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The global chatbot market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 25% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A chatbot is an artificial intelligence (AI)-based computer program used for simulating human conversations to enable users to interact with digital devices effectively. It is usually developed on a developer framework with cloud backup, analytics and database integrations. Chatbots are majorly incorporated into messaging applications, websites, mobile applications and other digital devices for interacting as digital assistants through text or text-to-speech functionalities. They offer various benefits, such as improved efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing and automatic lead generation and qualification.
Rapid digitization across industries and the increasing requirement for high-quality customer care service across organizations are among the key factors driving the growth of the market. Chatbots are an integral component of running effective customer care programs and are used across various industries, including banking, financial services and insurance (BFSI), information technology (IT), telecommunication, e-commerce and healthcare, for resolving customer queries in minimal time. For instance, BFSI organizations use chatbots to assist users in transferring funds, checking balances, opening accounts and saving money. Moreover, the widespread adoption of over-the-top (OTT) messaging and social networking applications among consumers, especially millennials, is providing a thrust to the market growth. Additionally, various technological advancements, such as the integration of predictive analytics, machine learning (ML), blockchain and cloud computing technologies for the development of self-learning chatbots, are acting as other growth-inducing factors. These innovative chatbots can adapt to changing digital environments and can provide a human-like conversational experience by learning from the user’s actions, experiences and decisions. Other factors, including significant improvements in the IT infrastructure, along with extensive research and development (R&D) activities in the field of natural language processing (NLP), are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global chatbot market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, product, application, organization size and vertical.
Breakup by Type:
Breakup by Product:
Breakup by Application:
Breakup by Organization Size:
Breakup by Vertical:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 7.ai Inc, Acuvate Software Pvt Ltd, Aivo, Artificial Solutions, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Technologies Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications Inc. and Verint Systems Inc.
|Base Year of the Analysis||2020|
|Segment Coverage||Type, Product, Application, Organization Size, Vertical, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||7.ai Inc, Acuvate Software Pvt Ltd, Aivo, Artificial Solutions, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Technologies Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications Inc. and Verint Systems Inc.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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