Global Chatbot Market Expected to Grow with 28.7% CAGR and Exceed $19,570 Million in the 2020 to 2027 Timeframe [241-Pages] | Reveals by Research Dive

The global chatbot market is anticipated to witness noteworthy growth in the 2020—2027 timeframe. Growing necessity of chatbot solutions in various companies to help businesses in offering better customer support is driving the growth of the market. The cloud sub-segment, travel & tourism sub-segment, social media sub-segment, and service sub-segment are projected to lead the market. The North America market is anticipated to be at the forefront.

New York, USA, May 18, 2022 (GLOBE NEWSWIRE) -- A new report on the global chatbot market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $19,570 million by 2027, growing with a CAGR of 28.7% in the forecast period, 2020-2027. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.

Factors Impacting the Chatbot Market Growth:

The key factor enhancing the growth of the global chatbot market is the surging implementation of chatbots in several companies for handling customer queries. Moreover, growing innovations in chatbot solutions by market players is projected to open doors to lucrative opportunities for the growth of the market throughout the forecast period. However, dearth of knowledge and awareness about the benefits of implementing chatbots and challenges in managing chatbots are expected to hinder the market growth.

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Impact of COVID-19 Pandemic on the Chatbot Market:

The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global chatbot market. The implementation of lockdown restrictions during the pandemic has halted the usual functioning of several industries. Hence, several companies including banking & insurance, healthcare, and retail have limited their workforces and implemented chatbot solutions to handle customer queries of customers and other jobs, and thus helped in avoiding the spread of virus. All these factors are likely to fuel the market growth in the coming years.
The report segments the global chatbot market into component type, deployment, usage, end user, and region.

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  • The service sub-segment of the component type segment is anticipated to grow significantly and surpass $8,825.8 million during the forecast period. This growth is chiefly owing to the rising demand for service component, as it provides features such as great NLP, significantly progressive multilingual competences, cost-effectiveness, and real-time analysis.
  • The cloud sub-segment of the deployment type segment is anticipated to hold a foremost position in the market and surpass $11,298.0 million during the estimated period. This is chiefly owing to the rising demand for cloud-based chatbots, as they enable easy handling of numerous types of sensitive business data such as customer contact details, social security numbers of employees, invoices & accounting, supply chain management, business intelligence, and many more.
  • The social media sub-segment of the usage segment is anticipated to grow significantly and beat $4,686.4 million during the estimated period. This growth is chiefly owing to the increasing demand for chatbot solutions on social media, as they help in boosting the proficiency of work on social media by enabling a more subjective engagement with customers.
  • The travel & tourism sub-segment of the end user segment is estimated to grow considerably and garner $2,591.1 million during the estimated period. This is chiefly because of the widely rising demand for more substantial travel experiences amongst the travelers worldwide. As chatbots help in offering stress-free access to information to clients, update potential customers about destinations & events, and surge the rate of engagement.

North America Chatbot Market to Observe Highest Growth

The report analyzes the global chatbot market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to observe remarkable growth and hit $5,581.4 million in the projected period. The growth of the region market is mainly because of the rising implementation of chatbots by numerous companies to enhance business operations in this region.
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Key Chatbot Market Players

The report lists some of the foremost players operating in the global chatbot market including

  1. Kevit
  2. Conversica, Inc
  3. Yellow Messenger
  4. CONTUS.
  5. KeyReply
  6. Aivo
  7. [24]7. Ai
  8. International Business Machine Corporation
  9. Amazon Web Services, Inc
  10. Google Inc., and others.

The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/cloud range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here to get access to the key company's Strategic Development Report

For instance, in November 2021, ZeroShotBot, the world's first AI chatbot, launched a novel disruptive conversational AI technology that normalizes chatbots for big as well as small businesses.

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