Chatbot Market is estimated to grow at a CAGR of 27.9 % during 2022–2027

Posted by kartik joshi on October 6th, 2022

The “Chatbot Market to 2027 – Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others), and Geography”. The scope of study involves understanding on the factors responsible for this growth of Chatbot market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Chatbots players in the market and their key developments.

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Chatbot market to 2027 – Global Analysis and Forecast by component, deployment, usage, and end-user, global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027. Chabot vendors are offering virtual assistance capabilities due to factors such as faster response, reduced manpower, cost-efficient, and others. Most of the smartphone and tablet users are using virtual assistants to make the functionality of devices much easier. The business automation consulting, being a part of consumer service, chatbot vendors are combining various applications into a single task to fuel the growth of the business. Chatbots live on individual websites and functions with the ecosystem of the business that created them.

In addition to conversing with the customer through online tools and phone lines, Chatbots utilize additional common channels, such as messaging platforms, i.e. Skype, Facebook Messenger, and others. With the increasing acceptance of virtual assistance and additional messaging channels, the demand for Chatbots are increasing and are expected to drive the market significantly during the forecast period.

Nuance communications, inc., ibm corporation, inbenta technologies inc., artificial solutions and creative virtual ltd.- prominent market participants in chatbot market

The growing digitization and increasing number of active internet users are creating an increasing demand for advanced chatbot solutions. The companies related to various industries are adopting Chatbots in place of live agents with improving the overall efficiency, reducing the operational cost and providing the enhanced personalized assistance to the customers. Chatbots are gaining popularity for digital marketing, and digital marketers are focusing on implementing Chatbots to engage customers on social media platforms and gain essential insights rewarding the consumer preferences and behavior. The chatbot has evolved with advancements in technologies and integration of AI, natural language processing and automatic voice recognition. Chatbots are gaining popularity across various sectors and are being used at contact centers, websites, mobile platforms, and Social media websites.

The global Chatbot market is profoundly captured by several established companies as well as smaller tier2 companies across the globe. These companies are facilitating to meet the continually increasing demand for advanced Chatbot from their respective clients. Some prominent market players operating in the chatbot market include Nuance Communications, Inc., IBM Corporation, Inbenta Technologies Inc., and Creative Virtual Ltd. among others.

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kartik joshi

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kartik joshi
Joined: September 27th, 2022
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