As per the latest report by IMARC Group, titled “Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global chatbot market witnessed strong growth during 2015-2020. 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. Additionally, the recent coronavirus disease (COVID-19) outbreak is encouraging organizations to deploy chatbots to efficiently handle customer queries and workload due to the reduced availability of customer service executives. 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 around 25% during the forecast period (2021-2026).
- 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 7.ai, Inc., Acuvate Software Pvt. Ltd., Aivo, Artificial Solutions International AB, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Holdings Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications Inc., and Verint Systems Inc.
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