016 & 2024
Figure 37: Market Attractiveness by Country (2016)
Figure 35: Market Attractiveness by Platform (2016)
Figure 36: Market Attractiveness by Enterprise Size (2016)
Figure 38: Middle East & Africa Chatbot Market Revenue (US$ Mn) Forecast, 2014 - 2024
Figure 39: Middle East & Africa Chatbot Market Y-o-Y Growth (Value %), 2015 - 2024
Figure 40: Middle East and Africa Chatbot Market Share Analysis, by Platform, 2016 and 2024
Figure 41: Middle East and Africa Chatbot Market Share Analysis, by Enterprise Size, 2016 and 2024
Figure 42: Middle East and Africa Chatbot Market Value Share Analysis by Country, 2016 and 2024
Figure 45: Market Attractiveness by Country (2016)
Figure 43: Market Attractiveness by Platform (2016)
Figure 44: Market Attractiveness by Enterprise Size (2016)
Figure 46: South America Chatbot Market Revenue (US$ Mn) Forecast, 2014 - 2024
Figure 47: South America Chatbot Market Y-o-Y Growth (Value %), 2015 - 2024
Figure 48: South America Chatbot Market Share Analysis, by Platform, 2016 and 2024
Figure 49: South America Chatbot Market Share Analysis, by Enterprise Size, 2016 and 2024
Figure 50: South America Chatbot Market Value Share Analysis, by Country, 2016 and 2024
Figure 53: Market Attractiveness by Country (2016)
Figure 51: Market Attractiveness by Platform (2016)
Figure 52: Market Attractiveness by Enterprise Size (2016)
List of Tables
Table 1: Global Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 2: Global Chatbot Market Size (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 3: Global Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 4: Global Chatbot Market Size (US$ Mn) Forecast, by Region, 2014 – 2024
Table 5: North America Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 6: North America Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 7: North America Chatbot Market Revenue (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 8: North America Chatbot Market Revenue (US$ Mn) Forecast, by Country, 2014 – 2024
Table 9: Europe Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 10: Europe Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 11: Europe Chatbot Market Revenue (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 12: Europe Chatbot Market Revenue (US$ Mn) Forecast, by Country, 2014 – 2024
Table 13: Asia Pacific Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 14: Asia Pacific Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 15: Asia Pacific Chatbot Market Revenue (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 16: Asia Pacific Chatbot Market Size (US$ Mn) Forecast, by Country, 2014 – 2024
Table 17: Middle East & Africa Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 18: Middle East & Africa Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 19: Middle East & Africa Chatbot Market Revenue (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 20: MEA Chatbot Market Size (US$ Mn) Forecast, by Country, 2014 – 2024
Table 21: South America Chatbot Market Revenue (US$ Mn) Forecast, by Operation, 2014 - 2024
Table 22: South America Chatbot Market Revenue (US$ Mn) Forecast, by Airport Category, 2014 - 2024
Table 23: South America Chatbot Market Revenue (US$ Mn) Forecast, by Solution, 2014 - 2024
Table 24: South America Chatbot Market Size (US$ Mn) Forecast, by Country, 2014 – 2024
Global Chatbot Market: Overview
A chatbot is a service, which is programmed by a computer, to stimulate conversation with human users via a chat interface, which typically operates over the internet. Chatbots are being increasingly used in applications such as e-commerce customer service, internet gaming, and call centers. They are available across platforms such as mobile, stand-alone, and internet. Owing to their high costs, they are primarily used across large enterprises. The future of the global chatbot market looks bright with the growing investments in the training and designing of chatbots.
According to a report by Transparency Market Research, the market had a valuation of US$113.0 mn in 2015 and is poised to rise to US$994.5 mn by 2024, progressing at a remarkable CAGR of 27.8% between 2016 and 2024. The report serves as a reliable source of trends, statistics, and other information regarding the chatbot market at both global and regional levels.
Global Chatbot Market: Drivers and Restraints
With the rapid advancements in the artificial intelligence, the global chatbot market is like to rake in a healthy share of the pie. Advancements in the technology have enabled chatbots to have a more convenient interface and thus, create a better-knit network for an organization. The growing trend of digitalization and greater emphasis on the accessibility to messaging-as-OS platform are stoking the growth of the global market. Moreover, the expanding scope of applications found for chatbots is augmenting the growth of the market.
On the flip side, the key hosting issues such as chatbot integration, monitoring, management, and security are impeding the widespread adoption of chatbots. Furthermore, the brisk pace at which capabilities are growing does not match with the growth in the areas where they can be applied, which in turn is hampering the growth of the market. Nevertheless, the rising penetration of chatbot-as-a-service and continuous advancements in the cloud technology are likely to provide a significant push to the global chatbot market in the forthcoming years.
Global Chatbot Market: Geographical Segmentation
North America was the leading revenue contributor in 2015, generating US$52.7 mn within the global chatbot market and is anticipated to retain its position until 2024. The U.S. will be at the forefront of growth, owing to the high demand for chatbots. The growing investments in research and development in the field of artificial intelligence are providing a significant boost to the growth of the region.
On the other hand, in order to gain a competitive edge, software developers and manufacturers are estimated to tap into ample opportunities offered by developing regions such as Asia Pacific and Latin America. Asia Pacific is expected to post a significant CAGR during the forecast period, owing to the advancing ICT infrastructure within its emerging economies such as India and China. A large population of smartphone users renders Asia Pacific a prominent contender in the global arena, especially in the aspects of personalized assistance applications and media publication management.
Global Chatbot Market: Competitive Scenario
Facebook, Inc., Google, Inc., and Microsoft Corporation were the torch bearers in the global chatbot market in 2015, accounting for 97.5% of its value, indicating towards the extremely consolidated nature of this market. The dominance of these players can be attributed to their strong brand name and the sizeable funds they allocate for developing chatbot technologies.
The market thrives on the need shown by enterprises to deliver innovative chatbots that support multiple languages using natural language processing and can be easily incorporated into social media and SMS platform. Some other prominent companies operating in the global chatbot market are Haptik Inc., Astute Solutions, Imperson Ltd., Kiwi Inc., Helpshift, Pandorabots Inc., Kasisto Inc., Slack Technologies Inc., and Yahoo Inc.
