Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024
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Request Now[194 Pages Report] The chatbot market size is expected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. Key growth factors for the market include advancement in technology coupled with rising customer demand for self-services and 24*7 customer assistance at lower operational costs. Further, initiatives toward the development of self-learning chatbots to deliver more human-like conversational experience, growing use of chatbot among various industries, and increasing focus on customer engagement through various channels to create many opportunities for vendors in the global market.
Customer engagement and retention to hold the largest market size during the forecast period
Customer engagement and retention is one of the main focus areas of various verticals. These verticals have started deploying Artificial Intelligence (AI)-powered chatbots into their operations to engage customers and offer them seamless experiences throughout their journey. Chatbots act as an effective tool for verticals to attract, retain, and engage new customers, owing to their ability to engage customers, collect new data, and shorten sales life cycles. Hence, the customer engagement and retention is projected to become a crucial application area to deploy chatbot solutions.
APAC is expected to hold the highest CAGR during the forecast period
The global chatbot market covers 5 major geographic regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market size during the forecast period. The APAC region shows rapid growth in the market, as the APAC region holds more than 50% of the worlds population, and therefore any major technological shifts, such as those being heralded by AI are likely to shape the future of the region. Many Asian countries, such as China, Singapore, India, and Japan are leveraging information-intensive AI technologies, and chatbot is one of the leading technology trends and hence, APAC is expected to show promising opportunities to deploy chatbot solutions.
Market Dynamics
Driver: 24*7 customer assistance at a lower operational cost
Chatbots are proving to be a promising agent that can provide 24*7 while reducing the overall operational cost. Additionally, AI-powered chatbots provide benefits, such as automation of repetitive tasks leading to increased process efficiency, delivery of support in multiple languages, and provision of better self-service experiences. Due to its ability to personalize the experience without any interruption, chatbots are expected to play a key role in the coming years where customer support services are concerned. The provision of quick responses to customer queries has become a key factor for the success of organizations. Hence enterprises are looking at the chatbot as a powerful conversational interface for engaging customers effectively and providing them with a dynamic and rich user experience environment. Starbucks, KLM Dutch Airlines, Spotify, and Bank of America are some brands that have deployed chatbots with the intent to deliver seamless customer experiences.
Restraints: Inability to recognize customer intent and respond effectively
Software tools, such as Application Program Interfaces (APIs), are specifically developed to perform the generic use of chatbot solutions without integrating any specific functionality that fails to meet the specific user requirement and achieve the exact purpose of building a chatbot. Chatbot market fed with specific data can assist customers only if posed with questions they are programmed to answer. Hence, if a customer poses a question that the chatbot has no information about, it will fail to understand the customers intent and demonstrate an inability to solve the posed query.
Opportunity: Initiatives toward development of self-learning chatbots to deliver a more humanlike conversational experience
Self-learning chatbots market can adapt to changing conditions in the environment they operate in, such as these bot cans learn from their actions, experiences, and decisions. These chatbots can be considered as clever enough to analyze data in minimal time and help the customer find the exact information they are looking for conveniently, by offering support in multiple languages. Self-learning bots whose behavior is data driven are powered NLP technology and self-learning capability (supervised ML), which can enable the delivery of more humanlike and natural communication and can learn from their own mistakes.
Challenge: Lack of awareness
Lack of awareness and challenges related to change management may impact the growth of the market to a certain extent. Though the adoption of chatbots solutions is increasing among various industries, challenges pertaining to the effective utilizations and limited awareness about the benefits offered by AIpowered chatbots solutions may limit the growth of adoption of chatbot solutions among developing regions, such as Latin America and Africa, Moreover, large organizations are at the forefront of adopting chatbot solutions , however, Small and Medium-sized Enterprises (SMEs) have limited adoption of the same, owing to the cost associated with maintenance and lack of skilled resources, among others.
Scope of the Report
|
Report Metrics |
Details |
|
Market size available for years |
2017-2024 |
|
Base year considered |
2018 |
|
Forecast period |
20192024 |
|
Forecast units |
Billion (USD) |
|
Segments covered |
Component, Technology, Deployment Model, Usage, Organization Size, Application, Vertical, and Region |
|
Geographies covered |
North America, Europe, APAC, Latin America, and MEA |
|
Companies covered |
IBM Corporation(US), Nuance Communications (US), Google (US), Amazon Web Services(US), Artificial Solutions (Spain), Inbenta Technologies (US), [24]7.ai (US), Chatfuel (US), AIVO (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India) |
This research report categorizes the chatbot market based on component, deployment mode, organization size, application, verticals, and regions.
