Chatbot Market Estimated to Generate a Revenue of $19,570 Million and Grow at 28.7% CAGR During the 2020 to 2027 Analysis Timeframe | Declared by Research Dive

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Aug 23, 2022, 09:00 ET

Global chatbot market is expected to grow by 2027 due to expansion of information & communications technology infrastructure. Website sub-segment is expected to be highly beneficial. Market in Asia-Pacific region is predicted to be highly lucrative.

NEW YORK, Aug. 23, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Chatbot Market, by Component Type (Solution, Services), Deployment (On-premise, Cloud), Usage (Website, Contact Centers, Social Media, Mobile Platform), End-User (Retail & E-commerce, BFSI, Healthcare, Travel & Tourism, Others), Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".

According to the report, the global chatbot market is anticipated to generate a revenue of $19,570 million and grow at 28.7% CAGR during the 2020-2027 analysis timeframe.

Dynamics of the Chatbot Market

Drivers: The increasing adoption of chatbots by businesses to handle customers' queries promptly along with the business expansion of tech giants are some prime factors estimated to drive the growth of the global chatbot market during the forecast period. Additionally, the rising adoption of smartphones and laptops among users is also expected to boost the market growth by 2027.

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Opportunities: Growing development in implementing self-learning chatbots and the integration of modern technologies like cloud-based deployment, natural language processing (NLP), application programming interface (API), etc. are some factors to create ample growth opportunities for the global chatbot market by 2027. Moreover, strategic alliances among key market players is also predicted to augment the market development by 2027.

Restraints: Lack of awareness about the benefits of AI chatbots is the major hampering factor for the market growth.

Covid-19 Impact on the Chatbot Market

The outbreak of the covid-19 pandemic has had a positive effect on the global chatbot market mainly due to its deployment by numerous organizations such as healthcare, banking & insurance, retail, etc. to address customers' queries promptly. Moreover, due to remotely working environments to curb the spread of the corona virus, many businesses are dependent on chatbots to resolve their clients' issues. In addition, increasing collaborations and other strategic steps taken by market players is also projected to support the market growth in the upcoming years.

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Segments of the Chatbot Market

The report has divided the global chatbot market into different segments based on component type, deployment, usage, end-user, and regional analysis.

By component type, the solution sub-segment is estimated to have the highest growth rate and register a revenue of $10,763.8 million during the analysis years. This immense growth is mainly attributed to the technological advancements and rising customer demand for self-services.
By deployment, the cloud sub-segment of the global chatbot market is anticipated to hold a dominant market share and garner a revenue of $11,298.0 million by 2027 due to the growing popularity of cloud-based natural language intelligent bots like Alexa, Siri, etc. Cloud-based chatbots can easily handle multiple types of business information like employees' social security numbers, invoices, accounting, client contact details, etc., thus further bolstering the sub-segment's growth.
By usage, website sub-segment is expected to have the highest growth rate and garner a revenue of $5,848.8 million by 2027 due to growing integration of chatbots into websites. This helps people in several ways like ordering food, booking flights or trains, etc.
By end-user, the travel & tourism sub-segment is predicted to have the largest market share and gather a revenue of $2,591.1 million by 2027 due to increasing demand for meaningful and budget-friendly travel packages by travelers. Chatbots offer several benefits easy access, insights about events or destinations, and also increases the engagement rate. Moreover, the constant need of travel & tourism companies to address to their travelers' queries is also projected to propel the sub-segment's growth.
By region, the chatbot market in the Asia-Pacific region is estimated to have a significant growth rate of 29.3% CAGR by 2027 due to major technological advancements in the chatbot facility like integration of IoT, AI, natural processing language, etc. Growing expansion of information and communications technology infrastructure in the developing regions like India and China is also anticipated to uplift the market growth in the Asia-Pacific region.

North America region Chatbot Market owing to the strong presence of key players and their heavy investments into research & innovations (Avail Customization as per your Format and Definition)

Key Chatbot Market Players

Some key chatbot market players include

1. Kevit

2. Conversica, Inc

3. Yellow Messenger

4. CONTUS.

5. KeyReply

6. Aivo

7. [24]7. Ai

8. International Business Machine Corporation

9. Amazon Web Services, Inc

10. Google Inc., and many more.

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement. – Buy the Full Report [241-Pages] Here!

For instance, in November 2020, Microsoft, a global technology company that provides consumer electronics, computer software, etc., announced its partnership with Novo Nordisk, a leading healthcare company that specializes in diabetes care, to develop an AI Chinese-speaking chatbot for diabetic patients in China.

The report also summarizes many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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