Report Id: SNS/ICT/1240 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Chatbot Market Size was valued at USD 23.88 billion in 2021 and is expected to reach USD 173.90 billion by 2028, and grow at a CAGR of 33.86% over the forecast period 2022-2028.
Because of advances in AI technologies such as deep neural networks, machine learning, and others, the use of virtual assistants is on the rise. Chatbots and smart speakers are examples of virtual assistants that are employed in a variety of industries, including retail, BFSI, and healthcare. The banking industry, for example, has been a major adoption of emerging technology, owing to its need on speed, trust, and communication. Chatbots in the banking industry use cognitive analytics to improve communication and establish customer relationships by understanding what customers are thinking and responding instantly.
Chatbots are becoming increasingly important in providing customers with round-the-clock service, allowing many sectors to streamline and improve the customer experience they provide at every stage of the process.
Various businesses, including banking, retail and eCommerce, government, telecommunications, and travel and hospitality, have changed their priority to quickly handling client inquiries.
The ability to respond quickly to consumer inquiries has become a critical component of business success.
When users talk in the future, the new voice prints created may be compared to their previous voice prints to verify their identity.
The downside of this strategy is that voiceprints are more general, and hence cannot be validated with the same level of precision as voiceprints made in a single run.
Self-learning chatbots are capable of adapting to changing conditions in their operating environment and learning from their actions, experiences, and judgments.
These chatbots are clever enough to assess data in a short amount of time and assist customers in finding the specific information they need quickly by providing support in many languages.
Lack of understanding and problems associated with management change may have an influence on market growth to some extent.
As SMEs become more aware of chatbot solutions, the usage of chatbot solutions is projected to increase in the future years.
IMPACT OF COVID-19:
The worldwide lockdown is expected to cause a minor slowdown in the chatbot industry in 2020. Almost every business has been shaken by the COVID-19 epidemic, which has exacerbated turnover. The lockdown is having a negative influence on global production, supply networks, and logistics, as well as the continuation of operations in numerous industries. Manufacturing, transportation and logistics, and retail and consumer products are the industries with the most problems. The shortage of labour to operate on manufacturing lines, supply networks, and transportation has a negative influence on the availability of vital commodities, despite the fact that critical items are excluded from the lockdown. By early 2021, the disease is projected to be under control, while demand for chatbot solutions and services is likely to rise as companies seek to improve customer experience and develop personalized relationships with prospects. Several industries will use a wide range of chatbot solutions and services to support digital transformation projects that address mission-critical procedures, enhance operations, and distinguish consumer viewing experiences. The use of chatbots is projected to be driven by a decrease in operational expenses, improved customer experiences, resolution of customer concerns, more insight into processes and operations, and improved real-time decision-making.
Our market research report on the worldwide chatbots market includes a complete market segmentation with important segments examined in depth. On the basis of solution, deployment style, channel integration, organization size, application, business function, and vertical, the chatbots market has been segmented.
Some of the key players operating in the chatbot market include IBM (US), Microsoft (US), Google (US), AWS (US), Nuance (US), Oracle (US), Creative Virtual (UK), Artificial Solutions (Spain), Kore.ai (US), Inbenta (US), 7.AI (US), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US).
System Integration and Implementation
Support and Maintenance
Small and Medium-sized Enterprises (SMEs)
Information Technology Service Management
Sales and Marketing
Branding and Advertisement
Customer Engagement and Retention
Data Privacy and Compliance
Employee Engagement and On Boarding
Others (Churn Analysis, Campaign Management, News Delivery, and Data Aggregation).
IT and Telecom
Retail and Ecommerce
Healthcare and Life Sciences
Transportation and Logistics
Travel and Hospitality
Media and Entertainment
Others (Education, Energy and Utilities, and Manufacturing)
Because North America is a key location for chatbot startups, it held the greatest market share of 48.6% in 2021. Following that comes Asia Pacific, which is a key centre for the services industry. Chatbots are rapidly being used in normal customer support operations by several big companies. Chatbots' high development potential in many countries may be ascribed to the enormous benefits that they provide to businesses, such as lower operating costs, greater customer happiness, and increased operational efficiency.
