Chatbots Market Size & Analysis - Forecasts To 2030 By Product (Artificial intelligence, Human Intelligence, Marketing); By Type (Services, Software); By Application/ Business Model (Bots for Service, Bots for Social Media, Bots for Payments/Order Processing, Bots for Marketing, Others); By Vertical (Healthcare, Retail, BFSI, Media & Entertainment, Travel & Tourism, E-commerce, Others); By Deployment Type (On-Premises, On-Cloud); By End-User (Small Enterprises, Medium Enterprises, Large Enterprises); By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa); End-use Landscape; Vendor Landscape and Competitive Landscape - Global Market Estimates
Chatbots Market Insights
The chatbots market is projected to grow at a CAGR of more than 30 % over the forecast period. This growth is anticipated to be driven by proliferating demand for intelligent customer engagement, growing usage of mobile applications & websites, and rise in demand of computerized patient management tools in healthcare segment.
The growing demand for advancement in customer relationship management is likely to boost the growth prospects for the global Chatbots market over the coming years. Most of the enterprises are concentrating on expanding their customer base by implementing enterprise solutions such as customer relationship management and enterprise resource planning.
The Chatbots market is likely to account for a significant market share by 2030 due to rapid advancements in the artificial intelligence segment. The rise in use of digital technologies coupled with expanding scope of applications is anticipated to augment the growth of the global market.
Improvements in the technology are projected to create an appropriate interface for chatbots, in turn creating a better network for enterprises. Moreover, there has been a greater emphasis on the easy accessibility of messaging-as-OS platform, which is further expected to accelerate the market growth.
Chatbots Market: Product Insights
The global chatbots market is segmented into artificial intelligence, marketing, and human intelligence. The artificial intelligence application segment is projected to record a high CAGR of 24 % over the coming years. The marketing segment is also likely to witness a lucrative growth by 2030 due to their extensive use in digital marketing to upgrade the prevailing clients about the latest products and services.
Chatbots Market: Type Insights
Based on type, the chatbots market is classified into services and software. The services application segment is projected to register the highest CAGR over the forecast period due to extensive use of chatbot services amongst industries. Enterprises can directly link to clients with the help of chatbots. It can also provide data relating to customer preferences, which can be later used for digital marketing purposes.
Chatbots Market: Application/Business Model Insights
The global chatbots market is divided into bots for social media, bots for payments/order processing, bots for service, and bots for marketing among others, based on applications. The bots for payments/order processing and bots for marketing segments are anticipated to register large market share over the coming years.
The bots for social media business segment accounted for a significant share in terms of number of bots in 2016, whereas the bots for service application segment held majority of the market share, in terms of revenue.
Chatbots Market: Vertical Insights
Based on type, the chatbots market is classified into Retail, BFSI, Healthcare, Media & entertainment, Travel & tourism, and E-commerce among others
The BFSI segment registered the maximum market share in 2016 and is further likely to dominate the market over the coming years. Factors such as increasing customer base have compelled the BFSI companies to implement chatbots to offer advanced services to their customers.
Chatbots Market: By Deployment Type
The global chatbots market is divided into on-premises and on-cloud. On-Cloud segment held the largest market share in 2016 and is likely to experience the highest CAGR over the forecast period. The cloud-based smart advisor solution minimizes the usage cost and eliminates maintenance cost of the server.
Chatbots Market: End-User Insights
The global chatbots market is classified into small enterprises, medium-sized enterprises, and large enterprises. Large enterprises held the highest revenue share in the global chatbot market in 2016. This growth is attributed to their increasing application in initiating business process automation activities.
Factors such as client retention and improved revenue generation is anticipated to augment the use of Chabot technology in the large enterprises
Chatbots Market: Regional Insights
North America accounted for the dominant revenue share in 2016 and is further likely to retain its position until 2030. The market in the U.S. is anticipated to grow at a healthy rate attributing to the increasing demand for chatbots. The growing investments in research and development in the field of artificial intelligence are providing a significant boost to the growth of the region.
Factors such as low operating costs, enhanced operating efficiency, and growing investments in R & D are anticipated to foster market growth in these regions.
Asia Pacific is anticipated to account for a significant CAGR over the forecast period, attributing to the evolving ICT infrastructure amongst its emerging economies such as India and China.
Chatbots Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global Chatbots market. The major consumers of the product are Amazon.com, Inc., HSBC Holdings, and eBay among others.
Chatbots Market: Competitive Landscape
The key players profiled in the global chatbots market include IBM Corporation, Nuance Communications Inc., Creative Virtual Pvt. Ltd., Egain Corporation, Artificial Solutions, Next IT Corporation, 24/7 Customer, Inc., CX Company, Speaktoit Inc., Kasisto Inc., Slack Technologies Inc., TigerText, Haptik Inc., Astute Solutions, Imperson Ltd., Kiwi Inc., Helpshift, Pandorabots Inc., and Yahoo Inc.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2016, Tiger Text announced the availability of HealthBot, a custom-branded HIPAA-compliant messaging application that can be embedded into a web page or mobile application to automate a variety of tasks, driving organizational efficiencies and reducing overall costs.
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The global Chatbots Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Chatbots Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.
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