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.
U.S.
Chatbot Market by Vertical, 2014 - 2025 (USD Million)
Browse full
research report on Chatbot Market: https://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: https://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 By Grand View Research: https://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.
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