Global Chatbot Market Size was valued at around USD 113 million in the year 2015, USD 250 million in 2017, and is anticipated to witness a steep rise by generating an estimated revenue of US$ ??.?? over the forecast period. According to latest study conducted by our analysts and industry experts, global chatbot market is expected to grow at a CAGR of 31.7% during the forecast period, i.e. 2017-2025
Chatbot Market: Introduction
Chatbots are artificial intelligence programs that are designed in a way to stimulate human conversation with the use of text-based and auditory signals. Chatbot can serve multiple purposes such as simplifying sales process by ordering food online and scheduling appointments, which in turn is expected to boost the Chatbot market in forthcoming years.
Global Chatbot Market Size, Share and Opportunities Analysis By 2017-2025
Chatbot Market Dynamics:
Chatbot market is expected to grow significantly over the forecast period owing to rising adoptation of Artificial Intelligence by small, medium and large enterprises to improve customer service. Chatbot market is anticipated to witness a steep rise over the forecast period due to rising e-commerce, hospitality and media & entertainment industries as compatible and efficient tools are required for the well-organized interface between users and applications developed by these industries. Increased operational cost of businesses, rising concern over data security and rising competition in the market are aiding for the growth of cost effective and advanced solutions such as chatbots. Furthermore, increasing investments by private and government sectors to improve information & technology industry are expected to aid the growth of chatbot market. However, higher cost of deployment and lack of awareness towards the beneficial usage of chatbots can restrain the growth of global chatbot market.
Chatbot Market: Segment Analysis
Among product type, software segment is projected to hold the major market share over the forecast period due to advanced features present in chatbots software, that are efficient in performing multiple tasks such as providing an output in response to the human input fed in the form of text or speech and understanding a conversation in colloquial language. Presence of advanced features such as Application Programing Interface (API), metrics, interference engine, Natural Language Processor (NLP) and others present in chatbot software is aiding the growth of software segment.
Among the end-users segment, retail industry is expected to lead the chatbot market over the forecast period, owing to increasing customer preference towards online shopping, coupled with rising focus of retailers towards improving the customer service and experience. Improved focus on personalization of customers by retail industry has escalated the demand for chatbot market, as chatbots can converse with human and can capture their purchase patterns. Furthermore, development of advanced chatbots such as Slackbot, Alexa, and others are boosting the growth of the segment.
Chatbot Market: Regional Insight
North America is expected to hold the major revenue share in the global chatbot market over the forecast period due to rising adaptation of the technology by various government and private organizations. For instance, in May 2017, City of Los Angeles along with Microsoft announced the launch of CHIP, which is a government chatbot that can be connected to any back-end systems and can answer to approximately 700 questions per day. CHIP can help organizations save the labour cost as it is able to perform the tasks performed by staff within a shorter time span. Another reason for the growth of the region is presence of prominent market players such as Microsoft Corporation and Google Inc.
Global Chatbot Market Size, Share Analysis, By Region 2017
Asia Pacific is expected to be the fastest growing region during the forecast period due to increasing governmental and private investments in the field of information and technology, along with rising adoptation of chatbots in the region because of huge consumer population in developing countries such as China and India. Rising retail industry in countries such as China, Australia and India are expected to generate the demand for effective consumer interface technology which in turn will boost the growth of chatbot market in Asia Pacific.
Chatbot Market Study Objectives
1. To forecast the market size of chatbot market, along with describing and defining the market, in terms of volume and revenue.
2. Market analysis and forecast of chatbot market on the basis of region, substrate and application or end-use industry.
3. To analyze and elaborate significant factors that will have major impact on the growth of chatbot market, such as drivers, restraints, challenges and opportunities.
4. Regional analysis of chatbot market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.
5. Strategic analysis of micro markets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.
6. To provide detailed analysis of competitive and strategic developments in the chatbot market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.
7. Analysis of market opportunities for stakeholders, in order to provide a competitive landscape for global market players.
8. To profile major market players, and to analyze their market shares and essential competencies comprehensively.
Bottom-up and top-down are two main approaches that were taken into account to anticipate and validate the market size of chatbot market, and to reach the anticipated market size of several dependent submarkets. The research and study involved massive utilization of secondary data sources, several directories, private and government websites, and authentic databases, to collect or gather market-oriented as well as technical information for the study of chatbot market commercially.
Global Key Players
Key company operating in global chatbot market includes IBM Watson, Helpshift, Google Inc., Yahoo Inc., Creative Virtual Private Limited, Microsoft Corporation, Facebook Inc., Slack Technologies Inc., Astute Solutions, Kiwi Inc., and Pandorabots Inc. Prominent players are focusing on merger and acquisition activities to strengthen their market position and enhance their product portfolio. For instance, in September 2016, Google acquired API.AI, a company that helps developers with efficient tools to develop bots. Through this merger Google aimed at improving its speech recognition and natural language understanding tool associated with its Google home speaker.
Global Chatbot Market Report Offer You!
Global Chatbot Market size report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.
The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.
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