A report on Chatbot Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2023 and 2031. The report on Chatbot Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter's five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.

Chatbot Market Overview

The report is titled ‘Chatbot Market: Opportunity Analysis and Future Assessment 2023-2031’. An overview of conceptual frameworks, analytical approaches of the Chatbot market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Chatbot market is expected to grow at a significant rate in the near future.

The global chatbot market is estimated to reach a value of US$ 625.5 Mn by the end of 2020 and expected to reach a value of US$ 4,235.2 Mn by 2028 with a significant CAGR of 27.0%

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Chatbot Introduction

Artificial Intelligence (AI) progressively harmonizes our day-to-day lives with the establishment and scrutiny of intelligent hardware and software, known as intelligent agents. Intelligent agents have the capability to perform a variety of tasks varying from labor work to complex and advanced operations.

A chatbot is a quintessential illustration of an AI system and one of the most fundamental and comprehensive examples of intelligent Human-Computer Interaction (HCI). A chatbot can be comprehended as a computer program, which has the potential to respond like a smart entity when communed with through voice or text and comprehends at least one or more than one human language via Natural Language Processing (NLP).

As per the terminology, a chatbot can be perceived as “A computer program outlined to resemble or imitate a conversation with human users, exclusively over the Internet”. Chatbots are also commonly known as interactive agents, smart bots, artiï¬cial conversation entities, or digital assistants.

Chatbots can simulate human conversation and accommodate users but they are not designed only for this purpose. Chatbots also serve their utility in applications like information recovery, education, e-commerce, and business.

Chatbots are highly popular in the global markets among various industries as there are numerous benefits of chatbots for developers and users as well. Most of the applications of chatbots are platform-independent and straight away available to users without required installations. Owing to which, the global chatbot market is projected to witness substantial growth in the years to come.

Some of the key questions answered in this report: 

• Which are the five top players of the Chatbot Market?
• How will the Chatbot Market change in the upcoming years?
• Which product and application will take a share of the Chatbot Market?
• What are the drivers and restraints of the Chatbot Market?
• Which regional market will show the highest growth?
• What will be the CAGR and size of the Chatbot Market throughout the forecast period?
• What is the current market size, what will the market size be in 2030 and what will the growth rate be?
• What are the challenges to grow in the market?
• What are the market opportunities and challenges faced by the key vendors?
• Who are the major competitors and what is their strategy?
• What are the barriers to entry for new players in the market?

Chatbot Market Dynamics

The primary factors that are estimated to boost the growth of the global chatbot market in the forthcoming future consist of growing adoption and employment of chatbot among various industries across the world as well as rising customers’ demand for 24*7 support services.

The AI-powered chatbots carry an enormous potential that offers numerous benefits to various users such as automation of monotonous chores resulting in escalated process effectiveness, the delivery of support services in different languages, and enhanced self-service experiences, which positively fuel the growth of the global chatbot market in the near future.

Moreover, the capability of the chatbot service to personalize the interaction with human users and make it a pleasant experience draws the attention of a massive number of industries that are looking for 24*7 customer support systems. Attributable to which, the global market of chatbots is anticipated to witness rapid growth over the forecast period. By the same token, several multinational giants including KLM Dutch Airlines, Starbuck, Bank of America, Spotify, and many more have already employed chatbot to engross customers efficiently while administering smoothly continuous customer experience.

The noteworthy transformation in demand of the companies towards improving client experience via several different platforms is also expected to positively impact the growth of the global chatbot market in the coming years.

In addition to that, the rising application of autonomous learning chatbots for keeping a track of consumer data, collecting feedback, and tracking purchasing patterns is also acting as a stimulating factor for driving the demand for chatbots in the global markets, thereby propelling the growth of the global chatbot market.

Notably, a self-educating chatbot examines data in nominal time, offers precise information to the clients, and educates itself from their errors, which further adds up to its many benefits. However, on the other side of the coin, the restricted employment and usage of chatbots by the small & medium-sized enterprises (SMEs) due to scarcity of skillful and proficient resources and huge maintenance cost is likely to hinder the growth of the global chatbot market in the coming years.

Chatbot Market Segmentation

By Solutions

Software

Platform

By Services

Managed Services

Professional Services

By Technology

Machine Learning (ML)

Natural Language Processing (NLP)

Automated Speech Recognition (ASR)

By Usage

Websites

Contact Centers

Social Media

Mobile Platform

By Deployment Model

Cloud

On-premises

By Organization Size

Large Enterprises

Small and Medium-Sized Enterprises (SMEs)

By Application

Customer Support

Personal Assistant

Branding and Advertisement

Customer Engagement and Retention

Data Privacy and Compliance

Onboarding and Employee Engagement

Others

By Vertical

Banking, Financial Services and Insurance (BFSI)

Media and Entertainment

Retail and E-Commerce

Travel and Hospitality

Telecom

Healthcare and Life Sciences

Others

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Chatbot Market

Report Spotlights

• Progressive trends in the Chatbot industry to help players develop effective long-term strategies
• Business growth strategies adopted by companies to secure growth in developed and developing markets
• Quantitative analysis of the global Chatbot market from 2023 to 2031
• Estimation of the demand for Chatbot across various industries
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the Chatbot industry
• Recent developments to understand the competitive market scenario and demand for Chatbot
• Market trends and outlook, and factors governing the growth of the Chatbot market
• Understanding the strategies that underpin commercial interest with regard to the market growth, aiding in the decision-making process
• Chatbot market size at various nodes of market
• Detailed overview and segmentation of the market, as well as its industry dynamics
• Chatbot market size in various regions with promising growth opportunities

Chatbot Market Key Players

The global chatbot market is dominated by IBM Corporation, Nuance Communications, Google, Amazon Web Services, Artificial Solutions, Inbenta Technologies, [24]7.ai, Chatfuel, AIVO, Botsify.com, Passage AI, Kore.ai, KeyReply, SmartBots, Contus, Yellow Messenger, CogniCor Technologies, Conversica, Gupshup, Kevit, among others.

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