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Chatbots Market Worth Around 1230 Million USD by 2024 With Exponential CAGR 22.6% In Global Market

Press release   •   Apr 25, 2019 06:47 EDT

Global Chatbots Market is increasing significantly and is expected to reach USD 1,230 million by 2024, at an exponential CAGR of 22.6%.

The market growth is majorly driven by the rapid advancements in artificial intelligence coupled with the increasing popularity of messaging platforms, virtual assistants and mobile devices. Moreover, increasing capital investments in various end-use industries and the growing popularity of chatbots in the field of E-commerce is also driving the growth of the chatbots market.

The years used for the assessment are as follows:

Historical year : 2014, 2015 and 2016
Base year : 2017
Forecast period : 2018 – 2024

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RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are:

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total chatbots market and it various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global chatbots market.
Finalizing the overall size and share for the global chatbots market

OBJECTIVES:

To classify the global chatbots market into segments on the basis of type, product, applications, end-use, and region and analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with the global chatbots market
Profiling key companies operating in the global chatbots market
To study market response with respect to the mergers and acquisitions in the industry

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MARKET SCOPE

The research scope for global chatbots market is as follows:

By Type

Stand-alone Chatbot Systems
Web-based Chatbots
Messenger-based/Third Party/ Mobile

By Product

Artificial Intelligence
Marketing
Human Intelligence

By Application

Bots for Service
Bots for Social Media
Bots for Payments/Order Processing
Bots for Marketing
Others

By End-user

Enterprise
Small & Medium Enterprises
Large Enterprises
Healthcare
Retail
Banking, Financial Services, and Insurance (BFSI)
Media & Entertainment
Travel & Tourism
E-commerce
Others

By Region

North America
S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific (APAC)
China
Japan
India
Australia
Rest of APAC
Central and South America (CSA)
Brazil
Argentina
Rest of CSA
Middle East and Africa (MEA)
United Arab Emirates (UAE)
Saudi Arabia
Rest of MEA

FREE ANALYSIS

Chatbots are the computer programmed dialogue systems that enable conversational automation and helps users to get engaged across digital touch points. Several virtual assistants are deployed on websites, mobile devices, and support seamless integration with assisted channels. It also offers effective customer service and results in reducing operational costs. Chatbots have the ability to generate the response according to user’s query. Natural language text is taken as an input, and then the application creates an answer which is most suitable to the input. This process is repeated and the conversation continues in the form of either text or speech.

Chatbots have wide range of applications in various end-user industries including healthcare, Retail, Banking, Financial Services, and Insurance (BFSI), Media & Entertainment, Travel & Tourism, and E-commerce. Chatbots in healthcare assists patients to enter their symptoms via chat, analyzes the symptoms, and helps identify a patient’s condition. Integrating chatbots in retail sector allows users to place an order, and by using certain commands, products can be added or removed. Moreover, chatbots also play an important role in media and entertainment as they assist people in browsing, selecting and buying tickets for their favorite events.

Geographically, the global chatbots market is segmented in North America, Europe, Asia-Pacific, Central and South America, and Middle East and Africa. North America held the major share of the chatbots market in 2017, and is expected to retain its dominance over the forecast period. The growth in the region is attributed to the presence of many key players of the chatbot technology market, rising capital investments, increasing usage of chatbots in various end-user industries, and growing acceptance of technologies such as artificial intelligence, internet of things, among others. Furthermore, Asia-Pacific is expected to register the highest CAGR, during 2018-2024. The growth of the market is primarily due to the rapid increase in the usage of mobile applications for social networking, travel, education, and shopping.

Key players are eGain Corporation; Baidu, Inc.; Poncho, Inc.; Kik Interactive; Tencent Inc.; Astute Solutions; Google, Microsoft, LivePerson, Inc.; Slack Technologies, Inc.; and Imperson Ltd. among others.

Table of Contents

Global Chatbots Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Chatbots- Market Snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the global chatbots market

3.4. Value chain analysis

3.5. Market opportunities & trends

3.5.1. Increasing adoption of voice- assisted bots

3.6. Market dynamics

3.6.1. Market driver analysis

3.6.1.1. Increasing popularity of messaging platforms, virtual assistants and mobile devices

3.6.1.2. Increasing capital investments by various end-user industries

3.6.2. Market restraint analysis

3.6.2.1. Concerns regarding data privacy and safety

3.6.3. Industry Analysis-Porters five forces of analysis

CHAPTER 4. Competitive Outlook

4.1. Competitive analyses

4.2. Competitive factors

4.3. Strategies adopted

CHAPTER 5. Global Chatbots Market Size and Forecast (2014 – 2024)

