A chatbot represents an artificial intelligence (AI)-based computer program that is used for simulating human conversations to allow users to interact with digital devices effectively. It is built on a developer framework with cloud backup, analytics, database integrations, etc. Chatbots are majorly incorporated into messaging applications, websites, mobile applications, and other digital devices for interacting as digital assistants through text or text-to-speech functionalities. They offer numerous benefits, including enhanced efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing, etc.

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Market Trends:

The elevating levels of digitization across several industries, such as BFSI, telecommunication, healthcare, etc., and the rising requirement for high-quality customer care service are primarily driving the chatbot market. Furthermore, the increasing adoption of over-the-top (OTT) messaging and social networking applications is also augmenting the market growth. Besides this, continuous technological innovations, including the integration of predictive analytics, machine learning (ML), blockchain, etc., for the development of self-learning chatbots, are further catalyzing the product demand. Additionally, ongoing advancements in IT infrastructures and extensive R&D activities in the field of natural language processing (NLP) are projected to propel the global chatbot market over the forecasted period.

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Competitive Landscape with Key Player:

The competitive landscape of the industry has also been examined along with the profiles of the key players being [24]7.ai Inc, Acuvate Software Pvt Ltd, Aivo, Artificial Solutions, Creative Virtual Ltd., eGain Corporation, International Business Machines Corporation, Inbenta Technologies Inc., Kore.ai Inc., LiveChat Inc., Nuance Communications Inc. and Verint Systems Inc.

Breakup by Type:

Standalone

Web-based

Messenger-based/Third party

Breakup by Product:

Artificial Intelligence

Marketing

Human Intelligence

Breakup by Application:

Bots for Service

Bots for Social Media

Bots for Payments/Order Processing

Bots for Marketing

Others

Breakup by Organization Size:

Small Enterprises

Medium Enterprises

Large Enterprises

Breakup by Vertical:

Healthcare

Retail

Banking, Financial Services and Insurance

Media and Entertainment

Travel and Tourism

E-commerce

Others

Breakup by Region:

North America (United States, Canada)

Europe (Germany, France, United Kingdom, Italy, Spain, Others)

Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

Latin America (Brazil, Mexico, Others)

Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance (2015-2020)

Market Outlook (2021-2026)

Porter’s Five Forces