- March 24, 2021
- Category: Enterprise IT and Software, Information and Communication Technology
Global Chatbot Market Size study, by End User (Large, Medium and Small Enterprises), by Application (Bots for Service, Bots for Marketing and Others), by Type (Standalone, Web-based and Messenger based), by Product Landscape (Artificial intelligence, Marketing and Human intelligence), by Vertical (Retail, Healthcare, Banking and others) and Regional Forecasts 2021-2027
Chapter 1.Executive Summary 1.1. Market Snapshot 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion) 1.2.1. Chatbot Market, by Region, 2019-2027 (USD Billion) 1.2.2. Chatbot Market, by End user, 2019-2027 (USD Billion) 1.2.3. Chatbot Market, by Application, 2019-2027 (USD Billion) 1.2.4. Chatbot Market, by Type, 2019-2027 (USD Billion) 1.2.5. Chatbot Market, by Product Landscape, 2019-2027 (USD Billion) 1.2.6. Chatbot Market, by Vertical, 2019-2027 (USD Billion) 1.3. Key Trends 1.4. Estimation Methodology 1.5. Research Assumption Chapter 2. Global Chatbot Market Definition and Scope 2.1. Objective of the Study 2.2. Market Definition & Scope 2.2.1. Scope of the Study 2.2.2. Industry Evolution 2.3. Years Considered for the Study 2.4. Currency Conversion Rates Chapter 3. Global Chatbot Market Dynamics 3.1. Chatbot Market Impact Analysis (2019-2027) 3.1.1. Market Drivers 126.96.36.199. Cost reduction by chatbots for businesses 188.8.131.52. Increasing demand from e-commerce and healthcare industries 3.1.2. Market Challenges 184.108.40.206. Lack of human interaction and personalisation 3.1.3. Market Opportunities 220.127.116.11. Rise in virtual assistance in post-pandemic landscape Chapter 4. Global Chatbot Market Industry Analysis 4.1. Porter’s 5 Force Model 4.1.1. Bargaining Power of Suppliers 4.1.2. Bargaining Power of Buyers 4.1.3. Threat of New Entrants 4.1.4. Threat of Substitutes 4.1.5. Competitive Rivalry 4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027) 4.2. PEST Analysis 4.2.1. Political 4.2.2. Economical 4.2.3. Social 4.2.4. Technological 4.3. Investment Adoption Model 4.4. Analyst Recommendation & Conclusion Chapter 5. Global Chatbot Market, by End user 5.1. Market Snapshot 5.2. Global Chatbot Market by End user, Performance - Potential Analysis 5.3. Global Chatbot Market Estimates & Forecasts by End user 2018-2027 (USD Billion) 5.4. Chatbot Market, Sub Segment Analysis 5.4.1. Large enterprise 5.4.2. Medium enterprise 5.4.3. Small enterprise Chapter 6. Global Chatbot Market, by Application 6.1. Market Snapshot 6.2. Global Chatbot Market by Application, Performance - Potential Analysis 6.3. Global Chatbot Market Estimates & Forecasts by Application 2018-2027 (USD Billion) 6.4. Chatbot Market, Sub Segment Analysis 6.4.1. Bots for service 6.4.2. Bots for social media 6.4.3. Bot for payments/order processing 6.4.4. Bots for marketing 6.4.5. Others Chapter 7. Global Chatbot Market, by Type 7.1. Market Snapshot 7.2. Global Chatbot Market by Type, Performance - Potential Analysis 7.3. Global Chatbot Market Estimates & Forecasts by Type 2018-2027 (USD Billion) 7.4. Chatbot Market, Sub Segment Analysis 7.4.1. Standalone 7.4.2. Web based 7.4.3. Messenger based/third Party Chapter 8. Global Chatbot Market, by Product Landscape 8.1. Market Snapshot 8.2. Global Chatbot Market by Product Landscape, Performance - Potential Analysis 8.3. Global Chatbot Market Estimates & Forecasts by Product Landscape 2018-2027 (USD Billion) 8.4. Chatbot Market, Sub Segment Analysis 8.4.1. Artificial intelligence 8.4.2. Marketing 8.4.3. Human intelligence Chapter 9. Global Chatbot Market, by Vertical 9.1. Market Snapshot 9.2. Global Chatbot Market by Vertical, Performance - Potential Analysis 9.3. Global Chatbot Market Estimates & Forecasts by Vertical 2018-2027 (USD Billion) 9.4. Chatbot Market, Sub Segment Analysis 9.4.1. Healthcare 9.4.2. Retail 9.4.3. Banking 9.4.4. Media and entertainment 9.4.5. Travel & tourism 9.4.6. E-commerce 9.4.7. Others Chapter 10. Global Chatbot Market, Regional Analysis 10.1. Chatbot Market, Regional Market Snapshot 10.2. North America Chatbot Market 10.2.1. U.S. Chatbot Market 10.2.1.1. End user breakdown estimates & forecasts, 2018-2027 10.2.1.2. Application breakdown estimates & forecasts, 2018-2027 10.2.1.3. Type breakdown estimates & forecasts, 2018-2027 10.2.1.4. Product Landscape breakdown estimates & forecasts, 2018-2027 10.2.1.5. Vertical breakdown estimates & forecasts, 2018-2027 