The Global Chatbot Market accounted for USD 525.7 Mn in 2021 and is expected to hit around USD 3.99 Billion by 2030, projected to grow at a compound annual growth rate (CAGR) of 25.3% during the forecast period 2022 to 2030.
In order to conduct online discussions, a chatbot is a piece of Artificial Intelligence (AI) software that replicates a text-based or text-to-speech communication. Using natural language while communicating with users via messaging services, the internet, mobile apps, and the phone is advantageous. Chatbots are also employed in the BFSI industry to enhance user experience, interact with clients in place of advisors, hasten response times, lessen workloads, and other things.
Market Dynamics
Drivers:
In order to provide clients with round-the-clock service, chatbots are more important. As a result, many sectors are able to streamline and improve the customer experience they provide at every stage of the process. Many different businesses, including finance, retail and eCommerce, government, communications, and travel and hospitality, have turned their priority to quickly responding to client inquiries. A crucial component of an organization's success is now providing prompt answers to consumer inquiries.
The chatbot is therefore viewed by businesses as a potent conversational interface for effectively engaging customers and offering them a dynamic and rich user experience environment. In order to provide seamless customer experiences, some well-known companies have implemented chatbots, including Starbucks, KLM Dutch Airlines, Spotify, and Bank of America.
Restraints:
Voice-based authentication has developed over time, leading to the emergence of 2 distinct strategies. The first method of authentication involves having people repeat the same phrase repeatedly while building a very broad template out of a variety of voiceprints. Users can be authenticated by comparing their new voice prints with their previous voice prints when they speak in the future. The drawback of this strategy is that because voiceprints are more generic, they cannot be validated with the same level of precision as voiceprints produced with a single password.
The second strategy entails recording an individual voiceprint using just one word or phrase. This strategy, however, allows for the recording of authentication attempts and the replay of those attempts by outside parties to acquire access. These 2 voice authentication methods are currently on the chatbot market, However, they still lack the features necessary to constitute a reliable stand-alone method for user authentication.
Opportunity:
Self-learning chatbots may learn from their actions, experiences, and decisions as well as adapt to changing environmental conditions. These chatbots can be regarded as clever enough to quickly evaluate data and assist customers in finding the precise information they need by providing support in many languages. The transmission of more realistic and human-like communication is made possible by self-learning bots with data-driven behaviour that are powered by supervised machine learning. These bots also learn from their failures.
Key players:
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[24]7.ai, Inc.
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Acuvate
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Aivo
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Artificial Solutions
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Botsify Inc.
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Creative Virtual Ltd.
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eGain Corporation
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IBM Corporation
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Inbenta Technologies Inc.
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Next IT Corp.
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Nuance Communications, Inc.
Chatbot Market, By Application
Chatbot Market, By Product Landscape
Chatbot Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
The chatbot market has been segmented into five geographical regions: North America, Europe, MEA, APAC, and Latin America. The largest market size among these regions is predicted to be in North America during the duration of the forecast. APAC is predicted to have the greatest CAGR during the projection period. APAC countries offer excellent opportunities for investment and revenue because of their advanced technical infrastructure. These countries include Singapore, China, Japan, India, and China. The expansion of the chatbot market in APAC is projected to be encouraged by aspects such as adaptive economic conditions, government policies pushed by industrialization and globalisation, and digitization.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25.3% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 525.7Million |
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Forecast market growth |
USD 3.99 Billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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