By component, the market is divided into the following segments:
- Solutions
- Software
- Platform
- Services
- Managed Services
- Professional Services
By technology, the market is divided into the following segments:
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Automated Speech Recognition (ASR)
By usage, the chatbot market is divided into the following segments:
- Websites
- Contact Centers
- Social Media
- Mobile Platform
By deployment model, the market is divided into the following segments:
- Cloud
- On-premises
By organization size, the market is divided into the following segments:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By application, the chatbot market is divided into the following segments:
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Data Privacy and Compliance
- Onboarding and Employee Engagement
- Others (Campaign Analysis, Payment Processing and, Data Aggregation )
By vertical, the market is divided into the following segments:
- Banking, Financial Services and Insurance (BFSI)
- Media and Entertainment
- Retail and eCommerce
- Travel and Hospitality
- Telecom
- Healthcare and Life Sciences
- Others (Manufacturing, Government, Education, and Utilities )
By region, the chatbot market is divided into the following segments:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Singapore
- South Korea
- India
- Rest of APAC
- Middle East and Africa (MEA)
- Middle East
- Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Key Market Players
The chatbot market comprises key solution providers, such as IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), [24]7.ai (US), Chatfuel (US), AIVO (Argentina), Botsify.com (Pakistan), Passage AI (US), Kore.ai (US.ai), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor Technologies (US), Conversica (US), Gupshup (US), and Kevit (India).
Nuance Communications formed a partnership with Apple, wherein Apple, with the help of Nuance, launched a new tool called Business Chat for Apples platform, which would allow businesses to add live chat features. This business chat would enable businesses to connect to their clients with the help of Apples messaging platform. The platform would enable users to engage with airlines, retail, and telecom to find the answer to questions, solve issues, and perform transactions. Along with these strategies, the company also focuses on further strengthening its product portfolio.
Recent Developments:
- In January 2019, IBM formed a partnership with the Ingenico Group to build a payment-enabled chatbot with the intent to deliver personalized experiences to its customers. Ingenico Group is a European company engaged in delivering the technology required for conducting secure electronic transactions. Through this partnership, Ingenico Group could leverage Natural Language Processing (NLP) capabilities offered by the Watson platform to better understand user requests and interpret nuances in various languages and phrasing. Owing to this, the bot could respond to customer requests quickly.
- In April 2019, Google formed a partnership with Salesforce to develop smart customer experience. With this partnership, both companies aim to integrate Googles Dialogflow Enterprise Edition with Salesforce Einstien platform product offerings for customer services. By integrating these solutions, both companies aimed at developing a solution, whether it is a chatbot or an agent, to create an enhanced customer service experience.
Key Questions addressed by the report:
- What are the opportunities in the chatbot market?
- What is the competitive landscape in the market?
- What are the emerging applications showing the adoption of chatbots solutions in the global market?
- What are the key use cases existing in the market?
