The growing adoption of chatbots across numerous organizations is driving the chatbot market
The global chatbot market size is anticipated to reach nearly USD 15 billion by 2025, growing at a CAGR of nearly 30% during the forecast period 2018-2025. The chatbot is an advanced technology based on artificial intelligence (AI). It is specifically encoded in a way that allows businesses and users to interact with each other via various mediums such as text, video, voice, and others. Also, employees technologies such as natural language processing, machine learning, automated speech recognition, natural language generation, and others to communicate with users.
The current and future chatbot market advances are defined to state the attractiveness of the market. Key impacting aspects focus on the chatbot market opportunities during the forecast period. Factors such as reduced operational costs associated with the chatbots are driving the market growth. Also, the 24x7 availability and assistance to customers is another factor boosting the global chatbot market growth. However, the high initial deployment costs are expected to hamper the market growth. Furthermore, the growing adoption in numerous industries is expected to provide growth opportunities for the market in the forthcoming years. Also, the technological advancements and initiatives towards the development of self-learning chatbots are anticipated to be opportunistic for the market.
The report also highlights various aspects of the global chatbot industry by analyzing the market through value chain analysis. Besides, the chatbot market report covers different qualitative aspects of the chatbot industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The chatbot market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
Based on the technology segment, the market is divided into natural language processing, automated speech recognition, machine learning, natural language generation, and others. In the year 2019, the machine learning segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period. On the contrary, the natural language processing segment accumulated the highest growth and it is expected to keep its position during the forecast period.
Based on the geographical front, the North American region dominated the overall market in 2019 and it is expected to maintain its position over the entire forecast period 2018-2025. The dominance of this region is mainly attributed to the rapid technological adoption and advancements. However, the Asia-Pacific region is projected to experience the highest growth throughout the forecast period.
The major players of the global chatbot market are Amazon Web Platform, Google, IBM, Nuance Communication, Inbenta Technologies, Chatfuel, AIVO, Kore.ai , Artificial Solutions, and SmartBots. Moreover, the other prospective players in the chatbot market are Passage AI, Anboto, KeyReply, Contus, and Conversica. The recognized companies are coming up with innovative and new chatbot applications. As of 2019, the chatbot market is consolidated with the presence of established local as well as global players across the globe. In addition, the already recognized market players are coming up with new innovative services and solutions to stay competitive in the global market.
Segment Overview of Global Chatbot Market
Technology Overview, 2018-2025 (USD Billion)
- Machine Learning
- Automated Speech Recognition
- Natural Language Processing
- Natural Language Generation
Platform Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Customer Service
- Administrative/Business Management
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America