The high growth possibilities for the market may be attributable to the various benefits it provides, such as lower operating costs for businesses, improved customer satisfaction, and increased operational efficiency. The North American area accounts for the largest share of the market since it is home to the largest number of chatbot companies and the bulk of chatbot installations. The Asia Pacific area is followed by North America, which serves as a significant service industry hub. Many multinational companies are progressively using chatbots into their daily customer care operations.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 23.88 Bn|
|Market Size by 2028||US$ 173.90 Bn|
|CAGR||CAGR of 33.86% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Solutions, Services)
• by Type (Rule Based & AI Based)
• by Application (Customer Service, Customer Engagement & Retention)
• by Channel Integration (Websites, Contact Centers, Social Media, Mobile Applications)
• by Business Function (ITSM, Finance)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||IBM, Microsoft, Google, AWS, Nuance, Oracle, Creative Virtual, Artificial Solutions, Kore.ai, Inbenta, 7.AI , Aivo, ServiceNow, Conversica, Personetics.|
|Key Drivers||• Various businesses, including banking, retail and eCommerce, government, telecommunications, and travel and hospitality, have changed their priority to quickly handling client inquiries.|
|Market Opportunities||• Self-learning chatbots are capable of adapting to changing conditions in their operating environment and learning from their actions, experiences, and judgments.|
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Chatbot Market Segmentation, by component type
8.2.1 Managed Services
8.2.2 Professional Services
18.104.22.168 System Integration and Implementation
9. Global Chatbot Market Segmentation, by Type
9.1 Rule Based
9.2 AI Based
10. Global Chatbot Market Segmentation, by Deployment mode
11. Global Chatbot Market Segmentation, by Channel integration
11.2 Contact Centers
11.3 Social Media
11.4 Mobile Applications
12. Global Chatbot Market Segmentation, by Organization size
12.1 Large Enterprises
12.2 Small and Medium-sized Enterprises (SMEs)
13. Global Chatbot Market Segmentation, by Business function
13.1 Information Technology Service Management
13.2 Human Resources
13.3 Sales and Marketing
14. Global Chatbot Market Segmentation, by Application
14.1 Customer Service
14.2 Personal Assistant
14.3 Branding and Advertisement
14.4 Customer Engagement and Retention
14.5 Data Privacy and Compliance
14.6 Employee Engagement and On-Boarding
14.7 Payment Processing
14.8 Others (Churn Analysis, Campaign Management, News Delivery, and Data Aggregation)
15. Global Chatbot Market Segmentation, by Verticals
15.2 IT and Telecom
15.3 Retail and Ecommerce
15.4 Healthcare and Life Sciences
15.5 Transportation and Logistics
15.7 Travel and Hospitality
15.8 Media and Entertainment
15.9 Others (Education, Energy and Utilities, and Manufacturing)
16. Regional Analysis
16.2 North America
16.3.6 The Netherlands
16.3.7 Rest of Europe
16.4.2 South Korea
16.4.6 Rest of Asia-Pacific
16.5 The Middle East & Africa
16.5.3 South Africa
16.6 Latin America
16.6.3 Rest of Latin America
17. Company Profiles
17.1 IBM (US)
17.1.2 Products/ Services Offered
17.1.3 SWOT Analysis
17.1.4 The SNS view
17.2 Microsoft (US)
17.3 Google (US)
17.4 AWS (US)
17.5 Nuance (US)
17.6 Oracle (US)
17.7 Creative Virtual (UK)
17.8 Artificial Solutions (Spain)
17.9 Kore.ai (US)
17.10 Inbenta (US)
17.11 7.AI (US)
17.16 Aivo (Argentina)
17.17 ServiceNow (US
17.14 Conversica (US)
17.14 Personetics (US)
18. Competitive Landscape
18.1 Competitive Benchmarking
18.2 Market Share analysis
18.3 Recent Developments
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