- What are the key trends and dynamics existing in the market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 20)
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology (Page No. - 23)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
3 Executive Summary (Page No. - 29)
4 Premium Insights (Page No. - 34)
4.1 Attractive Opportunities in the Global Chatbot Market
4.2 Market By Application
4.3 Market Top 3 Verticals and Regions
4.4 Market By Region
5 Market Overview and Industry Trends (Page No. - 37)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advancement in Technology Coupled With Rising Customer Demand for Self-Services
5.2.1.2 24*7 Customer Assistance at a Lower Operational Cost
5.2.2 Restraints
5.2.2.1 Inability to Recognize Customer Intent and Respond Effectively
5.2.3 Opportunities
5.2.3.1 Initiatives Toward Development of Self-Learning Chatbots to Deliver a More Humanlike Conversational Experience
5.2.3.2 Growing use of Chatbots Among Major Industries
5.2.3.3 Increasing Focus on Customer Engagement Through Various Channels
5.2.4 Challenges
5.2.4.1 Lack of Awareness About the Effect of Chatbot Technology on Various Applications
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.3.6 Use Case: Scenario 6
5.3.7 Use Case: Scenario 7
5.3.8 Use Case: Scenario 8
5.3.9 Use Case: Scenario 9
5.3.10 Use Case: Scenario 10
5.3.11 Use Case: Scenario 11
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 Health Insurance Portability and Accountability Act
5.4.3 Payment Card Industry Data Security Standard
5.4.4 Financial Industry Regulatory Authority
5.4.5 Service Organizational Control 2
5.4.6 Markets in Financial Instruments Directive II
6 Chatbot Market, By Component (Page No. - 50)
6.1 Introduction
6.2 Solutions
6.2.1 Platform
6.2.1.1 Chatbot Platforms Help Understand the Conversational Data of Intelligent Digital Assistants
6.2.2 Software
6.2.2.1 Growth of AI and ML Technologies to Drive the Demand for Chatbot Software
6.3 Services
6.3.1 Managed Services
6.3.1.1 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs Driving the Demand for Managed Services
6.3.2 Professional Services
6.3.2.1 Growing use of AI and Analytics for Consulting, Deployment, and Support and Maintenance Services to Increase Adoption of Professional Services
7 Chatbot Market, By Technology (Page No. - 56)
7.1 Introduction
7.2 Machine Learning and Deep Learning
7.2.1 Need for Automating Communication to Deliver Seamless Personalized Customer Experience
7.3 Natural Language Processing
7.3.1 Natural Language Processing Offers Self-Service Assistance to Provide Efficiency, Flexibility, and Customer Satisfaction
7.4 Automated Speech Recognition
7.4.1 Growing Need to Recognize Human Voice for Effective Handling of Queries
8 Chatbot Market, By Deployment Model (Page No. - 60)
8.1 Introduction
8.2 On-Premises
8.2.1 Data Privacy and Security to Accelerate Adoption of On-Premises Chatbot Solutions
8.3 Cloud
8.3.1 Adoption of Cloud-Based Deployment Model for Chatbot Solutions to Rise in Future
9 Chatbot Market, By Usage (Page No. - 64)
9.1 Introduction
9.2 Websites
9.2.1 Web-Based Chatbots Help Up-Sell and Cross-Sell Products and Services to Drive Additional Revenue
9.3 Contact Centers
9.3.1 Chatbots Improve Customer Experience and Loyalty, Operational Metrics, and Multiple Interaction Channels in Contact Centers
9.4 Social Media
9.4.1 Integration of Chatbots With Social Media Network Platforms Empowers Organizations to Deliver Faster and Personalized Experience to Clients
9.5 Mobile Platform
9.5.1 Chatbots in Mobile Platform Offer Better User Interface and Experience, 24/7 Assistance, and Interactive Experience in Human Language
10 Chatbot Market, By Organization Size (Page No. - 70)
10.1 Introduction
10.2 Large Enterprises
10.2.1 Ability to Handle Queries in Multiple Languages to Increase Adoption of Chatbots Among Large Enterprises
10.3 Small and Medium-Sized Enterprises
10.3.1 Capability to Reduce Time Spent in Repetitive Tasks to Accelerate Adoption of Chatbots
11 Chatbot Market, By Application (Page No. - 74)
11.1 Introduction
11.2 Customer Support
11.2.1 Increasing Organizational Focus Toward Rapid Response to Customer Queries to Pave the Way for Chatbot Adoption Among Various Industry Verticals
11.3 Personal Assistant
11.3.1 Personal Assistants to Become Crucial to Support Basic Applications
11.4 Branding and Advertisement