10.2.2. Canada Chatbot Market 10.3. Europe Chatbot Market Snapshot 10.3.1. U.K. Chatbot Market 10.3.2. Germany Chatbot Market 10.3.3. France Chatbot Market 10.3.4. Spain Chatbot Market 10.3.5. Italy Chatbot Market 10.3.6. Rest of Europe Chatbot Market 10.4. Asia-Pacific Chatbot Market Snapshot 10.4.1. China Chatbot Market 10.4.2. India Chatbot Market 10.4.3. Japan Chatbot Market 10.4.4. Australia Chatbot Market 10.4.5. South Korea Chatbot Market 10.4.6. Rest of Asia Pacific Chatbot Market 10.5. Latin America Chatbot Market Snapshot 10.5.1. Brazil Chatbot Market 10.5.2. Mexico Chatbot Market 10.6. Rest of The World Chatbot Market Chapter 11. Competitive Intelligence 11.1. Top Market Strategies 11.2. Company Profiles 11.2.1. 7.ai, Inc 18.104.22.168. Key Information 22.214.171.124. Overview 126.96.36.199. Financial (Subject to Data Availability) 188.8.131.52. Product Summary 184.108.40.206. Recent Developments 11.2.2. Acuvate 11.2.3. Aivo 11.2.4. Artificial Solutions 11.2.5. Botsify Inc. 11.2.6. Creative Virtual Ltd. 11.2.7. eGain Corporation 11.2.8. IBM Corporation 11.2.9. Inbenta Technologies Inc. 11.2.10. Next IT Corp. Chapter 12. Research Process 12.1. Research Process 12.1.1. Data Mining 12.1.2. Analysis 12.1.3. Market Estimation 12.1.4. Validation 12.1.5. Publishing 12.2. Research Attributes 12.3. Research Assumption
Global Chatbot Market is valued approximately USD 428.9 million in 2020 and is anticipated to grow with a healthy growth rate of more than 23.95% over the forecast period 2021-2027.
A chatbot is an artificial intelligence software that simulates and processes human conversation (either written or spoken) with a user in natural language via messaging applications, websites, or mobile apps. Driven by AI, machine learning and natural-language processing, chatbots process data to deliver answers to questions of all types. Chatbots are useful in improving operational efficiency, cost-cutting for businesses while offering ease of use, providing added services to employees and customers. They also help organizations to effortlessly resolve various customer queries and problems while reducing the need of human interface. In addition to all this, they allow companies to cater to an unlimited number of customers in a personal way and can be scaled up or down, given the business demands. The data captured by chatbots can be used for internal analysis by the company by generating insights from it. All the aforementioned features, augmented by increased demand from end-use industries such as healthcare, hospitality, retail, e-commerce etc., are acting as drivers for the growth of chatbot market. According to United Nations Conference on Trade and Development, global e-commerce sales jumped to $26.7 trillion in 2019, up 4% from $25.6 trillion in 2018. In addition to that, COVID-19 pandemic increased online retail sales share of total retail sales from 16% to 19% in 2020. The United States continued to dominate the overall e-commerce market, followed by Japan, China, South Korea and UK. The faster adoption of e-commerce will certainly propel chatbots market as manual customer problem resolution and grievance redressal will become tough to execute.
The lack of human interaction and absence of detailed and personalized query resolution in chatbots may restraint its growth to some extent since many businesses might resist the chatbot adoption in their firm. Nonetheless, the post-pandemic landscape acts as an opportunity for chatbot market in the following decade as many businesses are moving towards virtual and automated mode of customer interaction.
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Chatbot Market. Due to faster technological adoption by many retail, healthcare and BFSI firms as well as higher concentration of startups in the area, North America is a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing startup culture and drastic increase in e-commerce sector and other online businesses.
Major market player included in this report are:
Creative Virtual Ltd.
Inbenta Technologies Inc.
Next IT Corp.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End user:
Bots for service
Bots for social media
Bot for payments/order processing
Bots for marketing
Messenger based/third Party
By Product Landscape:
Media and entertainment
Travel & tourism
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Chatbot Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers