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The future of the global chatbot market looks promising with opportunities in BFSI, Media and entertainment, retail and ecommerce, travel and hospitality, telecom, healthcare and life services, and others. The global chatbot market is expected to grow with a CAGR of 29%-31% from 2021 to 2026. The major drivers for this market are increased awareness of chatbots, improvement of customer relationship management, and increased process efficiency.
Emerging trends, which have a direct impact on the dynamics of the industry, include technological advancements in chatbots, development of self-learning chatbots, and innovations in artificial intelligence.
A total of xx figures / charts and xx tables are provided in this more than 150 page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope, benefits, companies researched, and other details of the global Chatbot market report, please download the report brochure.
The study includes trends and forecast for the global chatbot market by component, technology, usage, application, end user, and region, as follows:
By Component [Value ($ Million) from 2015 to 2026]:
By Technology [Value ($ Million) from 2015 to 2026]:
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Machine Learning (ML)
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Natural Language Processing (NLP)
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Automated Speech Recognition (ASR)
By Usage [Value ($ Million) from 2015 to 2026]:
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Websites
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Contact Centers
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Social Media
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Mobile Platform
By Application [Value ($ Million) from 2015 to 2026]:
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Customer Support
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Personal Assistant
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Branding and Advertisement
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Customer Engagement and Retention
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Data Privacy and Compliance
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Onboarding and Employee Engagement
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Others
By End User [Value ($ Million) from 2015 to 2026]:
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Banking, Financial Services and Insurance (BFSI)
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Media and Entertainment
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Retail and eCommerce
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Travel and Hospitality
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Telecom
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Healthcare and Life Sciences
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Others
By Region [Value ($ Million) from 2015 to 2026]:
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North America
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United States
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Canada
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Mexico
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Europe
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Germany
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United Kingdom
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APAC
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China
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India
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Japan
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ROW
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Middle East
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Brazil
Some of the Chatbot companies profiled in this report include IBM Corporation, Nuance Communications, Google LLC, Amazon Web Services, Artificial Solutions, Inbenta Technologies, SmartBots, Contus, CogniCor Technologies, Conversica.
Lucintel forecasts that website will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to the increasing adoption of chatbots by various companies and businesses to collect feedbacks, record changes in the purchase patterns, track customer data, and offer instant response to customers’ queries.
Within the global chatbot market, the retail and ecommerce segment is expected to witness the highest growth over the forecast period due to the increasing adoption of chatbot applications by retail companies on their official websites to provide excellent customer experience and solve customer queries. Moreover, the swift shift in customers’ demand towards e-shopping and the growing usage of smart devices, such as smartphones, tablets, and laptops, will further enhance the segment’s growth.
APAC is expected to remain the largest market and witness the highest growth over the forecast period due to the leveraging information-intensive AI technologies, especially in the developing countries, including China, Singapore, India, and Japan, heavy investments in chatbots and machine learning technology by various startups, and the rising usage of chatbots by small and medium-sized enterprises to improve customer engagement.
Features of the Global Chatbot Market
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Market Size Estimates: Global chatbot market size estimation in terms of value ($M) shipment.
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Trend and Forecast Analysis: Market trends (2015-2020) and forecast (2021-2026) by various segments.
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Segmentation Analysis: Global chatbot market size by various segments, such as by component, technology, usage, application and end user in terms of value
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Regional Analysis: Global chatbot market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
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Growth Opportunities: Analysis of growth opportunities in different by component, technology, usage, application, end user and regions for the global chatbot market.
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Strategic Analysis: This includes M&A, new product development, and competitive landscape of the global chatbot market.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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This report answers following 11 key questions |
Q.1 What are some of the most promising growth opportunities for the global chatbot market by component (solutions and services), technology (machine learning, natural language processing and automated speech recognition), usage (websites, contact centers, social media and mobile platform), application (customer support, personal assistant, branding and advertisement, customer engagement and retention, data privacy and compliance, onboarding and employee engagement and other), end user (BFSI, Media and entertainment, retail and ecommerce, travel and hospitality, telecom, healthcare and life services and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges, and business risks in this market?
Q.5 What are the business risks and competitive threats in this market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some of the changing demands of customers in the market?
Q.8 What are the new developments in the market and which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being taken by key players for business growth?
Q.10 What are some of the competing products in this market and how bi |