Chatbot Market will exhibit a CAGR of 29.4% between 2020 and 2030

The Global Chatbot Market size is estimated to be USD 602.9 million in 2019 and is predicted to reach USD 10.29 billion by 2030 with a CAGR of 29.4% from 2020-2030. Chatbot is a computer program which is developed to initiate communication with the customers and resolve their queries and issues on regular basis. The chatbot works on artificial intelligence but applications make the communications which was developed by IT professionals. To provide seamless experience and quick response to the customer queries with improved service has increased the demand of Chatbot.

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The significant developing technologies and rapid industrialization with increased globalization is expected to further accelerate the growth of Chatbot market. The other supporting factors include technological advancement, increase in smart devices and smart phones coupled with increased inclination towards digital era.

The other contributing factors include increased use of artificial intelligence, increasing market competition coupled with increased demand of better customer experience with increased inclination towards virtual agents round the clock. However, high initial investments with lack of product differentiation are expected to inhibit the growth of market. Moreover, increased adoption of voice enabled Chatbot are expected to create ample opportunities in the market over the forecast period.

Market Segmentations and Scope of the Study:

The global chatbot market share is analyzed on the basis of type, platform, application, end user and geography. On the basis of type, the market is segmented into software and services. On the basis of platform, the market is divided into Web-based and Mobile-based. On the basis of application, the market is divided into Customer Service, Social Media, Payment/Order Processing, and Marketing. On the basis of end use, the market is divided into BFSI, Media and Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to represents the developed market with major market share due to the increased adoption of Chatbot over the forecast period. The other factors such as technological advancement, increased use of artificial intelligence, increase demand of better customer experience and others are expected to fuel the growth of Chatbot market in the near future.

Asia Pacific is expected to be the fastest developing region owing to the developing economies. Moreover, increased adoption of technology, increase in globalization, increased use of smart devices and smart phones couple with increased inclination towards digital era are further expected to augment the growth of market in the near future.

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The chatbot market, which is highly competitive and fragmented, also consists of various market players. Some of the major market players include Artificial Solutions, eGain Corporation, 24/7 Customer Inc., Anboto, Aivo, Nuance Communications, Inc., Next IT Corp., Inbenta Technologies Inc., Creative Virtual Ltd. and Codebaby (Idavatars), Inc. among others.

There have been various developments taken place in the past and will take in the near future which is further expected to augment the market growth. For instance, in June 2019, Artificial Solutions has announced the general availability of Teneo Developers, a portal created to help developers frustrated by the lack of capability and intelligent design in the general chatbot marketplace today.