Chatbot market size is expected to reach USD 3,411 million by 2030

TOKYO, July 25. 2022 (GLOBE NEWSWIRE) — The Global Chatbot market The size accounted for USD 521 million in 2021 and is expected to reach USD 3,411 million by 2030, growing at a CAGR of 23.7% during the forecast period from 2022 to 2030.

A chatbot is an artificial intelligence (AI) based software application that simulates human conversations to help individuals connect effectively with technological devices. It is often built on a programming platform and contains interfaces for cloud storage, monitoring and databases. Chatbots are often used as digital assistants in messaging services, smartphone apps, websites, and other digital devices through text or text-to-speech functionality. They provide several benefits, such as greater business efficiency, customer interaction, branding and advertising, data protection and accountability, transaction processing, as well as inbound marketing and automated qualification.

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Market Chatbot market
Market size 2021 $521 million
Market Forecast 2030 $3,411 million
CAGR from 2022 to 2030 23.7%
Analysis period 2018 – 2030
base year 2021
Forecast data 2022 – 2030
Segments Covered By type, by application, by product landscape, by end user and by geography
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled Key Companies Facebook, Inc., Pandorabots, Inc., ToyTalk (PullString Inc.), Google, Inc., Yahoo Inc., Haptik, Inc., Helpshift, Kasisto Inc., Slack Technologies, Inc., Astute Solutions, Kiwi, Inc. , and Microsoft Corporation.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis
Scope of customization 10 a.m. free customization and expert advice

Aspects of Global Chatbot Market Growth

The growing emphasis on consumer engagement across many media around the world is one of the main growth factors for the chatbot industry. Businesses’ increased use of customer service activities to reduce operating costs and increase consumer expectations of self-service activities are helping the economy grow. Growing demand for 24/7 customer service at reduced investment costs, as well as efforts to develop self-learning chatbots to provide a more human contact experience, are all impacting the area. In addition, the presence of stringent passenger safety regulations, rapid technological advancements, increasing urbanization, and increased consumer preference for messaging services over social networking sites are all positively impacting the market. chatbots. Additional factors such as significant developments in IT infrastructure and extensive R&D in natural language processing (NLP) are expected to propel the industry forward over the forecast years.

However, the inability to detect customer intent and respond appropriately, along with inaccuracy in user voice authentication, is expected to hamper the growth of the industry. The chatbot market would experience obstacles during the forecast period due to a lack of understanding of the impact of chatbot technology on various applications.

Increased demand for fast and efficient customer support is expected to drive the growth of the global chatbot market throughout the forecast period

Chatbots have emerged as an important solution to the growing intention to provide customers with efficient and immediate customer service, regardless of their geographical location. This allows organizations to eliminate particular hours from the equation and allows customers to express the highest degree of customer service available to meet all of their needs. Additionally, since chatbots are reasonably adept at simulating human dialogue, many companies use them to improve their live chat customer service channel. Accordingly, these factors are expected to fuel the growth of the global chatbot market over the forecast period.

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Tourism facilities and infrastructure will be managed by chatbots

Chatbots are often professional software devices that are pre-programmed to respond to simple customer requests. When entering a hotel, customers usually have many questions, ranging from possible tourist infrastructure to tourist facilities. Guests can inquire about hotel amenities, breakfast items, dinner, hotel amenities, lunch and dinner hours, gym facilities, security measures, and more. As a result, chatbots provide detailed information about the destination infrastructure. Chatbots can also provide information about restaurants, clubs, breweries, entertainment, theme parks, sporting events, aviaries, public swimming pools, outdoor games, hikes, shopping malls, etc. . near.

Regional overview of the chatbot market

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global chatbot market. Asia-Pacific is expected to remain the largest market and witness the highest growth over the forecast period. This growth is due to the use of machine learning and information-intensive artificial intelligence, especially in developing countries such as Singapore, India, China and Japan, massive investments in chatbots and deep learning innovation by many startups, and the growing use of chatbots by small and medium-sized businesses to improve consumer engagement and engagement. Technological innovations such as chatbots are being adopted by Asia-Pacific industries and infrastructure. Chatbots can help organizations reduce customer support costs by up to 30% by reducing response times and avoiding unnecessary employees for more difficult work. Additionally, the introduction of messaging applications and advancements in artificial intelligence (AI) have created a perfect environment for chatbots to thrive, which is expected to drive the growth of the regional chatbot market.

Segmentation of the chatbot market

The global chatbot market has been segmented by Acumen Research and Consulting on the basis of type, application, product landscape, and end-user. Based on type, the marketplace is divided into standalone, web-based, third-party/messenger-based marketplaces. Based on the application, the market has divided into bots for social media, bots for service, bots for marketing, bots for payments/order processing, etc. Based on the product landscape, the market is categorized into artificial intelligence, marketing, human intelligence. Based on end-user, the market is segmented into healthcare, BFSI, retail, travel & tourism, media & entertainment, e-commerce, others.

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Chatbot market players

Some key players covered globally in chatbot industry are Facebook, Inc., Pandorabots, Inc., ToyTalk (PullString Inc.), Google, Inc., Yahoo Inc., Haptik, Inc., Helpshift, Kasisto Inc., Slack Technologies, Inc., Astute Solutions, Kiwi, Inc. and Microsoft Corporation.

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