Chatbot Market Size to Reach USD 32.4 Billion By 2032 CAGR: 21.6%. Report By DataHorizzon Research

According to DataHorizzon Research, The chatbot market size was valued at USD 4.6 Billion in 2022 and is expected to reach USD 32.4 Billion by 2032 at a CAGR of 21.6%.


Fort Collins, Colorado, Sept. 24, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Chatbot Market Size, Growth, Share, Statistics Report, By Type (Standalone, Web-based, Third-party), By Organization Size (Small Enterprises, Medium Enterprises, Large Enterprises), By Application (Marketing, Healthcare, Automotive, Others) By Region, and Segment Forecasts, 2023-2032."     

According to DataHorizzon Research, The chatbot market size was valued at USD 4.6 Billion in 2022 and is expected to reach USD 32.4 Billion by 2032 at a CAGR of 21.6%. The global report on the chatbot market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and discusses market opportunities in detail.

Businesses use chatbots more frequently since they engage customers and shorten checkout times. To control operating expenses chatbots enable e-commerce enterprises to boost their ROIs. This saves time and the need for manual processes and benefits the company in terms of cost savings on client service.

Businesses are adopting automating, and the need for 24/7 customer service is very important. Chatbots are handy in the 24/7 work environment. Their role is to respond to the issues and queries asked by the user. At a large scale, generative AI Chatgpt by has disrupted the market for chatbots. This platform generates codes, paragraphs, messages, solutions, and almost any information on any given topic via prompts.

In the healthcare sector, basic medication and patient consultation are offered with the help of chatbots. These chatbots collect the basic information and the problems registered by the patient, which helps the physicians and doctors better analyze the condition. For the retail sector, online shopping has played an important role in the growth of chatbots. These chatbots can be used to help the audience with searching for products or solving simple queries for customers. For online purchases, consumers prefer brand-specific real-time price updates.

Integrating self-learning chatbots with cloud deployment along with NLP and API is helping businesses to grow. Several integrated technologies are employed, such as cloud-based deployment, an interference engine, a natural language processor (NLP), and an application programming interface (API). These AI-integrated chatbots can learn from the previous chats, actions, and decisions, surrounding conditions to improve their serviceability. For example, in February 2020, Creative Virtual and Spitch AG partnered to develop conversational AI and speech recognition, particularly for omni-channel solutions. The collaboration offers a multilingual voice bot to boost sales and customer satisfaction.

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Report Snapshot: 

Report TitleChatbot Market
Market Size in 2022USD 4.6 Billion
Market Size by 2032USD 32.4 Billion
CAGR from 2023 to 203221.6%
Largest MarketNorth America
Forecast Period2023 to 2032
Historic Period2021
Base Year2022
Report Scope & CoverageMarket Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors
By TypeStandalone, Web-based, Third party
By Organization SizeSmall Enterprises, Medium Enterprises, Large Enterprises
By ApplicationMarketing, Healthcare, Automotive, Others
RegionNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Countries CoveredU.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others
Major Market PlayersIBM Corporation, Google, Botsify Inc, Next IT Corp, Microsoft, Creative Virtual Ltd, eGain Corporation, AWS, Oracle, Acuvate

Segmentation Overview:

The global chatbot market has been segmented based on product, type, end-user, application, and region. Marketing is the leading segment due to its extensive use in campaigns, surveys, polls, etc. Chatbots run in automated mode and interact with users in real-time. Large enterprises dominate the end-user segment, registering significant growth in 2022.

North America is a dominant region for the chatbot market. The rise in adoption of chatbots in several industries propels the market growth. Technological investments influence market dynamics as chatbots have become popular. Asia Pacific is a fast-growing market attributed to the growing adoption of automation and integrated technologies.

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Chatbot Market Report Highlights:

  • The global chatbot market growth is projected at a CAGR of 21.6% by 2032.
  • The rise in demand for virtual assistants significantly drives the chatbot market growth. Also, the increase in market share of smartphone applications supports the chatbot facility for the user.
  • Marketing campaigns significantly employ chatbots to cater to user queries. The emergence of generative AI has opened new opportunities for chatbots.
  • Large enterprises are leading in the chatbot industry and accounting for a significant market share in the upcoming years.
  • North America is a dominant chatbot market due to its rapid adoption and high industry penetration. Also, the emergence of artificial intelligence is anticipated to impel market growth in the following years.
  • Some of the prominent players in the chatbot market report include IBM Corporation, Google, Botsify Inc, Inc., Next IT Corp, Microsoft, Creative Virtual Ltd, eGain Corporation, AWS, Oracle, and Acuvate,

Key Developments in the Industry:

  • In 2023, the Central Government of India launched PM KISAN AI-Chatbot to improve governance and promote farmer’s welfare. The deployment of chatbot is directed at accessing information regarding several government schemes. Besides, this is the first of its kind developed with the support of Bhashini and Ekstep Foundation.
  • In 2023, Macfarnes LLP designed a chatbot for its lawyers to enhance productivity and efficiency. The firm projects the deployment to reduce the workload and augment the end results with the help of generative AI technologies. 

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Chatbot Market Report Segmentation:

Chatbot Market, By Type (2023-2032)

  • Standalone
  • Web-based
  • Third-party

Chatbot Market, By Organization Size (2023-2032)

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

Chatbot Market, By Application (2023-2032)

  • Marketing
  • Healthcare
  • Automotive
  • Others

Chatbot Market, By Region (2023-2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.



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