The global chatbot market is anticipated to value at USD 1.25 Billion expanding at CAGR of 24.3%. Adoption of innovation in artificial intelligence is anticipated in a significant market growth in the coming years. The market has also witnessed a huge rise in use of messaging services. The pursuit of professional education in the field of machine language learning is likely to encourage the development of chatbot market in the coming years.
Amid the Covid-19 pandemic, experts suggest that chatbots could be deployed effectively for spread of information to encourage desired health impacting parameters. This is further anticipated in reducing the psychological damage driven by fear. In parallel, the lack of prior research can trigger the risk of misinformation. As a countermeasure, collaborations between governments, academic institutions, healthcare companies, and workers is likely to encourage the proper deployment of chatbot to relay appropriate information in a less time.
Chatbot Market Report Highlights
• Chatbots find various applications in e-commerce, healthcare, and BFSI sectors. Large enterprise emerged as the largest end-user segment in 2016 and is estimated to register a CAGR of 24.2% over the forecast period.
• The bots for marketing segment is expected to witness the largest growth during the forecast period as these chatbots can connect the customers directly to service providers.
• The standalone segment is estimated to grow at a CAGR of 24.8% during the forecast period.
• The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies. The regional market is expected to grow at a CAGR of 24.7 % from 2017 to 2025.
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Chatbot Market Segmentation
Grand View Research has segmented the chatbot market based on end users, applications/business models, types, product landscape, verticals, and regions:
Chatbot End User Outlook (Revenue, USD Million; 2014 – 2025)
• Small Enterprises
• Medium Enterprises
• Large Enterprises
Chatbot Application/Business Model Outlook (Revenue, USD Million; 2014 – 2025)
• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
Chatbot Type Outlook (Revenue, USD Million; 2014 – 2025)
• Messenger-based/Third Party
Chatbot Product Landscape Outlook (Revenue, USD Million; 2014 – 2025)
• Artificial Intelligence
• Human Intelligence
Chatbot Vertical Outlook (Revenue, USD Million; 2014 – 2025)
• Banking, Financial Services, and Insurance (BFSI)
• Media & Entertainment
• Travel & Tourism
Chatbot Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• The U.S.
• Asia Pacific
• South Korea
• South America
• Rest of South America
• Middle East & Africa
List of Key Players of Chatbot Market
• Babylon Health
• SRI International
• Varo International
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