11.4.1 Increasing Need to Create Brand Awareness to Drive Adoption of Chatbot Solutions
11.5 Customer Engagement and Retention
11.5.1 Growing Need to Deliver Personalized Experience Throughout Customer Journey to Drive Adoption of Customer Engagement and Retention Application
11.6 Data Privacy and Compliance
11.6.1 Need for Safeguarding Customer Data to Create Demand for Compliance Tools
11.7 On-Boarding and Employee Engagement
11.7.1 Use of Chatbots to Enhance Efficiency of Hr Business Function to Drive Adoption of On-Boarding and Employee Engagement Application
11.8 Others
12 Chatbot Market, By Vertical (Page No. - 83)
12.1 Introduction
12.2 Banking, Financial Services, and Insurance
12.2.1 Technologies Such as AI and ML to Provide Banking and Financial Industry a Platform for Extended Customer Engagement
12.3 Retail and Ecommerce
12.3.1 Chatbots Growing use for Retaining Customers, Collecting Feedback, and Driving Sales to Drive Their Adoption in Retail and Ecommerce Vertical
12.4 Healthcare
12.4.1 Chatbots Enable Medical Professionals to Manage Patient Data and Medication, Help During Emergencies, and Provide First Aid
12.5 Travel and Hospitality
12.5.1 Chatbots Enable Enhanced Guest or Passenger Services in Travel and Hospitality Vertical
12.6 Media and Entertainment
12.6.1 Multiple Industry-Driven Chatbot Initiatives of Governments to Drive Adoption of Chatbot Solutions in Media and Entertainment Vertical
12.7 Telecommunications
12.7.1 AI-Enabled Chatbots Would Help Improve Contact Center Effectiveness and Increase Roi in the Telecommunications Vertical
12.8 Others
13 Chatbot Market, By Region (Page No. - 92)
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.1.1 Growing Integration of AI- and ML-Based Solutions With Chatbots to Enhance Customer Experience Driving Their Demand in the US
13.2.2 Canada
13.2.2.1 Increase in AI Research Activities and Industry Collaborations to Boost the Adoption of Chatbots in Canada
13.3 Europe
13.3.1 United Kingdom
13.3.1.1 Government Support in Terms of Investments and Initiatives to Fuel the Adoption of Chatbots in the UK
13.3.2 Germany
13.3.2.1 Increasing Adoption of Chatbot Solutions Across Major Verticals to Drive the Market Growth in Germany
13.3.3 France
13.3.3.1 Focus on R&D and Heavy Investments From the Government and Investors to Drive the Growth of Chatbot Market in France
13.3.4 Rest of Europe
13.4 Asia Pacific
13.4.1 China
13.4.1.1 Increasing Investments in the AI Landscape to Drive the Adoption of Chatbot Solutions in China
13.4.2 Japan
13.4.2.1 Rising Intelligent Virtual Agents in the Telecom Vertical to Fuel Adoption of Chatbot Solutions in Japan
13.4.3 India
13.4.3.1 Increase in Investments Among Startups and Push From the Government to Boost the Growth of Chatbot Market in India
13.4.4 Singapore
13.4.4.1 Growing Deployment By Government as Well as Private Organizations to Boost the Growth of Chatbot Market in Singapore
13.4.5 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Middle East
13.5.1.1 Government Initiatives and the Growth of AI-Based Startups to Drive the Growth of Chatbot Market in the Middle East
13.5.2 Africa
13.5.2.1 Growing Need to Enhance Customer Service to Drive the Adoption of Chatbots in Africa
13.6 Latin America
13.6.1 Brazil
13.6.1.1 Emerging Startups in Brazil to Drive the Growth of Chatbot Market
13.6.2 Mexico
13.6.2.1 Growing Demand for AI-Based Technologies to Fuel the Adoption of Chatbot Solutions in Mexico
13.6.3 Rest of Latin America
14 Competitive Landscape (Page No. - 149)
14.1 Introduction
14.2 Competitive Leadership Mapping
14.2.1 Visionary Leaders
14.2.2 Innovators
14.2.3 Dynamic Differentiators
14.2.4 Emerging Companies
14.3 Strength of Product Portfolio
14.4 Business Strategy Excellence
15 Company Profiles (Page No. - 153)
15.1 Introduction
(Business Overview, Products, Platforms & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
15.2 IBM
15.3 Nuance Communications
15.4 Google
15.5 AWS
15.6 Artificial Solutions
15.7 Inbenta Technologies
15.8 [24]7.ai
15.9 Chatfuel
15.10 AIVO
15.11 Botsify
15.12 Passage AI
15.13 Kore.Ai
15.14 KeyReply
15.15 SmartBots.AI
15.16 Contus
15.17 Yellow Messenger
15.18 CogniCor Technologies
15.19 Conversica
15.20 Gupshup
15.21 Kevit
15.22 Yekaliva
*Details on Business Overview, Products, Platforms & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not be Captured in Case of Unlisted Companies.
