Chatbots Market - Forecast(2021 - 2026)

 

Chatbot Market Overview

The global Chatbot Market is estimated to surpass $10.5 billion mark by 2026 growing at an estimated CAGR of more than 26.2% during the forecast period 2021 to 2026. The demand of Chatbots has increased considerably, bots are surrounding us today such as Google Assistant, Apple Siri, Amazon Alexa which are simplifying our life by automating mundane tasks, helping in our daily tasks and improving end-user experience. There are more than 50% Medium to large enterprises will have deployed product like chatbots in their services. According to DigitasLBi, 37% of Americans say they are prepared to create a purchase through a chatbot. Consumers would spend over $55 per buy on average. If a chatbot were accessible, according to myclever Agency, 33% of UK residents would purchase fundamental products such as clothing and food


Chatbot Market Report Coverage

The report: “Chatbot Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Chatbot Market.
By Type: Software, Services
By Usage: Websites, Contact Centers, Social Media and Mobile Platforms
By Application: Customer Support, Payment Order Processing, Personal Finance Assistance, Shipping Assistants, Social Media Handing and Others
By End Users: BFSI, Healthcare, Communication, Retail, Travel and Hospitality, Government, Education, Utilites and Others
By Deployment: On Premises, Cloud
By Organization Size: SME, Large Enterprisses
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).


Key Takeaways

  • Enhanced technological features are anticipated to stimulate market growth in chatbots software such as Natural Language Processor (NLP), multilingual, interference engine, metrics, cloud-based implementation, application programming interface (API), mobile platform compatibility, analytics, multichannel, and single-point search.
  • According to a survey by Oracle, Businesses are beginning to see the benefits of using chatbots for their consumer-facing products. 80 per cent of participants said they already planned to use chatbots by 2020 when questioned which evolving technologies they are planning to adopt.
  • Chatbots are renewing the way businesses by interact with customers and offering instant, on-demand assistance solution. The chatbots are significantly fostering engagement between brands and their customers to provide better for both of them.

Chatbot Market Segment Analysis - By Operation

On Premises technology dominates the chatbot market, however cloud technology is projected to have a significantly higher growth rate during the forecast period. AI technology has also been increasingly deployed using cloud technology in recent years by companies across a number of industries as a customer service chatbot that employs NLP and machine learning to understand what the most commonly asked questions are, and become more efficient at providing personalised answers. This adoption has been particularly prevalent in North America.


Chatbot Market Segment Analysis - By End Use Industry

Retail and Travel and Hospitality sectors dominate the Chatbot market due to significant adoption in customer service applications. In January 2018, credit card giant American Express acquired travel-oriented chatbot provider Mezi and folds it into its patented card-holders travel tool AskAmex. TripActions raised $51 million in Series B financing and is looking to develop infrastructure technology that will unleash the true potential of AI to handle travel. Such developments are anticipated to boosts the market growth during the forecast period 2020-2025.

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Location: United States

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