Chatbot Market Research Report

The global chatbot market is expected to touch USD 4,860.8 million by 2026, while increasing at a CAGR of 22.7% during 2019-2026. The rising customer demand for 24*7 support services and the growing usage of chatbots among several industries are the key factors driving the growth of the global chatbot market.

Introduction of the Chatbot Market:

A chatbot refers to artificial intelligence (AI) software that acts as a platform between a user in a natural language through messaging applications, mobile apps, or via phone call, and websites. Chatbots are mostly used in dialog systems for various practical purposes such as customer services or information acquisition.

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Chatbot Market Dynamics (Including market size, research, and forecast)

The rising customer demand for 24*7 support services and the growing usage of chatbots among several industries are some of the major factors driving the growth of the chatbot market size. The AI-powered chatbots provide numerous advantages such as the delivery of support in various languages, automation of repetitive tasks resulting in improved process efficiency, and enhanced self-service experiences. The chatbot’s capability to personalize the experience without any interruption will attract many industries that are looking for 24*7 customer support systems. The rising deployment of chatbots in several business verticals and chatbots are integrated with artificial intelligence, IoT, and APIs technologies to provide enhanced operations, thereby accelerating the demand of the car rental market in the US.

Several multinational giants, such as KLM Dutch Airlines, Starbuck, Bank of America, and Spotify, are using a chatbot to engage customers effectively while delivering a seamless customer experience. According to the chatbot market research, the drastic shift in demand of the companies towards improving customer experience through numerous platforms will fuel the growth of the global chatbot market during the forecast period. As per the chatbot market forecast, the rising usage of self-learning chatbots to collect feedback, track purchasing patterns, and monitor consumer data, will further surge the market’s demand. Self-learning chatbot analyses data in less time, offer exact information to the customers and learns from their mistakes. On the other edge of the spectrum, the limited adoption of chatbots by the Small & Medium-sized Enterprises (SMEs) owing to high maintenance costs and limited skilled resources will restraint the growth of the chatbot industry during the forecast period.

Key Players of the Global Chatbot Market:

·        Microsoft Corporation

·        Google LLC

·        IBM Corporation

·        Amazon Web Services

·        eGain Corporation

·        Nuance Communication, Inc.

·        Creative virtual Ltd.

·        Artificial Solution International AB

·        Next IT Corp.

·        Chatfuel

Chatbot Market Segmentation:

Global Chatbot Market Report Segment by Component:

·        Solutions

o    Platform

o    Software

·        Services

o    Managed Services

o    Professional Services

Global Chatbot Market Report Segment by Technology:

·        Machine Learning and Deep Learning

·        Natural Language Processing

·        Automated Speech Recognition

Global Chatbot Market Report Segment by Deployment Model:

·        On-Premises

·        Cloud

Global Chatbot Market Report Segment by Usage:

·        Websites

·        Contact Centres

·        Social Media

·        Mobile Platform

Global Chatbot Market Report Segment by Organization Size:

·        Large Enterprises

·        Small and Medium-Sized Enterprises

Global Chatbot Market Report Segment by Application:

·        Customer Support

·        Personal Assistant

·        Branding and Advertisement

·        Customer Engagement and Retention

·        Data Privacy and Compliance

·        On-Boarding and Employee Engagement

·        Others

Global Chatbot Market Report Segment by Vertical:

·        Banking, Financial Services and Insurance

·        Retail and Ecommerce

·        Healthcare

·        Travel and Hospitality

·        Media and Entertainment

·        Telecommunications

·        Others

Global Chatbot Market Report Segment by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a full-service market research and business-consulting organization that offers global as well as medium and small businesses with bespoke industry and market analysis to help them in making the toughest business decision. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use not only the internal but also the external databases to cull out relevant information of the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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