The Chabot size is anticipated to expand at an astonishing CAGR of 21.8% from 2022 to 2032. The market for chatbots is expected to grow from US$ 448.5 million in 2022 to US$ 4.2 billion in 2032.
The market has an appealing potential because of a greater emphasis on consumer interaction through a variety of channels and improved customer service at lower operational expenses.
A greater focus on customer engagement through various channels, technological advancements combined with a rise in customer demand for self-service operations, and all of these factors are driving the growth of the chatbot market and giving businesses a competitive edge. These factors include the need for 24/7 customer service at lower operating costs.
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Chatbots and smart speakers are two examples of virtual assistants utilized in a range of industries, including retail, healthcare, and BFSI.
Different sectors will leverage a wide range of chatbot solutions and services to support digital transformation initiatives that address mission-critical processes, enhance operations, and distinguish customer viewing experiences.
The use of chatbots is anticipated to be driven by lower operational costs, better customer experiences, the resolution of customer issues, expanded visibility into processes and operations, and enhanced real-time decision-making.
The lack of understanding and issues with management change may have some influence on the growth of the chatbot market.
Despite the fact that chatbot solutions are growing in popularity across a range of industries, problems with successful deployment and a lack of awareness of the advantages offered by AI-powered chatbot solutions could limit their appeal in developing nations like Latin America and Africa.
Large businesses are also at the forefront of using chatbot solutions, while SMEs have only a limited acceptance of the same due to the costs associated with their maintenance and a lack of skilled workers. The use of chatbot solutions is anticipated to rise in the next years as SMEs become more aware of them.
According to a global market assessment on chatbots, self-learning bots with data-driven behavior are supported by NLP technology and self-learning skills (supervised machine learning) and can offer more natural and human-like communication. They also learn from their failures.
Programs to create sophisticated chatbots that can reply to user inquiries intelligently are still in the research stage. The need for chatbots is anticipated to increase in the upcoming years as a result of these strategies and the growing requirement to offer personalized experiences.
Key Takeaways
- The US chatbot market is expected to rise rapidly at a high CAGR of 26.8% throughout the forecast period.
- During the projected period, APAC is expected to grow at the fastest rate. APAC countries are technologically advanced and provide significant investment and income prospects.
- In terms of market size, the standalone segment dominated the chatbot market in 2020, accounting for 56.9% of total revenue.
- The mobile segment is expected to grow at a CAGR of 24.1% throughout the forecast period.
Competitive Landscape
Some of the key players operating in the chatbot market include MindMeld, IBM, Google, Oracle, Conversica, Nuance, Inbenta, Aivo, Personetics, AWS, Microsoft, LiveChat, Creative Virtual, and Artificial Solutions.
Recent Developments
Kore.ai introduced a Virtual Assistant Platform in Japan in February 2021. The Kore virtual assistant platform was published in Japanese to better address the demands of the Japanese market and to expedite the adoption of virtual assistants. This will aid enterprise customers in shortening time-to-market and improving customer experience in their local tongue.
Saykara, Inc., a like-minded business focusing on building a mobile AI assistant to automate clinical paperwork for physicians, was acquired by Nuance in February 2021. Nuance’s continued market expansion and technological leadership in conversational AI and ambient clinical intelligence (ACI) solutions that minimize clinician burnout, improve patient experiences, and improve overall health system financial integrity are highlighted by this purchase.
Key Segments
By Platform:
- Mobile-Based
- Stand alone
- Mobile
By Enterprise Size:
- Small & Medium Enterprise
- Large Enterprise
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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