The global chatbot market is expected to cross $800 million by 2022. The market is likely to grow at an impressive CAGR of more than 28% during the period 2016-2022.
It is expected to witness tremendous growth majorly due to high awareness about the benefits of bots and rise of innovative test cases for their implementation.
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Chatbots are termed to potentially offer as much as $10 billion savings during the forecast period in terms of reduced customer service costs in the US alone. The application-based bot market is likely to remain a dominant segment.
Though the e-commerce industry is gaining momentum, the news and media segment will remain the largest end-user segment in terms of revenue.
Scope of Chatbot Market Report:
The report considers the present scenario of the global chatbot market and its strategic assessment for the period 2017-2022. It includes a detailed study of growth drivers, trends, and restraints.
The report also profiles the leading vendors in the market and other key vendors.
The report considers the scope of evolving use cases pertaining to experimentation, testing, adoption, and upgrading of chatbots. In defining the program to be qualified as chatbot, the report included both cases of rule-based and AI-based implementations.
The report concentrates majorly on messaging or chat-focused bots and does not include voice-assisted bots. However, applications that subsequently drive the interaction post the conversion of voice into chat using NLP are considered into the scope.
The method and the implementation bandwidth of chatbots have been critically analyzed for bots, both standalone and messenger integrated.
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The market research report provides the details of the market size in the following segments:
Type: Rule-based, AI-integrated
Interface: Web-based, Application-based
End-user: Banking and insurance, E-commerce, Gaming and entertainment, Healthcare, News and media & Telecom
Major Geographies: APAC, Europe, Latin America, MEA, North America
Key Countries: Canada, China, Japan, US
This report considers four major regions: APAC, Europe, North America, and Latin America.
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The deployment of talkbots in North America region is driven by their high advantages over conventional personnel-driven customer engagement models. The adoption and proliferation of chatbot in the US is majorly driven by a high awareness of AI and its potential.
An estimated 50% of small and medium business units engaged in e-commerce have indicated conformance to the revolutionary changes witnessed in the realm of customer services and digital marketing.
APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. APAC remains as the largest market during the forecast period.
As the chatbot market in US and Europe are mature, in emerging economies, there is little presence of paid offerings.
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