16 Appendix (Page No. - 184)
16.1 Industry Excerpts
16.2 Discussion Guide
16.3 Knowledge Store: Marketsandmarkets Subscription Portal
16.4 Available Customizations
16.5 Related Reports
16.6 Author Details
List of Tables (133 Tables)
Table 1 United States Dollar Exchange Rate, 20162018
Table 2 Factor Analysis
Table 3 Global Chatbot Market Size and Growth Rate, 20172024 (USD Million and Y-O-Y %)
Table 4 Chatbot Market Size, By Component, 20172024 (USD Million)
Table 5 Solutions: Market Size By Type, 20172024 (USD Million)
Table 6 Services: Market Size By Type, 20172024 (USD Million)
Table 7 Chatbot Market Size, By Technology, 20172024 (USD Million)
Table 8 Chatbot Market Size, By Deployment Model, 2017-2024 (Million)
Table 9 On-Premises: Market Size By Region, 2017-2024 (Million)
Table 10 Cloud: Market Size By Region, 2017-2024 (Million)
Table 11 Chatbot Market Size, By Usage, 20172024 (USD Million)
Table 12 Websites: Market Size By Region, 20172024 (USD Million)
Table 13 Contact Centers: Market Size By Region, 20172024 (USD Million)
Table 14 Social Media: Market Size By Region, 20172024 (USD Million)
Table 15 Mobile Platform: Market Siz, By Region, 20172024 (USD Million)
Table 16 Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 17 Large Enterprises: Market Size By Region, 20172024 (USD Million)
Table 18 Small and Medium-Sized Enterprises: Market Size By Region, 20172024 (USD Million)
Table 19 Chatbot Market Size, By Application, 20172024 (USD Million)
Table 20 Customer Support: Market Size By Region, 20172024 (USD Million)
Table 21 Personal Assistant: Market Size By Region, 20172024 (USD Million)
Table 22 Branding and Advertisement: Chatbot Market Size, By Region, 20172024 (USD Million)
Table 23 Customer Engagement and Retention: Market Size By Region, 20172024 (USD Million)
Table 24 Data Privacy and Compliance: Market Size By Region, 20172024 (USD Million)
Table 25 On-Boarding and Employee Engagement: Market Size By Region, 20172024 (USD Million)
Table 26 Other Applications: Market Size By Region, 20172024 (USD Million)
Table 27 Chatbot Market Size, By Vertical, 20172024 (USD Million)
Table 28 Banking, Financial Services, and Insurance: Market Size By Region, 20172024 (USD Million)
Table 29 Retail and Ecommerce: Chatbot Market Size By Region, 20172024 (USD Million)
Table 30 Healthcare: Chatbot Market Size By Region, 20172024 (USD Million)
Table 31 Travel and Hospitality: Market Size By Region, 20172024 (USD Million)
Table 32 Media and Entertainment: Market Size By Region, 20172024 (USD Million)
Table 33 Communications: Market Size By Region, 20172024 (USD Million)
Table 34 Other Verticals: Market Size By Region, 20172024 (USD Million)
Table 35 Chatbot Market Size, By Region, 20172024 (USD Million)
Table 36 North America: Chatbot Market Size, By Component, 20172024 (USD Million)
Table 37 North America: Market Size By Solution, 20172024 (USD Million)
Table 38 North America: Market Size By Service, 20172024 (USD Million)
Table 39 North America: Market Size By Technology, 20172024 (USD Million)
Table 40 North America: Market Size By Deployment Model, 20172024 (USD Million)
Table 41 North America: Market Size By Usage, 20172024 (USD Million)
Table 42 North America: Market Size By Organization Size, 20172024 (USD Million)
Table 43 North America: Market Size By Application, 20172024 (USD Million)
Table 44 North America: Market Size By Vertical, 20172024 (USD Million)
Table 45 North America: Market Size By Country, 20172024 (USD Million)
Table 46 United States: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 47 United States: Market Size By Application, 20172024 (USD Million)
Table 48 United States: Market Size By Vertical, 20172024 (USD Million)
Table 49 Canada: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 50 Canada: Market Size By Application, 20172024 (USD Million)
Table 51 Canada: Market Size By Vertical, 20172024 (USD Million)
Table 52 Europe: Market Size By Component, 20172024 (USD Million)
Table 53 Europe: Market Size By Solution, 20172024 (USD Million)
Table 54 Europe: Market Size By Service, 20172024 (USD Million)
Table 55 Europe: Market Size By Technology, 20172024 (USD Million)
Table 56 Europe: Chatbot Market Size, By Deployment Model, 20172024 (USD Million)
Table 57 Europe: Market Size By Usage, 20172024 (USD Million)
Table 58 Europe: Market Size By Organization Size, 20172024 (USD Million)
Table 59 Europe: Market Size By Application, 20172024 (USD Million)
