Chatbot market is expected to grow from USD 2.75 billion in 2019 to USD 18.68 billion by 2026 at a CAGR of 31.48% from 2020 to 2026.
Chatbot Market is a computer virus designed to simulate conversation with human users especially over the web. Chatbots has become a preferred option within the BFSI sector to explain the necessities of a corporation or solving queries due to the very fact that each time face-to-face conversation with the specified banking technical/managerial support is not feasible. The rising implementation of AI and machine learning algorithms, which employ computational methods for learning, understanding, and delivering human language content to develop user-interactive online applications will augment the market demand. Factors like development of AI (AI), continuous rise within the demand for intelligent customer engagement, rise in got to understand customer behaviour, and increase in penetration of internet sites and mobile applications drive the expansion of the market.
Moreover, continuous technological advancements in chatbots are expected to present major opportunities for market expansion within the near future. Development in got to improve customer relationship management (CRM) within the BFSI sector and increase in awareness about the benefits offered by chatbots over other customers support option are the main factors that fuel the expansion of chatbot within the BFSI market. Nevertheless, factors like increased initial instalment cost and lack of product differentiation hamper the market growth to a particular extent.
The global Chatbot market is segregated on the basis of Component as Solutions and Services. Based on Technology the global Chatbot market is segmented in Machine Learning (ML), Natural Language Processing (NLP), and Automated Speech Recognition (ASR). Based on Usage the global Chatbot market is segmented in Websites, Contact Centers, Social Media, and Mobile Platform.
Based on Deployment Model, the global Chatbot market is segmented in Cloud and On-premises. The report also bifurcates the global Chatbot market based on Organization Size in Large Enterprises and Small and Medium-Sized Enterprises (SMEs). The report also bifurcates the global Chatbot the global Application market is segmented in Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Data Privacy and Compliance, Onboarding and Employee Engagement, and Others.
The global Chatbot market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Chatbot market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Rivalry
IBM Corporation, Nuance Communications, Google, Amazon Web Services, Artificial Solutions, Inbenta Technologies, Chatfuel, AIVO, Botsify.com, Passage AI, and others are among the major players in the global Chatbot market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Chatbot market has been segmented as below:
Chatbot Market, By Component
Chatbot Market, By Technology
Chatbot Market, By Usage
Chatbot Market, By Deployment Model
Chatbot Market, By Organization Size
Chatbot Market, By Application
Chatbot Market, By Region
Chatbot Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Chatbot market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Chatbot market share. Major industry players with significant revenue share include IBM Corporation, Nuance Communications, Google, Amazon Web Services, Artificial Solutions, Inbenta Technologies, Chatfuel, AIVO, Botsify.com, Passage AI, and others.
Why to Buy this Report:
Target Audience:
The report targeted towards the existing players in the industry is as follows:
Free and Paid Customization based on the requirement
Report Content
1.1 Key Insights
1.2 Report Overview
1.3 Markets Covered
1.4 Stakeholders
2.1 Research Scope
2.2 Market Research Process
2.3 Research Data Analysis
2.4.1 Secondary Research
2.4.2 Primary Research
2.4.3 Models for Estimation
2.5 Market Size Estimation
2.5.1 Bottom-Up Approach - Segmental Market Analysis
2.5.2 Top-Down Approach - Parent Market Analysis
4.1 Introduction
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.2 Porter's Five Force Analysis
5.1 Introduction
5.2 Solutions
5.2.1 Market Overview
5.2.2 Market Size and Forecast
5.3 Services
5.3.1 Market Overview
5.3.2 Market Size and Forecast
6.1 Introduction
6.2 Machine Learning (ML)
6.2.1 Market Overview
6.2.2 Market Size and Forecast
6.3 Natural Language Processing (NLP)
6.3.1 Market Overview
6.3.2 Market Size and Forecast
6.4 Automated Speech Recognition (ASR)
6.4.1 Market Overview
6.4.2 Market Size and Forecast
7.1 Introduction
7.2 Websites
7.2.1 Market Overview
7.2.2 Market Size and Forecast
7.3 Contact Centers
7.3.1 Market Overview
7.3.2 Market Size and Forecast
7.4 Social Media
7.4.1 Market Overview
7.4.2 Market Size and Forecast
7.5 Mobile Platform
7.5.1 Market Overview
7.5.2 Market Size and Forecast
8.1 Introduction
8.2 Cloud
8.2.1 Market Overview
8.2.2 Market Size and Forecast
8.3 On-premises
8.3.1 Market Overview
8.3.2 Market Size and Forecast
9.1 Introduction
9.2 Large Enterprises
9.2.1 Market Overview
9.2.2 Market Size and Forecast
9.3 Small and Medium-Sized Enterprises (SMEs)
9.3.1 Market Overview
9.3.2 Market Size and Forecast
10.1 Introduction
10.2 Customer Support
10.2.1 Market Overview
10.2.2 Market Size and Forecast
10.3 Personal Assistant
10.3.1 Market Overview
10.3.2 Market Size and Forecast
10.4 Branding and Advertisement
10.4.1 Market Overview
10.4.2 Market Size and Forecast
10.5 Customer Engagement and Retention
10.5.1 Market Overview
10.5.2 Market Size and Forecast
10.6 Data Privacy and Compliance
10.6.1 Market Overview
10.6.2 Market Size and Forecast
10.7 Onboarding and Employee Engagement
10.7.1 Market Overview
10.7.2 Market Size and Forecast
10.8 Others
10.8.1 Market Overview
10.8.2 Market Size and Forecast
11.1 Introduction
11.2 Europe
11.2.1 Europe Chatbot, By Component
11.2.2 Europe Chatbot, By Technology
11.2.3 Europe Chatbot, By Usage
11.2.4 Europe Chatbot, By Deployment Model
11.2.5 Europe Chatbot, By Organization Size
11.2.6 Europe Chatbot, By Application
11.3 North America
11.3.1 North America Chatbot, By Component
11.3.2 North America Chatbot, By Technology
11.3.3 North America Chatbot, By Usage
11.3.4 North America Chatbot, By Deployment Model
11.3.5 North America Chatbot, By Organization Size
11.3.6 North America Chatbot, By Application
11.4 Asia Pacific
11.4.1 Asia Pacific Chatbot, By Component
11.4.2 Asia Pacific Chatbot, By Technology
11.4.3 Asia Pacific Chatbot, By Usage
11.4.4 Asia Pacific Chatbot, By Deployment Model
11.4.5 Asia Pacific Chatbot, By Organization Size
11.4.6 Asia Pacific Chatbot, By Application
11.5 Rest of The World
11.5.1 Rest of The World Chatbot, By Component
11.5.2 Rest of The World Chatbot, By Technology
11.5.3 Rest of The World Chatbot, By Usage
11.5.4 Rest of The World Chatbot, By Deployment Model
11.5.5 Rest of The World Chatbot, By Organization Size
11.5.6 Rest of The World Chatbot, By Application
12.1 Key Insights
12.2 Company Market Share Analysis
12.3 Strategic Outlook
12.3.1 Mergers & Acquisitions
12.3.2 New Product Development
12.3.3 Portfolio/Production Capacity Expansions
12.3.4 Joint Ventures, Collaborations, Partnerships & Agreements
12.3.5 Others
(Overview, Key Financials, Recent Developments, Product and Service Offering)
The global Chatbot market has been segmented as below:
Chatbot Market, By Component
Chatbot Market, By Technology
Chatbot Market, By Usage
Chatbot Market, By Deployment Model
Chatbot Market, By Organization Size
Chatbot Market, By Application
Chatbot Market, By Region
Chatbot Market, By Company