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AI Chatbot Market - Forecasts from 2024 to 2029

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    Report

  • 140 Pages
  • September 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5794058
The AI chatbot market is expected to grow at a CAGR of 24.53%, reaching a market size of US$46.641 billion in 2029 from US$15.572 billion in 2024.

An AI chatbot is a virtual computer program powered by artificial intelligence (AI) that is made to mimic conversations with human beings through the internet. Different technologies and methods can be applied in building them among which are: natural language processing (NLP) and machine learning (ML). Different categories of chatbots exist, such as rule-based and self-learning. Rule-based chatbots require pre-defined rules in handling queries; therefore, they use explicit decision trees. On the contrary, self-learning chatbots depend on AI and ML to learn from their interactions with customers and improve their responses over time.

Companies and corporations often utilize them for automating mundane activities while enhancing customer interactions. Furthermore, they might be merged with mobile applications and messaging platforms, providing users with swift and easy entry points for data and services. For example, they integrate into e-commerce sites, supporting users through product recommendations, ordering, and tracking delivery. In addition, they also serve students with swift access to information, answer questions, and support the learning process. In the same way, they can support citizens who want information about government services such as renewing driving licenses or paying taxes.

AI chatbot Market Drivers:

  • Increasing demand for automation is anticipated to propel the market growth
AI chatbots are a cost-effective solution for customer service and other business process automation since they provide customer support at all times, thereby giving fast responses. They can handle multiple customer interactions at the same time to reduce human staff demand and save organizations costs. They are also flexible solutions for organizations with changing customer needs because they can be adjusted up or down depending on requirements, hence increasing operational efficiency. Additionally, they can automate repetitive processes to allow human employees to handle more complex tasks instead.
Furthermore, it contributes to e-commerce by collecting data for analysis, generating leads, and enhancing customer engagement through personalized discounts or recommendations and order tracking, among others. Therefore, this urge towards automation is fueling the AI chatbot market expansion. For example, H&M applies an AI chatbot that assists clients in product selection, ordering, and shipment tracking activities. The bot also solves commonly arising questions from clients and offers directions on how to proceed with an issue.

AI chatbot Market Geographical Outlook

  • Asia Pacific is witnessing exponential growth during the forecast period
Asia Pacific is anticipated to increase market expansion as large companies utilize chatbots for routine customer service responsibilities. The remarkable growth potential of chatbots in several regions can be related to their huge benefits to organizations, such as increased operational efficiency, improved customer satisfaction, and reduced operational expenses. Due to numerous factors, such as their ability to reduce business running costs, increase customer satisfaction, and enhance operational efficiency, the market for chatbots is likely to grow tremendously.

Reasons for buying this report::

  • Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
  • Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
  • Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
  • Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
  • Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

  • Historical data & forecasts from 2022 to 2029
  • Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
  • Competitive Positioning, Strategies, and Market Share Analysis
  • Revenue Growth and Forecast Assessment of segments and regions including countries
  • Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The AI chatbot market is segmented and analyzed as follows:

  • By Component
    • Hardware
    • Software and Services
  • By Deployment
    • Cloud
    • On-Premises
  • By Industry Vertical
    • BFSI
    • Media & Entertainment
    • Education
    • Retail
    • Healthcare
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East And Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key Benefits to the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. CXO Perspective
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. AI CHATBOT MARKET BY COMPONENT
5.1. Introduction
5.2. Hardware
5.3. Software and Services
6. AI CHATBOT MARKET BY DEPLOYMENT
6.1. Introduction
6.2. Cloud
6.3. On-Premises
7. AI CHATBOT MARKET BY INDUSTRY VERTICAL
7.1. Introduction
7.2. BFSI
7.3. Media & Entertainment
7.4. Education
7.5. Retail
7.6. Healthcare
7.7. Others
8. AI CHATBOT MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Component
8.2.2. By Deployment
8.2.3. By Industry Vertical
8.2.4. By Country
8.2.4.1. USA
8.2.4.2. Canada
8.2.4.3. Mexico
8.3. South America
8.3.1. By Component
8.3.2. By Deployment
8.3.3. By Industry Vertical
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.2. Argentina
8.3.4.3. Others
8.4. Europe
8.4.1. By Component
8.4.2. By Deployment
8.4.3. By Industry Vertical
8.4.4. By Country
8.4.4.1. Germany
8.4.4.2. France
8.4.4.3. United Kingdom
8.4.4.4. Spain
8.4.4.5. Others
8.5. Middle East and Africa
8.5.1. By Component
8.5.2. By Deployment
8.5.3. By Industry Vertical
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.2. UAE
8.5.4.3. Israel
8.5.4.4. Others
8.6. Asia Pacific
8.6.1. By Component
8.6.2. By Deployment
8.6.3. By Industry Vertical
8.6.4. By Country
8.6.4.1. China
8.6.4.2. Japan
8.6.4.3. India
8.6.4.4. South Korea
8.6.4.5. Indonesia
8.6.4.6. Thailand
8.6.4.7. Taiwan
8.6.4.8. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. IBM
10.2. Nuance Communications, Inc.
10.3. eGain Corporation
10.4. Microsoft Corporation
10.5. Google, Inc. (Alphabet Inc.)
10.6. Creative Virtual Ltd.
10.7. Avaamo Inc.
10.8. Amazon Web Services, Inc.
10.9. Oracle
10.10. LiveChat, Inc.

Companies Mentioned

Some of the key companies profiled in this AI Chatbot Market report include:
  • IBM
  • Nuance Communications, Inc.
  • eGain Corporation
  • Microsoft Corporation
  • Google, Inc. (Alphabet Inc.)
  • Creative Virtual Ltd.
  • Avaamo Inc.
  • Amazon Web Services, Inc.
  • Oracle
  • LiveChat, Inc.

Methodology

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Table Information