Table 60 Europe: Market Size By Vertical, 20172024 (USD Million)
Table 61 Europe: Market Size By Country, 20172024 (USD Million)
Table 62 United Kingdom: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 63 United Kingdom: Market Size By Application, 20172024 (USD Million)
Table 64 United Kingdom: Market Size By Vertical, 20172024 (USD Million)
Table 65 Germany: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 66 Germany: Market Size By Application, 20172024 (USD Million)
Table 67 Germany: Market Size By Vertical, 20172024 (USD Million)
Table 68 France: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 69 France: Market Size By Application, 20172024 (USD Million)
Table 70 France: Market Size By Vertical, 20172024 (USD Million)
Table 71 Rest of Europe: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 72 Rest of Europe: Market Size By Application, 20172024 (USD Million)
Table 73 Rest of Europe: Market Size By Vertical, 20172024 (USD Million)
Table 74 Asia Pacific: Chatbot Market Size, By Component, 20172024 (USD Million)
Table 75 Asia Pacific: Market Size By Solution, 20172024 (USD Million)
Table 76 Asia Pacific: Market Size By Service, 20172024 (USD Million)
Table 77 Asia Pacific: Market Size By Technology, 20172024 (USD Million)
Table 78 Asia Pacific: Chatbot Market Size, By Deployment Model, 20172024 (USD Million)
Table 79 Asia Pacific: Market Size By Usage, 20172024 (USD Million)
Table 80 Asia Pacific: Market Size By Organization Size, 20172024 (USD Million)
Table 81 Asia Pacific: Market Size By Application, 20172024 (USD Million)
Table 82 Asia Pacific: Market Size By Vertical, 20172024 (USD Million)
Table 83 Asia Pacific: Market Size By Country, 20172024 (USD Million)
Table 84 China: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 85 China: Market Size By Application, 20172024 (USD Million)
Table 86 China: Market Size By Vertical, 20172024 (USD Million)
Table 87 Japan: Market Size By Organization Size, 20172024 (USD Million)
Table 88 Japan: Market Size By Application, 20172024 (USD Million)
Table 89 Japan: Market Size By Vertical, 20172024 (USD Million)
Table 90 India: Market Size By Organization Size, 20172024 (USD Million)
Table 91 India: Market Size By Application, 20172024 (USD Million)
Table 92 India: Market Size By Vertical, 20172024 (USD Million)
Table 93 Singapore: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 94 Singapore: Market Size By Application, 20172024 (USD Million)
Table 95 Singapore: Market Size By Vertical, 20172024 (USD Million)
Table 96 Rest of Asia Pacific: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 97 Rest of Asia Pacific: Market Size By Application, 20172024 (USD Million)
Table 98 Rest of Asia Pacific: Market Size By Vertical, 20172024 (USD Million)
Table 99 Middle East and Africa: Chatbot Market Size, By Component, 20172024 (USD Million)
Table 100 Middle East and Africa: Market Size By Solution, 20172024 (USD Million)
Table 101 Middle East and Africa: Market Size By Service, 20172024 (USD Million)
Table 102 Middle East and Africa: Market Size By Technology, 20172024 (USD Million)
Table 103 Middle East and Africa: Chatbot Market Size, By Deployment Model, 20172024 (USD Million)
Table 104 Middle East and Africa: Market Size By Usage, 20172024 (USD Million)
Table 105 Middle East and Africa: Market Size By Organization Size, 20172024 (USD Million)
Table 106 Middle East and Africa: Market Size By Application, 20172024 (USD Million)
Table 107 Middle East and Africa: Market Size By Vertical, 20172024 (USD Million)
Table 108 Middle East and Africa: Market Size By Country, 20172024 (USD Million)
Table 109 Middle East: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 110 Middle East: Market Size By Application, 20172024 (USD Million)
Table 111 Middle East: Market Size By Vertical, 20172024 (USD Million)
Table 112 Africa: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 113 Africa: Market Size By Application, 20172024 (USD Million)
Table 114 Africa: Market Size By Vertical, 20172024 (USD Million)
Table 115 Latin America: Chatbot Market Size, By Component, 20172024 (USD Million)
Table 116 Latin America: Market Size By Solution, 20172024 (USD Million)
Table 117 Latin America: Market Size By Service, 20172024 (USD Million)
Table 118 Latin America: Market Size By Technology, 20172024 (USD Million)
Table 119 Latin America: Market Size By Deployment Model, 20172024 (USD Million)
Table 120 Latin America: Market Size By Usage, 20172024 (USD Million)
