February 15, 2021
According to the research report titled ‘Global Chatbot Market Analysis, 2020’, available with Market Study Report LLC, worldwide chatbot market is expected to register 30% CAGR during 2020-2025.
As per the report findings, global chatbot market growth is driven by key factors like mounting voice-enabled search smart devices, increasing integration of mobile and messaging applications, enhancing machine learning and artificial intelligence technologies like API, NLP, etc., and soaring demand for smart customer interactions.
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As per application spectrum, global chatbot market is split into bots for payments/order processing, bots for marketing, bots for social media, customer support, and others.
Based on type, the industry is segmented into rule based, artificial intelligence, and interface (web-based, standalone, third party/ messenger based). Amongst them, rule-based segment accounted for a considerable portion of global chatbot market share, although, improved capabilities of artificial intelligence of intelligent customer handling and self-learning are predicted to outpace the former category’s growth, while recording a robust CAGR during 2020-2025.
Moving on to verticals, the market is classified into BFSI, healthcare, travel & hospitality, telecommunications, media & entertainment, retail & ecommerce, and others. Global chatbot market share from BFSI segment is anticipated to gain traction over the coming years, owing to escalating demand for 24*7 self-learning customer query handling at banking and financial institutions and enhanced customer service, along with digitalization of transaction processes.
Meanwhile, retail & e-commerce segment led the market during 2015-2019 and is projected to depict a similar trend in the future, as most online enterprises accept bots as their key level of customer-company interaction. The ability of chatbots to collect and learn from responses from vast volumes of past data makes it a point of traction among end-users.
Elaborating on technology, the market is classified into automated speech recognition, natural language processing, and machine learning & deep learning. The development of NLP (natural learning processing) and artificial intelligence tools promote chatbots' self-learning and complex query resolution in a shorter time frame, which is expected to bring positive results in the coming years for the global chatbots industry.
Considering deployment model, the industry is bifurcated into cloud and on-premise. With respect to organization size, the market is divided into small & medium-sized enterprises and large enterprises.
Major firms impacting global chatbot industry sphere are Amazon Web Services Inc. (Amazon Lex), Passage AI, Chatfuel, Aivo, Inbenta Technologies Inc., Artificial Solutions International AB, Amazon Web Services (AWS), Google (Dialogflow), Nuance Communications Inc., and IBM Corporation.