Chatbot Market to 2027 – Global Analysis and Forecast by component, deployment, usage, and end-user, global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027. Chabot vendors are offering virtual assistance capabilities due to factors such as faster response, reduced manpower, cost-efficient, and others. Most of the smartphone and tablet users are using virtual assistants to make the functionality of devices much easier. The business automation consulting, being a part of consumer service, chatbot vendors are combining various applications into a single task to fuel the growth of the business. Chatbots live on individual websites and functions with the ecosystem of the business that created them.
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The “Chatbot Market to 2027 – Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others), and Geography”. The scope of study involves understanding on the factors responsible for this growth of Chatbot market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Chatbots players in the market and their key developments.
The global Chatbot market is profoundly captured by several established companies as well as smaller tier2 companies across the globe. These companies are facilitating to meet the continually increasing demand for advanced Chatbot from their respective clients. Some prominent market players operating in the chatbot market include Nuance Communications, Inc., IBM Corporation, Inbenta Technologies Inc., and Creative Virtual Ltd. among others.
The growing digitization and increasing number of active internet users are creating an increasing demand for advanced chatbot solutions. The companies related to various industries are adopting Chatbots in place of live agents with improving the overall efficiency, reducing the operational cost and providing the enhanced personalized assistance to the customers. Chatbots are gaining popularity for digital marketing, and digital marketers are focusing on implementing Chatbots to engage customers on social media platforms and gain essential insights rewarding the consumer preferences and behaviour. The chatbot has evolved with advancements in technologies and integration of AI, natural language processing and automatic voice recognition. Chatbots are gaining popularity across various sectors and are being used at contact centers, websites, mobile platforms, and Social media websites.
Chatbot Market Analysis – Segmental Overview
The chatbot market is segmented on the basis of component, deployment, usage, and end user. Based on component, the chatbot market is segmented into solutions and services. Based on deployment, the chatbot market is categorized into on-premise and cloud. By usage, the chatbot market is segmented into website, contact centers, social media, mobile platform. On the basis of end user, the chatbot market is divided into education, retail & e-commerce, BFSI, healthcare, travel & tourism, and others. On the basis of geography, the chatbot market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
The factors that are contributing to the chatbot market growth include the rise in the need for 24/7 customer support at a low operational cost, a rise in focus on customer engagement through multiple channels and technological advancements, coupled with increasing customer demand for self-service. The chatbot market is expected to witness high growth because of the rise in the demand for enhanced customer experience and building personalized relations with prospects. Various verticals would deploy a diverse array of chatbot services to enable technological transformation initiatives that improve operations, differentiate client viewing experiences, and address mission-critical processes. The operational cost reduction, customer satisfaction, customer query resolution, enhanced visibility into operations and processes, and better real-time decision making are key business and operational priorities expected to increase the chatbot market growth.
In 2019: Artificial Solutions signed a partnership agreement with Deloitte. According to the agreement the Deloitte professionals would be able to use Artificial Solutions’ conversational AI platform, Teneo to cater the increasing demand of natural language applications. – Europe
In 2019: Creative Virtual strengthened its partnership with Innovita Partners Limited. The two companies would work together in Singapore, South Africa and India. The partnership would allow Creative Virtual to focus in its core strengths and get benefited from synergy. – Europe
In 2019: MEDITECH announced a strategic partnership with Nuance with the aim of delivering AI-powered virtual assistants for Healthcare sector. Meditech Expanse would be integrated with Naunce’s Dragon medical virtual assistant to enhance the physician and patient experience. – North America
In 2018: Creative Virtual and Transcom entered into a partnership with the aim of offering virtual agent and chatbot solutions. Under the partnership Transcom would be able to offer full suite of Creative Virtual’s products, with Trancom being responsible for designing, deploying building, testing and maintaining a virtual agent solution for the client. – Europe
In 2018: Alphanumeric Systems, Inc. announced a strategic partnership with Inbenta Technologies with the aim of bringing Natural language processing, Ai-powered chatbots and semantic technologies to broader customer support audience. The partnership includes implementation of AI solutions at multiple, enterprise-class service desks. – North America
The Asia-Pacific market is witnessing continuous developments in technology and infrastructure. The continuous technological advancements are driving the adoption of advanced technologies across the industry verticals. Chatbot Vendors have a huge opportunity in the developing countries of the Asia Pacific such as China and India. The Asia Pacific market is witnessing a rapid development of cloud-based Chatbots. Few of the leading provider of chatbot in the Asia Pacific market is Avaamo, 24/7, Gupshup, and others.
The global chatbot market by geography is segmented into five region including North America, Europe, Asia Pacific, Middle East & Africa and South America. Europe is expected to account for the largest share of the global Chatbot market in 2018, followed by North America. In addition, the, China and India are the two key countries in APAC region which are expected to significantly drive the chatbot market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027.
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