Table 121 Latin America: Market Size By Organization Size, 20172024 (USD Million)
Table 122 Latin America: Market Size By Application, 20172024 (USD Million)
Table 123 Latin America: Market Size By Vertical, 20172024 (USD Million)
Table 124 Latin America: Market Size By Country, 20172024 (USD Million)
Table 125 Brazil: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 126 Brazil: Market Size By Application, 20172024 (USD Million)
Table 127 Brazil: Market Size By Vertical, 20172024 (USD Million)
Table 128 Mexico: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 129 Mexico: Market Size By Application, 20172024 (USD Million)
Table 130 Mexico: Market Size By Vertical, 20172024 (USD Million)
Table 131 Rest of Latin America: Chatbot Market Size, By Organization Size, 20172024 (USD Million)
Table 132 Rest of Latin America: Market Size By Application, 20172024 (USD Million)
Table 133 Rest of Latin America: Market Size By Vertical, 20172024 (USD Million)
List of Figures (47 Figures)
Figure 1 Chatbot Market: Research Design
Figure 2 Chatbot Market: Top-Down and Bottom-Up Approaches
Figure 3 Solutions Segment to Account for a Larger Market Size in 2019
Figure 4 Software Segment to Account for a Higher Market Share in 2019
Figure 5 Managed Services Segment to Account for a Larger Market Size in 2019
Figure 6 Large Enterprises to Account for a Higher Market Share in 2019
Figure 7 Customer Engagement and Retention Segment to Account for the Largest Market Size in 2019
Figure 8 Banking, Financial Services, and Insurance to Hold the Largest Market Size During the Forecast Period
Figure 9 Asia Pacific to Account for the Highest CAGR During the Forecast Period
Figure 10 Growing Need to Offer 24*7 Enhanced Customer Support Services to Drive the Growth of the Chatbot Market
Figure 11 Personal Assistants to Grow at the Highest Rate During the Forecast Period
Figure 12 BFSI Vertical and North America to Account for the Highest Market Shares in Chatbot Market in 2019
Figure 13 North America to Hold the Highest Market Share in 2019
Figure 14 Asia Pacific to be the Best Region for Investments During the Forecast Period
Figure 15 Chatbot Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Usage of Artificial Intelligence-Based Chatbots Among Service Organizations
Figure 17 Services Segment to Register a Higher CAGR During the Forecast Period
Figure 18 Software Segment to Grow at a Higher CAGR During the Forecast Period
Figure 19 Managed Services Segment to Register a Higher CAGR During the Forecast Period
Figure 20 Automated Speech Recognition Segment to Register the Highest CAGR During the Forecast Period
Figure 21 Cloud Segment to Grow at a Higher CAGR During the Forecast Period
Figure 22 Social Media Segment to Grow at the Highest CAGR During the Forecast Period
Figure 23 Small and Medium-Sized Enterprises to Witness a Higher Growth Rate During the Forecast Period
Figure 24 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 25 Retail and Ecommerce Vertical to Grow at the Highest CAGR During the Forecast Period
Figure 26 North America to Account for the Largest Market Size During the Forecast Period
Figure 27 Asia Pacific to Account for the Highest CAGR During the Forecast Period
Figure 28 India to Account for the Highest CAGR During the Forecast Period
Figure 29 North America: Market Snapshot
Figure 30 Personal Assistant Segment to Register the Highest CAGR During the Forecast Period
Figure 31 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period in Europe
Figure 32 Asia Pacific: Market Snapshot
Figure 33 Data Privacy and Compliance Segment to Grow at the Highest CAGR During the Forecast Period in Asia Pacific
Figure 34 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period in Middle East and Africa
Figure 35 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period in Latin America
Figure 36 Chatbot Market (Global) Competitive Leadership Mapping, 2019
Figure 37 Product Portfolio Analysis of Top Players in Chatbot Market
Figure 38 Business Strategy Excellence of Top Players in Chatbot Market
Figure 39 IBM: Company Snapshot
Figure 40 IBM: SWOT Analysis
Figure 41 Nuance Communications: Company Snapshot
Figure 42 Nuance Communications: SWOT Analysis
Figure 43 Google: Company Snapshot
Figure 44 Google: SWOT Analysis
Figure 45 AWS: Company Snapshot
Figure 46 AWS: SWOT Analysis
Figure 47 Artificial Solutions: SWOT Analysis:
