According to a research report Chatbot Market by Offering, Bot Communication (Text, Audio, & Video), Type, Business Function (Sales & Marketing, Contact Centers), Channel Integration, Vertical (Retail & eCommerce, Healthcare & Life Sciences) and Region – Global Forecast to 2028
According to MarketsandMarkets™, the report for Chatbot Market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3% during the forecast period.
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322 – Tables
85 – Figures
342 – Pages
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Chatbot Market Dynamics
Drivers
Advancements in technology coupled with rising customer demand for self-service operations Growth in need for 24×7 customer support at lower operational costs
Restraints
Inability to recognize customer intent and respond effectively Accuracy concerns associated with voice authentication
Opportunities
Initiatives toward development of self-learning chatbots to deliver human-like conversational experience Rise in demand for AI-based chatbots to deliver enhanced customer experience
List of Top Companies in Chatbot Market
Google (US) Microsoft (US) IBM (US) AWS (US) Baidu (China) Oracle (US) SAP (Germany) OpenAI (US) Salesforce (US) Meta (US) Artificial Solutions (Sweden)
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Contact Centers to hold the largest market share during the forecast period
Chatbots can be valuable to contact centers as they can handle many routine customer inquiries and free up human agents to deal with more complex issues. It can be used by contact centers to handle the initial screening of customer inquiries, such as verifying account information or determining the nature of the customer’s issue. It can be used by customer service to handle frequently asked questions such as billing inquiries, account changes, and product information. It can also be used to provide 24/7 customer support for customers. During the forecast period, the contact centers segment is anticipated to grow at a highest CAGR.
Mobile app to hold largest market share during the forecast period
Mobile app chatbots are AI programs designed to communicate with users through mobile applications. Mobile chatbots can be integrated into messaging apps such as WhatsApp, Facebook Messenger, and Telegram, allowing users to interact with businesses and organizations through these channels. The chatbots are integrated into websites and can assist users with tasks such as filling out forms, answering frequently asked questions, and providing personalized recommendations based on user preferences and behavior. The mobile app segment is expected to hold the largest market share during the forecast period.
Menu-based to hold the largest market share during the forecast period
A menu-based chatbot is a type of chatbot that uses a series of pre-defined menus and options to guide users through a conversation. Instead of allowing users to enter free-form text, the chatbot presents a series of choices or prompts that the user can select from. Menu-based chatbots are often used when possible user inputs are limited and well-defined, such as when ordering food from a restaurant, scheduling appointments, or selecting from a list of frequently asked questions (FAQs). The menu-based segment is expected to hold the largest market share during the forecast period.
Asia Pacific to hold the highest CAGR during the forecast period
The Asia Pacific segment is anticipated to grow at the highest CAGR during the forecast period. The demand for the chatbot market is estimated to expand due to the rising demand for relevant and more personalized search experiences. Chatbots can help enterprises in Asia Pacific to improve customer service and increase customer engagement by providing 24/7 support and personalized recommendations. Additionally, chatbots can help to reduce the workload of customer support teams, enabling them to focus on more complex inquiries.
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