The chatbot market is expected to grow at a CAGR of around 23% during the forecast period (2021-2027). 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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The major factors driving the growth of chatbot market are the growing internet penetration rate, the need for round-the-clock service for assistance, and the convenience and speed of on-site live chat to help customers. Moreover, chatbots can save a lot of money because, unlike employees, chatbots do not require a salary because they are a one-time investment that helps businesses reduce down staff required.
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On the basis of 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 organization size, the market is segmented into large enterprises and SMEs. The large enterprises held a prominent share of the revenue in the chatbot market in 2020 due to the availability of resources to develop chatbots. Large enterprises use chatbots to enable sales and automate customer support and marketing. Moreover, chatbots can help enterprises in cost-saving, increasing sales, increasing customer interaction, reaching new customers, and gaining a deeper understanding of customers.
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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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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.
Some of the major players operating in the market include Amazon.com Inc., [24]7.ai, Google LLC, International Business Machines Corporation, Yellow Messenger, Gupshup, Aivo, Conversica Inc., Nuance Communications Inc., and Kevit.io among others.
Chatbot Market Segmentation
MARKET INSIGHTS BY COMPONENT
· Solutions
· Services
Market Insight, by Type
· Rule-based
· AI-based
Market Insight, by Organization Size
· Large Enterprises
· SMEs
MARKET INSIGHTS BY DEPLOYMENT
· On-Premises
· Cloud
Market Insight, by Application
· Customer Service
· Mobile Application
· Social Media
· Payments/Order Processing
· Marketing
· Others
MARKET INSIGHTS BY INDUSTRY
· E-Commerce
· Mobile Applications
· Social Media
· Payments/Order Processing
· Marketing
· Others
Market Insight, by Region
· North America Chatbot Market
o US
o Canada
o Rest of North America
· Europe Chatbot Market
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific Chatbot Market
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
· Rest of World Chatbot Market
Top Company Profiles
· Amazon.com Inc.
· [24]7.ai
· Google LLC
· International Business Machines Corporation
· Yellow Messenger
· Gupshup
· Aivo
· Conversica Inc.
· Nuance Communications Inc.
· Kevit.io
