The 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% during the forecast period. Rise in demand for AI-based chatbots and integration of sentiment analysis with chatbots to gain meaningful customer insights to offer ample of opportunities for market growth.
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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.
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Unique Features in the Chatbot Market
New features allow them to recognize and respond to a user’s emotional tone, personalizing the conversation and building rapport. Imagine a customer service bot that detects frustration and adjusts its communication style to be more empathetic.
Chatbots are breaking free from text-based interfaces. They can now integrate voice recognition and chat with users through voice assistants or smart speakers. Additionally, some chatbots can understand and respond to images or videos, making communication richer and more intuitive.
Imagine a proactive shopping assistant that recommends a new outfit based on your recent purchases or weather conditions. Chatbots can leverage user data and past interactions to anticipate needs and suggest relevant products, services, or information.
Advanced chatbots can understand the context of a conversation and tailor their responses accordingly. This could involve remembering past interactions with a user or referencing previous parts of the current conversation to provide a more holistic and relevant experience.
Chatbots are becoming powerful integration hubs. They can connect with CRM systems, knowledge bases, or enterprise software, allowing them to access and process real-time data to personalize responses or complete tasks like scheduling appointments or processing transactions.
Major Highlights of the Chatbot Market
Chatbots are transforming customer service landscapes. They handle routine inquiries, answer frequently asked questions, and resolve basic issues, freeing up human agents for complex cases. This improves customer satisfaction and reduces operational costs for businesses.
Chatbots are becoming valuable marketing and sales tools. They can qualify leads, personalize interactions, nurture prospects, and even close deals. This allows businesses to engage customers more effectively throughout the buying journey.
The marriage of AI and chatbots is leading to a new generation of intelligent virtual assistants. These chatbots can understand complex questions, respond in a natural way, and even learn from interactions, offering a more human-like experience.
Chatbots are no longer confined to a few sectors. They are finding applications in various industries, including healthcare, education, banking, and travel. This widespread adoption highlights the versatility and value proposition of chatbots.
The future of chatbots lies in personalization. Advanced chatbots can tailor interactions to individual users based on their past interactions, preferences, and demographics. This personalized approach fosters stronger customer relationships and boosts engagement.
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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.
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