Global Chatbot Market to Grow at 21.5% During 2024-2032, Propelled by Growing Need for High-Quality Customer Care Services

November 25, 2021 | Technology & Media

As per the latest report by IMARC Group, titled “Chatbot Market Report by Type (Standalone, Web-based, Messenger-based/Third party), Product (Artificial Intelligence, Marketing, Human Intelligence), Application (Bots for Service, Bots for Social Media, Bots for Payments/Order Processing, Bots for Marketing, and Others), Organization Size (Small Enterprises, Medium Enterprises, Large Enterprises), Vertical (Healthcare, Retail, Banking, Financial Services, and Insurance, Media and Entertainment, Travel and Tourism, E-commerce, and Others), and Region 2024-2032,” the global chatbot market reached a value of US$ 5.7 Billion in 2023. A chatbot, or chatterbot, refers to an automated software program that simulates human conversations via text chats and voice commands. It is powered by artificial intelligence (AI), machine learning (ML), natural language processing (NLP) and automated rules. Chatbots offer numerous benefits to organizations, such as improved operational efficiency, higher customer engagement, data privacy and compliance, automatic lead generation and qualification, payment processing, and advertisement and branding. They also serve as digital assistants, enabling users to interact with digital devices effectively. As a result, chatbots have gained immense popularity and are widely embedded in mobile applications, websites, messaging apps and other online portals. 

Global Chatbot Market Trends:

The growing need for high-quality customer care service represents the primary factor driving the global market. Moreover, the rising digitization and increasing applications of chatbots in various industries to resolve customer queries in minimal time and ensure a smooth experience are also contributing to the market growth. For instance, the healthcare sector utilizes chatbots to help individuals locate nearby health clinics, schedule appointments and get medication information. This, in confluence with the shifting consumer preferences toward over-the-top (OTT) messaging applications like WhatsApp, is propelling the market growth. Besides this, the development of self-learning chatbots that offer human-like conversational experiences by learning from users’ behaviors and actions is another major growth-inducing factor. Furthermore, several technological advancements, significant improvements in the IT infrastructure and ongoing research and development (R&D) activities in the natural language processing (NLP) field are some of the other factors providing a positive market outlook. Looking forward, IMARC Group expects the market to grow at a CAGR of 21.5% during 2024-2032. 

Market Summary:

  • Based on the type, the market has been categorized into standalone, web-based and messenger-based/third party chatbots.
  • On the basis of the product, the market has been divided into artificial intelligence, marketing and human intelligence. 
  • Based on the application, the market has been segregated into bots for service, bots for social media, bots for payments/order processing, bots for marketing, and others.
  • The market has been classified based on the organization size into small, medium and large enterprises. 
  • Based on the vertical, the market has been divided into healthcare, retail, banking, financial services, and insurance, media and entertainment, travel and tourism, e-commerce, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been analyzed, with some of the key players being [24], Inc., Acuvate Software Pvt. Ltd., Aivo, Artificial Solutions International AB, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Holdings Inc., Inc., LiveChat Inc., Nuance Communications Inc., and Verint Systems Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
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 [24], Inc., Acuvate Software Pvt. Ltd., Aivo, Artificial Solutions International AB, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Holdings Inc., Inc., LiveChat Inc., Nuance Communications Inc., and Verint Systems Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
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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Global Chatbot Market to Grow at 21.5% During  2024-2032, Propelled by Growing Need for High-Quality Customer Care Services
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