The global chatbot market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3% during the
forecast period.
With the advent of generative models in chatbots, enterprises can now provide fast assistance to customers 24/7 while managing large volumes of customers and delivering immersive user experiences. Moreover, Chatbots can handle a large volume of inquiries and requests simultaneously, which means that they can easily scale to meet the needs of growing businesses without the need for additional human resources.
The global chatbot market is segmented based on offering such as solutions and services. The solutions are again sub-categorized into standalone, web-based,messaging-based, and other solutions (live chat and videobots). The services segment is further segregated into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. The use of AI and analytics for policymaking, environmental analysis, and real-time decision-making is expected to increase the implementation of services.
The global chatbot market is segmented on the baisis of type into menu based, linguistic based, keyword recognition based, contextual, hybrid and voicebots.The voicebots segment is expected to at a higher CAGR during the forecast period. Due to intellectual customer engagement and the self-learning process, the voicebots segment is anticipated to register the fastest growth during the forecast period.
The chatbot market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Chatbots can help enterprises in North America improve customer service and reduce costs by automating routine tasks. Asia Pacific is expected to grow rapidly during the forecast period. Countries such as China, Singapore, Japan, South Korea, ANZ, and India are technology-driven and present major opportunities in terms of investments and revenue. Factors such as economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization are expected to aid the growth of the chatbot market in Asia.
Top Key Companies in Chatbot Market:
Major vendors in the global Chatbot Market are Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), OpenAI (US), Salesforce (US), Meta (US), Artificial Solutions (Sweden), ServiceNow (US), Conversica (US), Inbenta (US), Creative Virtual (US), Avaamo (US), Haptik (India), Solvvy (US), Gupshup (US), Aivo (US), Personetics (US), LivePerson (US), Freshworks (India), Engati (US), Botsify (Pakistan), Drift (US), Intercom (US), Chatfuel (US), Landbot (Spain), Pandorabots (US), Rasa (Germany), and BotsCrew (UK).
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