Chatbots refer to software systems designed to conduct conversations through auditory or textual methods. They are increasingly being used by companies to handle simple customer queries and perform various other tasks through natural language conversations. Chatbots help provide 24x7 customer support and allow businesses to automate response delivery at a lower cost compared to hiring human agents.
Market key trends:
One of the major trends driving the growth of chatbot market is increasing integration of artificial intelligence. AI technologies such as machine learning and natural language processing are allowing chatbots to become more human-like and accurate in understanding user queries. As chatbots get powered by advanced AI, they are expected to handle more complex conversations and tasks over the forecast period. Businesses are increasingly investing in AI-driven chatbots to automate customer support and enhance consumer experience through personalized interactions.
Segment Analysis
The global chatbot market is segmented by type, component, deployment mode, application, and end-user. Based on type, the market is segmented into stand-alone chatbots and web-based chatbots. The web-based chatbots segment is dominating the market as they can be easily integrated with websites and apps, rendering them more accessible.
Based on component, the market is segmented into software and services. The software segment dominated the market in 2022 owing to the high demand for automated solutions to enhance customer experiences.
Key Takeaways
The Global Chatbot Market Demand is expected to witness high growth, exhibiting CAGR of 25.7% over the forecast period, due to increasing demand for enhanced customer experiences.
Regional Analysis: North America dominated the global chatbot market in 2022, accounting for over 30% share owing to the strong presence of key players in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period, growing at a CAGR of around 28%, due to rapid digitalization and increasing adoption of AI technologies in countries like China and India.
Key players operating in the chatbot market are Facebook, Inc., Kiwi, Inc., Astute Solutions, Google, Inc., Pandorabots, Inc., Haptik, Inc., Yahoo Inc., Helpshift, ToyTalk (PullString Inc.), Imperson Ltd., Slack Technologies, Inc., Kasisto Inc., and Microsoft Corporation. Key players are focusing on expanding their product portfolios and partnerships to strengthen their market presence. For instance, in 2022, Kasisto partnered with Converge to enhance banking experiences through virtual assistants.
The global chatbot market size was valued at US$ 6.04 billion in 2023 and is expected to reach over US$ 30 billion by 2030, expanding at a compound annual growth rate (CAGR) of 25.7% during the forecast period.
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