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As per the latest report by IMARC Group, titled “Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global chatbot market reached a value of US$ 3.7 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 25% during 2022-2027.
Market Summary:
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