Chatbots Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Mounting popularity of interactive online channels coupled with the need to improve customer relationship through customer engagement is expected to drive the market for chatbots during the forecast period 2022 - 2030. In addition, multitude of research dedicated towards improving capabilities of chatbots (e-integration with messaging platforms, etc.) has been instrumental in driving adoption of chatbots among enterprises. These factors are expected to contribute towards the anticipated exponential growth during the forecast period 2022 - 2030.

This report analyzes the global chatbots market in terms of type, end-use application, and geography. On the basis of type, the global chatbots market is segmented into stand-alone chatbots and web-based chatbots. Similarly, on the basis of end-use application, the market for chatbots is classified into large enterprise and small & medium-sized enterprise. The geographical distribution of the global chatbots market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Stand-alone chatbots run on a single computer, controlling certain functions and aspects of user computer including retrieving documents or playing media files. The stand-alone chatbots have an in-built graphical component that enhances user interaction. In addition to the appealing graphical interface, the advantage of a stand-alone chatbot also lies in its easy use and simple installation process. On the contrary, such a bot is not completely your-own; as it limits the degree to which a user can personalize his/her bot. On the other hand, Web-based chatbots which operate on a remote server can be reached by the general public via a web page. Unlike stand-alone chatbots, web-based chatbots offer the flexibility to users for having control over personality, behaviour, and hosting. However, web-based chatbots are comparatively more complicated and difficult to set-up than a stand-alone chatbot. In addition, additional features such as voice recognition and text-to-speech are either unavailable or are limited.

There has been a lot of hype surrounding the potential of artificial intelligence and its use across different applications. With the growing adoption of messaging and voice technologies in enterprise applications, chatbot solutions are also expected to thrive in the coming years. The chatbots market, still in infancy, is majorly limited to large enterprises. The penetration of chatbots has been fairly sluggish among small and medium-sized enterprises.

In 2020, the large enterprise segment was the largest revenue contributor to the global chatbots market. The segment accounted for over 80% of the global market value in the same year. The trend is presumed to continue with the segment retaining its dominant position throughout the forecast period. Intensifying business competition has led to increased use of chatbots among large enterprises. However, with the advancements in technology and the rising popularity of interactive online channels, the use of chatbots is presumed to extend beyond large businesses to small and medium-sized enterprise.

In 2020, North America comprising the United States and Canada represented the largest chatbots market in terms of market value. The region accounted for over 35% of the global market value in the same year. The U.S. represents the largest and most attractive individual chatbots market worldwide. The dominance can be attributed to the growing number of companies and multitude of research in the field of artificial intelligence. Over the forecast period 2022 - 2030, North America is expected to remain the largest chatbots market worldwide. On the other hand, Asia Pacific is poised to exhibit robust growth, outpacing developed markets like Europe and North America to emerge as one of the major chatbots market by 2030. The U.S. companies have begun exploring the latent potential in Asia, where various chatbot-based messaging services are used by users to schedule doctor's appointments, play games or the lottery, shop for shoes, and transfer money among others.

As manufacturers and software developers seek to gain first-mover advantage, we expect increased technology penetration and intensifying competition in the emerging economies of Asia, Middle-East, and Latin America.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Chatbots market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Chatbots market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Type

• Stand-alone
• Web-based Chatbots

End-use Application

• Large Enterprise
• Small and Medium-sized Enterprise

Key Questions Answered in this Report

• What are the key micro and macro environmental factors that are impacting the growth of Chatbots market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Chatbots market?
• Which is the largest regional market for Chatbots market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Chatbots market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Chatbots market worldwide?

This product will be delivered within 2 business days.