5.1. Global Chatbots Market, By Type (USD Billion)

5.1.1. Standalone Chatbot Systems

5.1.2. Web-based Chatbots

5.1.3. Messenger Based Chatbots

5.2. Global Chatbots Market, By Product (USD Billion)

5.2.1. Artificial Intelligence

5.2.2. Marketing

5.2.3. Human Intelligence

5.3. Global Chatbots Market, By Application (USD Billion)

5.3.1. Bots for Service

5.3.2. Bots foe Social Media

5.3.3. Bots for Order Processing

5.3.4. Bots for Marketing

5.3.5. Others

5.4. Global Chatbots Market, By End-use (USD Billion)

5.4.1. Enterprise

5.4.2. Healthcare

5.4.3. Retail

5.4.4. Banking, Financial Services, and Insurance (BFSI)

5.4.5. Media & Entertainment

5.4.6. Travel and Tourism

5.4.7. E-commerce

5.4.8. Others

CHAPTER 6. Global Chatbots Market Size and Forecast, By Geography (2014-2024)

6.1. North America Chatbots Market (USD Billion)

6.1.1. North America Chatbots Market, By Type (USD Billion)

6.1.2. North America Chatbots Market, By Product (USD Billion)

6.1.3. North America Chatbots Market, By Application (USD Billion)

6.1.4. North America Chatbots Market, By End-use (USD Billion)

6.1.5. North America Chatbots Market, By Country (USD Billion)

6.1.5.1. US

6.1.5.2. Canada

6.2. Europe Chatbots Market (USD Billion)

6.2.1. Europe Chatbots Market, By Type (USD Billion)

6.2.2. Europe Chatbots Market, By Product (USD Billion)

6.2.3. Europe Chatbots Market, By Application (USD Billion)

6.2.4. Europe Chatbots Market, By End-use (USD Billion)

6.2.5. Europe Chatbots Market, By Country (USD Billion)

6.2.5.1. UK

6.2.5.2. Germany

6.2.5.3. France

6.2.5.4. Rest of Europe

6.3. Asia-Pacific Chatbots Market (USD Billion)

6.3.1. Asia-Pacific Chatbots Market, By Type (USD Billion)

6.3.2. Asia-Pacific Chatbots Market, By Product (USD Billion)

6.3.3. Asia-Pacific Chatbots Market, By Application (USD Billion)

6.3.4. Asia-Pacific Chatbots Market, By End-use (USD Billion)

6.3.5. Asia-Pacific Chatbots Market, By Country (USD Billion)

6.3.5.1. China

6.3.5.2. Japan

6.3.5.3. India

6.3.5.4. Australia

6.3.5.5. Rest of Asia-Pacific

6.4. Middle East and Africa (MEA) Chatbots Market (USD Billion)

6.4.1. MEA Chatbots Market, By Type (USD Billion)

6.4.2. MEA Chatbots Market, By Product (USD Billion)

6.4.3. MEA Chatbots Market, By Application (USD Billion)

6.4.4. MEA Chatbots Market, By End-use (USD Billion)

6.4.5. MEA Chatbots Market, By Country (USD Billion)

6.4.5.1. United Arab Emirates (UAE)

6.4.5.2. Saudi Arabia

6.4.5.3. Rest of Middle East and Africa

6.5. Central and South America (CSA) Chatbots Market (USD Billion)

6.5.1. CSA Chatbots Market, By Type (USD Billion)

6.5.2. CSA Chatbots Market, By Product (USD Billion)

6.5.3. CSA Chatbots Market, By Application (USD Billion)

6.5.4. CSA Chatbots Market, By End-use (USD Billion)

6.5.5. CSA Chatbots Market, By Country (USD Billion)

6.5.5.1. Brazil

6.5.5.2. Argentina

6.5.5.3. Rest of CSA

CHAPTER 7. Key Players and Strategic Developments

7.1. eGain Corporation

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. Baidu, Inc.

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. Poncho, Inc.

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. Kik Interactive

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. WeChat (Tencent Inc.)

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. Astute Solutions

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Google

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Microsoft

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.9. LivePerson, Inc.

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

7.10. Slack Technologies, Inc.

7.10.1. Business Overview

7.10.2. Product and Service Offering

7.10.3. Financial Overview

7.10.4. Strategic Developments

7.11. Imperson Ltd.

7.11.1. 7.10.1. Business Overview

7.11.2. 7.10.2. Product and Service Offering

7.11.3. 7.10.3. Financial Overview

7.11.4. 7.10.4. Strategic Developments

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