Chatbot Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

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The global chatbot market is likely to showcase a growth of around 23% during the forecast period.

A chatbot is a computer program that simulates and processes human conversations, allowing humans to interact with digital devices and give them a human-like conversation experience. Furthermore, chatbots can be rudimentary programs that answer a simple query with a single-line response, or sophisticated digital assistants that learn and evolve with the help of AI to deliver increasing levels of personalization as they gather and process information. Moreover, with chatbots, businesses can scale, personalize, and be proactive all at the same time which is an important differentiator. For instance, when relying solely on humans, businesses can serve a limited number of people at one time. To be cost-effective, human-powered businesses are forced to focus on standardized models and are limited in their proactive and personalized outreach capabilities. Whereas chatbots are computer programs that can communicate with thousands of customers without any delay. Therefore, chatbots can save money and resources for businesses.

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According to UnivDatos Market Insights (UMI)’ research report “Chatbot Market”, the market is expected to witness a CAGR of around 23% growth during the forecast period (2021-2027). This can be mainly attributed to the attraction towards IT modernization coupled with the growing size of user data and research data to get more accurate results.

Based on type, the market is categorized into rule-based and AI-based. The rule-based chatbots segment held a prominent share of the revenue in the chatbot market in 2020 due to their simplicity and speed. This means rule-based chatbots are simpler to be built and deployed and they are really fast. However, the AI-based chatbots segment is expected to grow at a prominent growth rate during the forecast period due to their ability to save money in the long run and learn things on their own with the help of data.

Based on application, the market is segmented into customer service, mobile applications, social media, payments/order processing, marketing, and others. The customer service segment possessed a significant share of the revenue in the market in 2020 and is anticipated to grow at a prominent growth rate during the forecast period due to the increasing interest of companies in chatbots to solve customer queries quickly and accurately which leads to a great customer experience. Since more companies are looking for cost-effective, smart, and automated solutions for customer services, the growth of this segment is further going to increase.

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Based on Industry, the market is categorized into e-commerce, healthcare, information and communication technology, banking and financial services, consumer goods and retail, media and entertainment, government, and others. The e-commerce segment held a prominent share of the revenue in the chatbot market in 2020 due to the ability of chatbots to solve customer queries quickly and without error. In addition, chatbots act as brand representatives as they manage the inquiries in the initial stage, offering more satisfaction to customers with a problem-solving approach and effective guidance.

North America accounted for significant share in the market

North America accounted for the prominent market share in 2020 and will continue to hold a prominent share in the chatbot market owing to the trend of being an early adopter of the latest technologies and the rising mobile penetration rate. Moreover, being a major hub for startups in the chatbot industry, it accounted for a prominent market share in 2020. Many large enterprises are increasingly adopting chatbots in their routine customer service activities. The adequate growth possibilities of chatbots in various regions can be attributed to the significant benefits that it offers to enterprises, such as cost reduction, customer satisfaction, and enhanced operating efficiency. Furthermore, a significant rise in messaging services, and development in natural language processing (NLP) and AI technologies are also expected to play an important role in the growth of the chatbot industry. Further on, highly conversational chatbot apps allow businesses to create a smooth journey for their customers on the platform, as they interact over a wide variety of digital channels and devices.

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According to ‘UnivDatos Market Insights (UMI)’, the key players with a considerable market share operating in the Amazon.com Inc., [24]7.ai, Google LLC, International Business Machines Corporation, Yellow Messenger, Gupshup, Aivo, Conversica Inc., Nuance Communications Inc., and Kevit.io. These companies are taking various strategic decisions to increase their market presence and share

“Chatbot Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1. By Components (Solutions and Services)

2. By Type (Rule-based and AI-based)

3. By Organization Size (Large Enterprises and SMEs)

4. By Deployment (On-premises and Cloud)

5. By Application (Customer Service, Mobile Applications, Social Media, Payments/Order Processing, Marketing, and Others)

6. By Industry (E-Commerce, Healthcare, Information and Communication Technology, Banking and Financial Services, Consumer Goods and Retail, Media and Entertainment, Government, and Others)

7. By Region (North America, Europe, Asia-Pacific, and Rest of World)

8. By Company (Amazon.com Inc., [24]7.ai, Google LLC, International Business Machines Corporation, Yellow Messenger, Gupshup, Aivo, Conversica Inc., Nuance Communications Inc., and Kevit.io)

Key questions answered in the study:

1. What are the current and future trends of the chatbot industry?

2. How the industry has been evolving in terms of components, type, organization size, deployment, application, and industry?

3. How the competition has been shaping across the countries followed by their comparative factorial indexing?

4. What are the key growth drivers and challenges for the chatbot industry?

5. What are the customer orientation, purchase behavior, and expectations from the chatbot service provider across various countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 CHATBOT MARKET COVID-19 IMPACT