Global Chatbot Market -Market Size, Share & Industry Trends, Growth Analysis Report by Product Type, By Consumption and Forecast 2022 – 2032
Global Chatbot Market by Type (Web-Based, Third Party, Standalone), Product (Human Intelligence, Artificial Intelligence, Marketing), Application (Bots For Service, Bots For Social Media, Bots For Payments, Bots For Marketing, and Others), Vertical (Healthcare, Travel & Tourism, Retail, E-commerce, BFSI, and Others), End-User (Small Enterprise, Medium Enterprise, and Large Enterprise), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032
The Chatbot market size was valued at USD 0.6 billion in 2022 and is expected to surpass USD XX billion by 2032, expanding at a CAGR of 26.3 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing adoption of customer service activities among enterprises in order to reduce operating costs.
A chatbot is a software application designed to simulate a conversation with human users, typically over the internet. It uses artificial intelligence (AI) and natural language processing (NLP) to understand user input and respond with appropriate information or actions. Chatbots are used in a variety of settings, including customer service, personal assistance, and information retrieval.
The chatbot market has been growing rapidly in recent years and is expected to continue to do so in the future. The increasing demand for automation and AI-based customer support services, as well as the growing adoption of chatbots in various industries such as healthcare, banking, and e-commerce, are some of the factors driving this growth.
Market Trends, Drivers, Restraints, and Opportunities
Scope of the Report
|Report Title||Global Chatbot Market|
|Segmentation||Type (Web-Based, Third Party, Standalone), Product (Human Intelligence, Artificial Intelligence, Marketing), Application (Bots For Service, Bots For Social Media, Bots For Payments, Bots For Marketing, and Others), Vertical (Healthcare, Travel & Tourism, Retail, E-commerce, BFSI, and Others), End-User (Small Enterprise, Medium Enterprise, and Large Enterprise)|
|Regional Scope||APAC, Europe, North America, and LAMEA|
|Key Players Covered in the Report||IBM Corporation; Next IT Corp.; Aivo; Artificial Solutions; Botsify Inc.; Acuvate|
Market Segment Insights
The standalone segment is projected to register a considerable share of 55.2%
Based on type, the Chatbot market is divided into a web-based, third party, standalone. The standalone segment is projected to register a considerable share of 55.2% and is expected to continue its growth in the forecast period. The use of visual assistant applications is expected to propel the demand for standalone chatbots.
The marketing segment dominates the market with 55.3% of the revenue share
Based on product, the chatbot market is divided into human intelligence, artificial intelligence, and marketing. The marketing segment dominates the market with 55.3% of the revenue share. However, the artificial intelligence segment is projected to register a considerable CAGR of 26.9% in the coming years owing to extensive investments by market players in the artificial chatbots market.
The bots for the service segment hold a share of 35% in the market
On the basis of application, the chatbot market is segregated into bots for service, bots for social media, bots for payments, bots for marketing, and others. The bots for the service segment hold a share of 35% of the market. However, the bots for the social media segment hold a key market share in the chatbot market in terms of revenue.
The e-commerce segment is expected to expand at a rapid pace
Based on vertical, the chatbot market is divided into healthcare, travel & tourism, retail, e-commerce, BFSI, and others. The e-commerce segment is expected to expand rapidly during the forecast period. However, the BFSI segment is anticipated to hold a key share of the market in the coming years. Moreover, the travel & tourism vertical is anticipated to create lucrative growth in the projected period.
The large enterprise segment dominates the market with a 50% share
Based on end-user, the chatbot market is divided into small enterprises, medium enterprises, and large enterprises. The large enterprise segment dominates the market with a 50% share and is expected to expand rapidly during the forecast period. To achieve sophisticated operations, large enterprises are expected to optimize their chatbots in the coming years with a specific set of rules. However, the medium enterprise segment is anticipated to hold a key share of the market in the coming years.
North America accounts for a large revenue share of 40.2%
In terms of regions, the chatbot market is classified as APAC, Europe, North America, and LAMEA. North America accounts for a large revenue share of 40.2% in the chatbot market. The market of Asia Pacific is expected to constitute a key share of the market during the projected period.
Key players competing in the Chatbot market are IBM Corporation; Next IT Corp.; Aivo; Artificial Solutions; Botsify Inc.; Acuvate.
Mention the market size of the Chatbot in 2022.
The market size of the Chatbot in 2022 was USD 0.6 billion.
During the forecast period, what is the CAGR of the market?
During the forecast period, the CAGR of the market is expected to be 26.3%.
What are the key drivers of the market?
The market's growth is attributed to the increasing adoption of customer service activities among enterprises in order to reduce operating costs.
Mention the key players in the market.
IBM Corporation; Next IT Corp.; Aivo; Artificial Solutions; Botsify Inc.; Acuvate.
1 INTRODUCTION TO THE GLOBAL CHATBOT MARKET
1.1 Overview of the Market
1.2 Scope of Report
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF WISH TREE INSIGHTS
3.1 Data Mining
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL CHATBOT MARKET OUTLOOK
4.2 Market Dynamics
4.3 Value Chain Analysis
5 GLOBAL CHATBOT MARKET, BY TYPE
5.3 Third Party
6 GLOBAL CHATBOT MARKET, BY PRODUCT
6.2 Human Intelligence
6.3 Artificial Intelligence
7 GLOBAL CHATBOT MARKET, BY APPLICATION
7.2 Bots For Service
7.3 Bots For Social Media
7.4 Bots For Payments
7.5 Bots For Marketing
8 GLOBAL CHATBOT MARKET, BY VERTICAL
8.3 Travel & Tourism
9 GLOBAL CHATBOT MARKET, BY END-USER
9.2 Small Enterprise
9.3 Medium Enterprise
9.4 Large Enterprise
10 GLOBAL CHATBOT MARKET, BY GEOGRAPHY
10.2 North America
10.2.1 the U.S.
10.3.2 the U.K.
10.3.4 Rest of Europe
10.4.4 Rest of Asia Pacific
10.5 Rest of the World (LAMEA)
10.5.1 Latin America
10.5.2 The Middle East & Africa
11 CHATBOT COMPETITIVE LANDSCAPE
11.2 Company Market Ranking
11.3 Key Development Strategies
12 COMPANY PROFILES
12.1 IBM Corporation
12.1.2 Financial Performance
12.1.3 Product Outlook
12.1.4 Key Developments
12.2 Next IT Corp.
12.2.2 Financial Performance
12.2.3 Product Outlook
12.2.4 Key Developments
12.3.2 Financial Performance
12.3.3 Product Outlook
12.3.4 Key Development
12.4 Artificial Solutions
12.4.2 Financial Performance
12.4.3 Product Outlook
12.4.4 Key Developments
12.5 Botsify Inc.
12.5.2 Financial Performance
12.5.3 Product Outlook
12.5.4 Key Developments
12.6.2 Financial Performance
12.6.3 Product Outlook
12.6.4 Key Developments
13.1 Related Research
Segments Covered in the Report
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