The chatbot market is projected to expand from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, with a CAGR of 23.3% over the forecast period. Growing demand for AI-powered chatbots and the integration of sentiment analysis to derive valuable customer insights are expected to drive significant market growth opportunities.
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Contact Centers to hold the largest market share during the forecast period
Chatbots can be valuable to contact centers as they can handle many routine customer inquiries and free up human agents to deal with more complex issues. It can be used by contact centers to handle the initial screening of customer inquiries, such as verifying account information or determining the nature of the customer’s issue. It can be used by customer service to handle frequently asked questions such as billing inquiries, account changes, and product information. It can also be used to provide 24/7 customer support for customers. During the forecast period, the contact centers segment is anticipated to grow at a highest CAGR.
Mobile app to hold largest market share during the forecast period
Mobile app chatbots are AI programs designed to communicate with users through mobile applications. Mobile chatbots can be integrated into messaging apps such as WhatsApp, Facebook Messenger, and Telegram, allowing users to interact with businesses and organizations through these channels. The chatbots are integrated into websites and can assist users with tasks such as filling out forms, answering frequently asked questions, and providing personalized recommendations based on user preferences and behavior. The mobile app segment is expected to hold the largest market share during the forecast period.
Menu-based to hold the largest market share during the forecast period
A menu-based chatbot is a type of chatbot that uses a series of pre-defined menus and options to guide users through a conversation. Instead of allowing users to enter free-form text, the chatbot presents a series of choices or prompts that the user can select from. Menu-based chatbots are often used when possible user inputs are limited and well-defined, such as when ordering food from a restaurant, scheduling appointments, or selecting from a list of frequently asked questions (FAQs). The menu-based segment is expected to hold the largest market share during the forecast period.
Asia Pacific to hold the highest CAGR during the forecast period
The Asia Pacific segment is anticipated to grow at the highest CAGR during the forecast period. The demand for the chatbot market is estimated to expand due to the rising demand for relevant and more personalized search experiences. Chatbots can help enterprises in Asia Pacific to improve customer service and increase customer engagement by providing 24/7 support and personalized recommendations. Additionally, chatbots can help to reduce the workload of customer support teams, enabling them to focus on more complex inquiries.
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Unique Features in the Chatbot Market
Modern chatbots are equipped with advanced NLP capabilities that enable them to understand and respond to human language more naturally. Additionally, sentiment analysis allows these chatbots to gauge the emotional tone of a user’s message.
With the global nature of online businesses, chatbots have evolved to offer multilingual support, enabling companies to serve diverse customer bases seamlessly. This feature allows chatbots to interact in multiple languages, helping businesses expand their reach and cater to a global audience with localized experiences.
Chatbots today can be easily integrated with various business platforms, including CRM, ERP, and e-commerce systems, to deliver a more cohesive customer experience.
Many chatbots are now equipped with voice recognition technology, enabling voice-based interactions. With the rise of voice-activated assistants and devices, voice-enabled chatbots are becoming an essential feature, allowing users to engage through spoken language and enhancing accessibility.
Unlike traditional chatbots that respond only when engaged, proactive chatbots can initiate interactions with users based on triggers such as browsing patterns or specific actions.
Major Highlights of the Chatbot Market
The chatbot market is experiencing significant growth, with projections showing substantial increases in market size over the next few years. This growth is fueled by rising demand across industries, as businesses recognize the benefits of chatbots in enhancing customer service, reducing operational costs, and providing 24/7 support.
Chatbots are no longer limited to customer service; they’re now widely adopted across various sectors, including retail, healthcare, finance, and e-commerce. This versatility allows companies to use chatbots for tasks like customer support, appointment scheduling, product recommendations, and transactional services, enhancing efficiency across the board.
Advances in AI, particularly in natural language processing (NLP) and machine learning, are transforming chatbots from basic query-responders to sophisticated conversational agents. These advancements allow chatbots to better understand context, sentiment, and user intent, making interactions more fluid and personalized.
As businesses expand globally, there’s a growing need for chatbots that can communicate in multiple languages and operate across different channels, such as social media, messaging apps, and websites.
Chatbots are valuable tools for gathering and analyzing customer data. By tracking interactions, preferences, and pain points, chatbots provide businesses with actionable insights into customer behavior.
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Top Companies in the Chatbot Market
Key players operating in the chatbot market include Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), OpenAI (US), Salesforce (US), Meta (US), Artificial Solutions (Sweden), ServiceNow (US), [24]7.ai (US), Kore.ai (US), Conversica (US), Inbenta (US), Creative Virtual (US), Avaamo (US), Haptik (India), Solvvy (US), Gupshup (US), Aivo (US), Personetics (US), LivePerson (US), Freshworks (India), Engati (US), Botsify (Pakistan), Yellow.ai (US), Drift (US), Intercom (US), Chatfuel (US), Landbot (Spain), Pandorabots (US), Customers.ai (US), Rasa (Germany), and BotsCrew (UK). These chatbot vendors have adopted various organic and inorganic strategies to sustain their positions and increase their global market shares.
Google, a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s parent organization, Alphabet, was founded in 2015. Google’s product innovations witness an increase in the use of its services, and the company is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users every month. Google has built a platform in the cloud and invests in infrastructure, security, data management, analytics, and AI. The company’s global clientele base is spread across industry verticals, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environment, food, beverage, government, healthcare, manufacturing, media, telecommunications and IT, transportation, and travel and hospitality. As more digital experiences are being built in the cloud, the company’s cloud products focus on helping enterprises of all sizes take advantage of the latest technologies and efficiently operate their businesses. Google also increasingly invests in platforms, such as Android mobile OS, Chrome browser, Chrome OS, and Daydream Virtual Reality (VR). It operates through 70 offices in more than 50 countries worldwide. In February 2020, the company completed the acquisition of Looker, a unified platform provider for business intelligence, data applications, and embedded analytics. In the chatbot market, Google offers Dialogflow that is aimed at enabling users with new ways to interact with products by building engaging voice and text-based conversational interfaces, such as voice apps and chatbots, powered by AI.
Microsoft is a leading global tech giant that offers software, services, devices, and solutions to compete in the era of an intelligent cloud and an intelligent edge. With the increase in investments in the mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, and content. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft offers platform and tool to help drive the productivity of SMEs, and large enterprises, and the efficiency of the public sector. The company works on three pillars, which include privacy, cybersecurity, and responsible AI, to provide tools and frameworks for its customers to encourage policy change. It invests in data centers and other hybrid and edge infrastructure to enhance its service offerings. In the chatbot market, the company offers Azure Bot ServiceService which enables rapid intelligent bot development powered by the Microsoft Bot Framework, which operates in a serverless environment on Azure.
Baidu, Inc., established in 2000 by Robin Li and Eric Xu, is a leading Chinese multinational technology company specializing in Internet-related services and products and artificial intelligence (AI). Headquartered in Beijing, Baidu is best known for its search engine, which is the most popular in China. The company has diversified its offerings to include a wide array of internet services and AI-driven solutions
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