Global Chatbot Market 2021-2027: 25% CAGR Forecast During 2021 and 2027 as Chatbots Used During COVID-19 Lockdowns to Maintain Customer Relationship Management – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Chatbot Market 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The chatbot market is anticipated to grow at a substantial CAGR of 25.4% during the forecast period. The global chatbot market is driven by the factors such as increasing demand for better customer care service solutions, rising adoption of chatbots in verticles such as BFSI, retail & e-commerce, healthcare, telecommunication, among others, and rising smartphone users globally.
Moreover, a rising startup in major economies and high investment by them in R&D activities for further advancements in chatbot technologies is projected to drive the growth of the market during the forecast period. For instance, in June 2021, Cognigy raised funding of $44 million to scale its enterprise-focused conversational AI platform globally. The rising partnership collaboration among major players and new chatbot launches by them is expected to further drive the growth of the market. The high initial setup cost of the chatbots and lack of experienced assistance may slow down their adoption during the forecast period.
The global chatbot market was not that much impacted by the COVID-19 pandemic. During the lockdown, the use of chatbots by many organizations and enterprises to maintain their customer relationship management and to handle customer queries has been deployed; as a result their demand has increased. The adoption of chatbots by a financial institution for customer interaction at a remote location was found useful. This led to high demand and growth of the chatbot market.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing region in the global chatbot market. China, India, Japan are the major contributors to the market growth in terms of increasing population, rising smartphone users, growing industrialization, and increasing startups. Moreover, leveraging information-intensive AI technologies in developing countries of Asia-Pacific, heavy investments in chatbot and machine learning technology is also driving the growth of the market in the region. Whereas, North America is projected to hold a significant share in the market. The region dominated the market in 2020 and is further projected to maintain its dominance during the forecast period.
The presence of major companies that provided AI-based chatbot solutions to various industries is positively impacting the market growth in the region. The US is expected to account for the largest revenue share during the forecast period owing to the increasing disposable income, changing living standards, and growing urbanization.
Market Segmentation
- Global Chatbot Market Research and Analysis by Deployment Model
- Global Chatbot Market Research and Analysis by Component
- Global Chatbot Market Research and Analysis by Verticals
- Global Chatbot Market Research and Analysis by Application
The Report Covers
- Comprehensive Research Methodology of the global chatbot market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global chatbot market.
- Insights about market determinants that are stimulating the global chatbot market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players
4. Market Determinants
5. Market Segmentation
5.1. Global Chatbot Market, ByDeployment Model
5.2. Global Chatbot Market, ByComponent
5.3. Global Chatbot Market, ByVerticals
5.4. Global Chatbot Market, By Application
6. Regional Analysis
7. Company Profiles
- [24]7.ai, Inc
- Acuvate Software Pvt Ltd.
- Aivo
- Amazon Web Services Inc.
- Artificial Solution International AB
- Botsify Inc.
- CogniCor Technologies Inc.
- Contus
- Conversica, Inc
- Creative Virtual Ltd.
- eGain Corp. (US)
- Google LLC.
- IBM Corp.
- Inbenta Technologies Inc.
- Kevit Technologies
- LiveChat, Inc
- Microsoft Corp
- MindMeld Inc.
- Nuance Communication, Inc.
- Oracle Corp.
- Personetics Technologies
- Pypestream Inc.
- SmartBots
- Verint Systems Inc.
- Yellow Messenger
For more information about this report visit https://www.researchandmarkets.com/r/kzfrlr
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