The global chatbot market is projected to reach USD 4,860.8 million by the end of 2026, growing at a CAGR of 22.7% during 2019-2026.
The key factors bolstering the growth of Global Chatbot Market are technological advancement in AI, natural language process, machine learning coupled with reduction in chatbot development cost. Increase in penetration of website, smartphone users and need to understand customer behaviour will aid the growth of chatbot market during forecast period. Moreover, increasing adoption of cloud-based technology such as IoT is expected to fuel the chatbot market growth during forecast period.
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Based on Deployment, On-Cloud segment is anticipated to lead the market during 2019-2026
On-Cloud segment dominated the market in 2018 and is predicted to witness significant growth rate during the forecast period as cloud-based chatbots offers high flexibility, scalability to the operations, instant analytics and accessibility.
Based on Component, Software segment will lead the market during 2019-2026
Software segment holds the largest market share in 2018 and is expected grow at the highest CAGR during the forecast period due to integration of next-generation technology in chatbot solution and growing popularity of online messaging services to get a faster response.
In terms of Industries, Retail segment is expected to grow at the fastest CAGR during forecast period 2019-2026
Healthcare segment holds the largest market share in 2018 as health services become service centric, hospitals are increasingly implementing chatbot due to smartphone utilization along with rising adoption of healthcare application, telehealth and other similar technologies which are contributing the growth of chatbot in healthcare industry. In addition, chatbots are providing features like ongoing health monitoring, providing fast information, scheduling appointment etc.
However, retail segment will grow at fastest CAGR during the forecast period, primarily due to chatbot 24/7 service availability which increases customer engagement, customer satisfaction by enhance customer experience which in turn improving revenue margin along with ongoing trend of integrating chatbots with messaging apps are driving the market growth.
Based on region, ACPC is predicted to have the highest growth rate in the market during 2019-2026
North America held the largest share of the market in 2018 due to presence of well-established ICT infrastructure and increase in acceptance of chatbot across sector like BFSI and retail. Asia-Pacific is projected to grow at the fastest CAGR of 25.0% during 2019-2026 due to large number of small and medium size enterprises using chatbots to enhance customer experience together with large number of smartphone user.
The global chatbot market has been segmented based on deployment type, component, verticals and key geographies. Based on the deployment type, global chatbot market has been segmented into on-cloud and on-premises. Based on component, the market has been segmented into software and services. Based on vertical, the market has been segmented into Healthcare, IT and Comm, BFSI, Retail, Hospitality and other.
The research report “Global Chatbot Market” provides in-depth analysis of chatbot market, globally, based on deployment type, component, verticals and major geographies for the forecast period from 2019 to 2026. The report highlights the major market drivers fuelling the growth as well as challenges faced by the market participants. The research report provides market size and forecast for chatbot market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
1- At what pace is chatbot market growing, globally? What will be the growth trend in future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
3- What are the regional chatbot market revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the chatbot market?
4- What are the various application areas and how they are poised to grow?
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