Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Chatbot Market by Offering, Bot Communication (Text, Audio, & Video), Type, Business Function (Sales & Marketing, Contact Centers), Channel Integration, Vertical (Retail & eCommerce, Healthcare & Life Sciences) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The market for chatbot market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3%

Increasing focus on customer engagement through various channels and rising usage of generative models in chatbots to drive growth in the chatbot market. Chatbots can be a valuable tool for enterprises looking to improve customer service, reduce costs, and increase efficiency.

The services segment is expected to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on offering solutions and services. Based on services segment is divided into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. These services ensure faster and smoother implementation that maximizes the value of enterprise investments.

Voicebots segment to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on type into menu-based, linguistic-based, keyword recognition-based, contextual, hybrid, and voicebots. The voicebots segment is expected to grow rapidly during the forecast period. Voicebots can respond quickly and accurately to inquiries, providing a seamless customer experience.

Voicebots can be a cost-effective way to provide customer support, as they can handle a large volume of inquiries without the need for human intervention. This can help to reduce the workload of customer support teams and lower overall costs.

Among verticals, the retail and eCommerce segments hold the largest market size during the forecast period

Chatbots can benefit enterprises across various industries by improving customer service, reducing costs, and increasing efficiency. Across BFSI verticals, chatbots can provide customers with account information, answer inquiries about products and services, and help customers with transactions. This can help to improve customer service and reduce costs by automating routine tasks across BFSI verticals.

Asia Pacific to grow at a higher CAGR during the forecast period

The chatbot market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific is expected to gain traction in the coming years. Countries such as China, Singapore, Japan, South Korea, ANZ, and India offer ample of opportunities for the end users to leverage chatbots for more personalized recommendations in real-time .

The Asia Pacific region has one of the largest and fastest-growing populations of internet and smartphone users. This has created a large market for chatbots, which can provide a convenient and efficient way for users to access information, products, and services.

Competitive assessment

In-depth assessment of market shares, growth strategies and service offerings of leading players such as Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Meta (US), SAP (Germany), and Oracle (US) among others in the chatbot market.

Key Attributes:

Premium Insights

• Rising Usage of Generative Models in Chatbots for Immersive Customer Experience to Drive Market
• Market to Witness Minor Decline in Y-O-Y Growth in 2023
• HR Business Function Segment to Grow at Highest CAGR During Forecast Period
• Solutions and Retail and E-commerce Segments to Hold Largest Market Shares in North America in 2023
• North America to Hold Largest Market Share in 2023

Market Overview and Industry Trends

Drivers

• Advancements in Technology Coupled with Rising Customer Demand for Self-Service Operations
• Growth in Need for 247 Customer Support at Lower Operational Costs
• Increase in Focus on Customer Engagement Through Various Channels
• Rising Usage of Generative Models in Chatbots

Restraints

• Inability to Recognize Customer Intent and Respond Effectively
• Accuracy Concerns Associated with Voice Authentication

Opportunities

• Initiatives Toward Development of Self-Learning Chatbots to Deliver Human-Like Conversational Experience
• Rise in Demand for Ai-Based Chatbots to Deliver Enhanced Customer Experience
• Integration of Sentiment Analysis with Chatbots for Meaningful Customer Insights

Challenges

• Lack of Awareness About the Effect of Chatbot Technology on Various Applications
• Complex and Time-Consuming Setup and Maintenance

Case Study Analysis

Bfsi

• Case Study 1: Bankbazaar Implemented Haptik's Chatbot to Increase Customer Engagement and Enhance Customer Reach
• Case Study 2: Zurich Insurance Group Worked with Spixii to Develop Zara Chatbot for Quick Notifications
• Case Study 3: Six Payment Services Ltd. Partnered with Enterprise Bot to Enhance Customer Service
• Case Study 4: Seb Retail Bank Enhances Efficiency of Internal and External Support Processes Through Ipsoft's Amelia Chatbot

Retail and E-commerce

• Case Study 1: Kore.Ai Retail Virtual Assistants to Process Orders Across Digital Channels
• Case Study 2: Haptik Helps Jiomart with End-To-End Shopping Experience on Whatsapp
• Case Study 3: Snaps Offers Personalized Engagement Model to Nike for Increasing Customer Engagement Via Mobile Channel

Healthcare and Life Sciences

• Case Study 1: Tia Selected Rasa to Incorporate HIPAA-Compliant Nlu and Improve Efficiency
• Case Study 2: Kore.Ai Healthcare Chatbots Can Automate Routine Tasks
• Case Study 3: Netmeds Partnered with Haptik to Build Chatbot Capable of Handling Core Challenges

Transportation and Logistics

• Case Study 1: Amtrak Developed Chatbot to Help Customers
• Case Study 2: Ubisend Offers Vanarama, a Leasing Chatbot Solution, to Enable Customers to Browse and Handle Customer Queries

Travel and Hospitality

• Case Study 1: Indigo Boosts Customer Satisfaction to 87% with Yellow.Ai
• Case Study 2: Oyo Integrated Haptik's Live Chat Agent Tool to Provide Customer Support and Handle Queries Over Whatsapp

Telecom

• Case Study 1: Elisa Estonia Deployed Mindtitan's Chatbot to Analyze Incoming Chats and Improve Customer Experience

Manufacturing

• Case Study 1: L'Oreal Partnered with Automat to Develop Messaging Chatbot to Increase Customer Engagement and Enhance Productivity

Energy and Utilities

• Case Study 1: Enn Transitions to Automated Ai with IBM Watson Assistant

Government

• Case Study 1: The State of New Jersey and IBM Consulting Helps Citizens Efficiently with IBM Virtual Agents

Key Benefits of Chatbot Deployment Across Businesses

• Scaling Operations
• Enhanced Cx and Ex
• Significant Cost Reduction
• Lead Generation
• Personalized Recommendations
• Chatbot Roadmap Until 2030

Chatbot Tools and Framework

• Dialogflow by Google
• Amazon Lex
• IBM Watson Assistant
• Microsoft Bot Framework
• Rasa
• Botpress

Ecosystem Analysis

• Chatbot Cloud Platform Providers
• Chatbot Api and Framework Providers
• Chatbot Building Platform Providers
• Chatbot End-users
• Chatbot Regulators

Technology Analysis

• Machine Learning and Chatbot
• Deep Learning and Chatbot
• Natural Language Processing and Chatbot
• Automated Speech Recognition and Chatbot

Company Profiles

Key Players (Business Overview, Products Offered, Recent Developments, Analyst's View)

• Microsoft
• IBM
• Google
• Aws
• Baidu
• Openai
• Salesforce
• Meta
• Artificial Solutions
• Oracle
• Sap
• Servicenow

Other Key Players

• Avaamo
• Conversica
• Haptik
• Inbenta
• Creative Virtual
• Kore.Ai
• [24]7.Ai
• Aivo
• Personetics
• Liveperson
• Gupshup
• Freshworks
• Solvvy
• Pandorabots
• Intercom

Startup/SME Players

• Engati
• Botsify
• Yellow.Ai
• Drift
• Chatfuel
• Landbot.Io
• Customers.Ai
• Botscrew
• Rasa

For more information about this report visit https://www.researchandmarkets.com/r/ebknz4

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Attachment

• Global Chatbot Market