The study involved 4 major activities in estimating the current market size of the chatbot market. An extensive secondary research was done to collect information on the market, peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the market.
Secondary Research
In the secondary research process, various secondary sources, such as D&B Hoovers and Bloomberg, BusinessWeek, Dun Bradstreet, and Factiva have been referred to for identifying and collecting information for this study. Secondary sources included annual reports; press releases and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; gold standard and silver standard websites; Research and Development (R&D) organizations; regulatory bodies; and databases. Journals, repositories, and resources from the Journal of A Study of Todays A.I. through Chatbots and Rediscovery of Machine Intelligence, and Interdisciplinary Advances in Adaptive and Intelligent Assistant Systems were referred to understand the integration of chatbot.
Primary Research
Various primary sources from both the supply and demand sides of the chatbot market were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), technology and innovation directors, and related key executives from various vendors offering chatbot solutions, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The following is the breakup of primary profiles:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the chatbot market. The top-down approach was used to derive the revenue contribution of top vendors and their offerings in the market. The bottom-up approach was used to arrive at the overall market size of the global market using key companies revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market were identified through extensive secondary research.
- The market size, in terms of value, was determined through primary and secondary research processes.
- All percentage, shares split, and breakups were determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Report Objectives
- To define, segment, and project the global chatbot market size
- To understand the structure of the market by identifying its various subsegments
- To provide detailed information about key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the micromarkets concerning individual growth trends, prospects, and their contribution to the overall market
- To project the size of the market and its submarkets, in terms of value, for the 5 regions (along with their respective key countries)
- To profile key players and comprehensively analyze their core competencies
- To understand the competitive landscape and identify significant growth strategies adopted by players across key regions
- To analyze competitive developments, such as expansions and fundings, new product launches, mergers and acquisitions, strategic partnerships and agreements in the chatbot market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix provides a detailed comparison of the product portfolio of each company
Geographic Analysis
- Further breakup of the North American chatbot market
- Further breakup of the European market
- Further breakup of the APAC market
- Further breakup of the Latin American market
- Further breakup of the MEA market
Company Information
- Detailed analysis and profiling of additional market players up to 5
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- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Chatbot Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
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Growth opportunities and latent adjacency in Chatbot Market
Indeed. We have been closely tracking various innovations that is helping business improve on their business outcomes. Conversational Systems such as chatbots, and IVA is surely one of them. Our research suggests that that there's lot of disruptions happening specially with AI, Voice-enabled tech coming together in support of customer service, customer retention, and customer experience resulting in higher customer satisfaction levels. Happy to discuss more if'd like. Please feel free reach out to sales@marketsandmarkets.com. Have a great day!
Whether you like it or not, chatbots and virtual assistants are the future of marketing and customer support, and that means they may present new opportunities for your business also.
Understanding the AI driven capabilities in the market
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Understanding the market of chatbots in APAC based on segmentation and industry verticals
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