Expert Market Research’s new report titled, “Global Chatbot Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027”, provides an in-depth analysis of the chatbot market, assessing the market supported by its segments as a typical product , application, end user and major regions. The report tracks the latest industry trends and studies their impact on the market in general. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 24.9%
North America is expected to hold a major share of the chatbot market over the forecast period. The increased use of chatbot services by various businesses in the region across various industry verticals can be attributed to this growth. As chatbots improve both customer satisfaction and overall operational efficiency, they are increasingly being used for routine customer service applications. The steady growth is due to the growing presence of major industry players in the region, leading to increased investment in research and development of chatbot technology. During the forecast period, these factors are expected to catalyze the growth of the chatbot industry.
Industry definition and major segments
A chatbot, as the name suggests, is a software application that conducts online chat conversations with a person using artificial intelligence and natural language processing. These dialog systems are primarily used by businesses to improve customer service as they provide immediate automated responses and personalize the experience. For example, there are rule-based chatbots that answer predefined questions such as frequently asked questions. AI chatbots, on the other hand, learn from human behavior over time and can predict future interactions and provide relevant insights.
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The chatbot industry can be segmented based on product type, application, end use, and product landscape.
Based on type:
• Based on Messenger/Third Party
Based on the product landscape:
• Artificial intelligence
• Human intelligence
Based on an application:
• Robots for service
• Social media bots
• Bots for payments/order processing
• Bots for Marketing
Based on end use:
• Health care
• Bank Financial Services and Insurance (BFSI)
• Media and Entertainment
• Travel and tourism
Artificial intelligence (AI), which is used to focus on customer satisfaction, has seen a massive adoption rate thanks to the introduction of chatbots. Healthcare providers are constantly collaborating with chatbot companies to better support patients. The average patient spends about 30 minutes searching for the right department at their local hospital, and the average nurse spends an hour a day trying to connect with the right doctor. Leading healthcare systems use chatbots to enable fully conversational discovery of their services as well as seamless scheduling for their patients.
In the Asia-Pacific region, many startups are investing in chatbots and machine learning technology. Additionally, small and medium-sized businesses are rapidly integrating chatbots into their customer service processes, which provide seamless performance, manage large numbers of customers, and improve customer engagement techniques. The market is expected to continue to grow in the region as major economies, such as China and India, rapidly expand their information and communications technology infrastructure. The region’s large population and growing smartphone adoption create a very promising consumer base for chatbots, especially for applications such as personal assistance.
Main market players
The main market players are 7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc, Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, eGain Corporation and others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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