The global chatbot market is expected to reach USD 1.25
billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand
View Research, Inc. The chatbot industry is expected to witness significant
growth over the forecast period as they enable enterprises to substantially
reduce operating costs. Additionally, innovations in artificial intelligence
and machine learning technologies are likely to enhance the features of
chatbots, which acts as a major driver for the market.
A significant rise has been observed in the number
of users of messaging services, which is expected to surpass the number of
users of social networking sites. Additionally, there has been a significant
development in the NLP field, which has resulted in streamlined interactions
between computers and human languages. The entire chatbot ecosystem comprises
various cross-linking features, which facilitates enhanced performance of
chatbots in all application. Most companies prefer in-built chatbots on their
websites as they facilitate enterprises in providing instant customer
interaction. For instance, Slack and Twitter messaging platforms are preferred
by majority businesses.
North America is expected to emerge as the major
region for the chatbot market over the forecast period. The growth in this
region is mainly attributed to the increasing deployment of chatbots in various
business verticals. Technologies such as artificial intelligence, IoT, and
APIs, among others, are evolving at a rapid speed. Chatbots are integrated with
these technologies to offer enhanced operations, thereby driving market demand.
Artificial intelligence and audio speech-based chatbots are expected to account
for the largest market share in future. Additionally, speech recognition has
improved drastically, especially in terms of native languages, which is
expected to result in enhanced performance of chatbots in various applications.
Full
Research Report On Global Chatbot Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/chatbot-market
www.grandviewresearch.com/industry-analysis/chatbot-market
Further
key findings from the report suggest:
- Chatbots find various applications in
e-commerce, healthcare, and BFSI sectors. Large enterprise emerged as the
largest end-user segment in 2016 and is estimated to register a CAGR of
24.2% over the forecast period.
- The bots for marketing segment is expected to
witness the largest growth over the forecast period as these chatbots can
connect the customers directly to service providers.
- The standalone segment is estimated to grow at
a CAGR of 24.8% over the forecast period.
- The Asia Pacific market is projected to witness
substantial growth over the next decade owing to various technological
developments across major economies. The regional market is expected to
grow at a CAGR of 24.7 % from 2017 to 2025.
- Key participants in the chatbot industry
include Baidu, Poncho, Kik, WeChat, Varo Money Inc., Babylon Health,
ReplyYes, and SRI International. Chatbots have found wide applications in
large enterprises as they enable better understanding of consumer behavior
with the help of machine learning.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/communication-services
www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the chatbot market based on end users,
applications/business models, types, product landscape, verticals, and regions:
End User
Outlook (Revenue, USD Million; 2014 - 2025)
- Small
Enterprises
- Medium
Enterprises
- Large
Enterprises
Application/Business
Model Outlook (Revenue, USD Million; 2014 - 2025)
- Bots
for Service
- Bots
for Social Media
- Bots
for Payments/Order Processing
- Bots
for Marketing
- Others
Type
Outlook (Revenue, USD Million; 2014 - 2025)
- Standalone
- Web-based
- Messenger-based/Third
Party
Product
Landscape Outlook (Revenue, USD Million; 2014 - 2025)
- Artificial
Intelligence
- Marketing
- Human
Intelligence
Vertical
Outlook (Revenue, USD Million; 2014 - 2025)
- Healthcare
- Retail
- Banking,
Financial Services, and Insurance (BFSI)
- Media
& Entertainment
- Travel
& Tourism
- E-commerce
- Others
Regional
Outlook (Revenue, USD Million; 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- South
Korea
- South
America
- Brazil
- Rest
of South America
- MEA
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-chatbot-market
www.grandviewresearch.com/press-release/global-chatbot-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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