Chatbot Market [Platform - Web-based, Mobile and Standalone; Enterprise Size - Small and Medium Enterprises and Large Enterprises] - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2027
Press Release :
According to a new market report pertaining to the global chatbot market published by Transparency Market Research the global chatbot market was valued at US$ 274.5 Mn in 2019 and is projected to reach US$ 2,358.2 Mn by 2027, at a CAGR of 31.3% during the forecast period from 2020 to 2027. The adoption of the chatbot system is expected to increase due to increasing adoption of artificial intelligence technology in services sector. The chatbot is majorly used to offer immediate and effective customer support by the company to enhance the customer experience with advancement in the support and service segment. North America is anticipated to lead the global chatbot market in terms of revenue during the forecast period.
Chatbot is programmed to enable users and businesses to interact through medium such as voice, text, video, file sharing, and image. Chatbot practice natural language processing for conversation with user and provide enhanced customer engagement in various applications includes retail, healthcare, banking financial services and insurance, e-commerce and others The chatbot market is segmented based on platform and enterprise size. Chatbot are accessible through different platforms such as we-based, mobile and standalone. Besides this market is segmented on the basis of enterprise size includes small & medium enterprise and large enterprise
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Some of the key factors driving the growth of the chatbot market are growing demand of chatbot across various industry verticals and focus on enhanced customer intelligence/engagement using AI based chatbots. However, among the various factors responsible for restraining growth of chatbot market, technological competency to host and support chatbot operation to provide smooth user experience holds major prominence
On the basis of platform, the global chatbot market is segmented into web-based, mobile and standalone. Of these, mobile segment is estimated to expand at a significant pace during the forecast period. This is primarily due to ubiquitous nature and owing to the dominance over other platform for messaging.
Adoption of chatbot resulting from the demand to increase interaction with customer has enabled both large, and small and medium enterprises to improve efficiency and increase customer engagement through mobile based customer engagement app.
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Additionally, the accelerating demand of chatbot is observed among small & medium enterprises, for branding, customer engagement and to reduce the overall cost associated with different customer engagement software. The unique feature to recollect and study from past conversation and interaction between business and customers, chatbot market is expected to gain traction among small and medium enterprises aiming to expand.
The North American regional market was valued at USD 132.75 Mn, dominating the global chatbot market industry in terms of revenue in 2019. Asia Pacific region is also anticipated to witness significant growth throughout the forecast period as the region is also one of the significant market for mobile segment. The rapid adoption of mobile in Asia Pacific region is the expected to provide opportunity for the adoption of chatbot applications as well. These applications use in various applications such as from personalized assistance to media publications. Performance monitoring and analytics is one of the exciting areas of opportunity in the global chatbot market
North America contributes a major revenue share of the global chatbot market. Moreover, the region is anticipated to be the fastest-growing segment during the forecast period. The growth in the region is mainly driven by demand from countries such as the U.S. and Canada.
The web based chatbot is used for across various industry verticals, in banking it allow users to get information of their bank accounts, telegram services, in online travel agency it enables retrieving information about the fares & schedules and booking tickets., Chatbot would change the way users interact and would become the integral part of human identical digital ecosystem. Chatbot store supports the distribution of chatbots across various business applications or messaging platforms. The adoption of messaging and voice technologies is expected to drive the potential of chatbot among the enterprise.
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Leveraging the vast opportunities via the deployment of chatbot, a large number of companies across various industries including travel and e-commerce are developing chatbot using the services of various available platforms and deploying their own chatbot. Some of the key industry players profiled in the study include
- Astute Solutions
- Facebook, Inc.
- Google, Inc.
- Haptik, Inc.
- Imperson Ltd.
- Kasisto Inc.
- Kiwi, Inc.
- Microsoft Corporation
- Pandorabots, Inc.
- Slack Technologies, Inc.
- ToyTalk (PullString Inc.)
- Yahoo Inc.
Chatbot refers to a computer program, which stimulates the conversation between human and the machine. Generally, a chatbot acts like a real person with the support of artificial intelligence. The major applications of the chatbot include ecommerce websites, social media platforms, call centers, gaming and mobile applications.
The Chatbot Market report provides an in-depth analysis of the global chatbot market for the period 2019 – 2027, wherein 2019 is the base year and the years from 2020 to 2027 is the forecast period. The report also contains the compound annual growth rate (CAGR %) from 2020 to 2027 for all the segments. The report covers key trends prevailing in the global chatbot market over the forecast period. The report also provides impact analysis for those key trends across all the geographical regions. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during the forecast period.
The study provides a holistic perspective on market growth in terms of revenue estimates (in US$ Mn), across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The market estimates have been analyzed by taking into account the impact of various economic, political, technological, social, and legal and the existing market dynamics influencing market growth. The report would also include executive summary, providing the overview of the global chatbot market. The report also provides industry development and key market indicators for the global chatbot market.
This research study on the global Chatbot market provides a detailed analysis based on the different segments including platform type and enterprise type. Based on the platform, the market is divided into the web-based, mobile and stand-alone. Based on enterprise size, the market is segmented into small & medium enterprises and large enterprises. The report also covers profiles of major players, their growth strategies and also focuses on various recent developments, and includes market positioning analysis of key players operating in the chatbot market. The report also encompasses cross segment market attractiveness analysis, for different geographies based on their growth rate and market size. The report also analyses the global chatbot ecosystem and recognizes key stakeholders of the industry.
The study includes competition matrix for key players in the global chatbot market based on their capabilities and growth potential. The competition matrix also benchmarks the key companies in the global chatbot market on the basis of top line growth, market share, segment growth, infrastructure capabilities, market position, product offerings, R&D focus and future outlook. The completion matrix also contains the major developments made by the company in the recent years.
Under the company profiles section, the report provides an overview of the players operating in the market, the strategies deployed by them to gain competitive advantage, the annual revenue generated by them in the past two or three years, SWOT analysis, regional breakdown and their relevant business segment revenue. The report also contains market share analysis of the key players in the global chatbot market for the year 2019 based on their revenues generated for the same year.
The report aims to provide an inclusive analysis of the global chatbot market across geographical regions, which are further sub-segmented into countries located in the region to cover in-depth analysis of the global chatbot market. Key countries included in the scope of the study are - The U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia UAE, Saudi Arabia, Brazil and Argentina.
The key players profiled in this report include – Astute Solutions, Facebook, Inc. ,Google, Inc., Haptik, Inc., Helpshift, Imperson Ltd., Kasisto Inc., Kiwi, Inc., Microsoft Corporation, Pandorabots, Inc., Slack Technologies, Inc. ToyTalk (PullString Inc.) and Yahoo Inc.
The global Chatbot market has been segmented as follows:
Chatbot Market, by Platform
Chatbot Market, by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Chatbot Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- United Arab Emirates (the UAE)
- Saudi Arabia
- Rest of MEA
- South America
- Rest of Latin America