Global Chatbot Market Size worth over $1.34bn by 2024

Chatbot Market size is set to exceed USD 1.34 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

The chatbot market will witness the fastest growth rate due to factors such as the proliferation of messaging platforms and improved customer service. The growing usage of mobile messaging applications, such as Facebook Messenger, Viber, and WeChat, has enabled the development of an interactive platform to build strong relations with the customers, triggering market growth. The rising penetration of AI technology for developing user-friendly decision-support systems will also support market growth. The technology is widely used in language translation, information retrieval, and knowledge acquisition applications, making it a preferable option for the development of chatbot solutions.


 

Request Sample Buy NowInquiry Before Buying

 

The chatbot market growth is also attributed to the rising usage of chatbots for marketing & sales of the products. These platforms aid companies to expand their reach by connecting with a larger audience at the same time addressing their queries and providing them with solutions.
 

Chatbot Market

Get more details on this report - Request Free Sample PDF
 

The social media segment is expected to exhibit a growth rate of over 30% due to the growing popularity of social media platforms among enterprises to enhance their marketing & sales activities. Large and small enterprises rely heavily on these platforms, enabling them to improve their sales and customer base as they offer a huge platform for businesses to connect with their customers. The growing inclination toward social media platforms from traditional methods of marketing has laid a positive impact on the market share.
 

The web-based chatbot market is projected to hold a share of over 25% by 2024, as the operators can bring about the personalization of contents and also have control over the personality & behavior of the chatbot. The users can bring changes and improvements in the application as per their requirements due to which the demand for web-enabled solutions is increasing at a faster pace.
 

Browse key industry insights spread across 350pages with 262 market data tables & 43 figures & charts from the report, “Chatbot Market Size By Application (Customer Service, Social Media, Payment/ Order Processing, Marketing), By Interface (Standalone, Web-Based, Third-Party), By End-Use (BFSI, Media and Entertainment, Healthcare, E-Commerce, Retail, Travel and Tourism), By Type (Rule-Based, AI-Based), By Deployment Model (On-Premise, Cloud)), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Singapore, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/chatbot-market
 

The BFSI segment will hold a chatbot market share of around 20% by 2024, as chatbots act as a personal finance assistant, helping customers during each stage of banking. Various banks have integrated chatbots into their mobile applications and websites, increasing the number of potential customer interactions with the banks and encouraging visitors to open new accounts. Additionally, 24/7 availability, immediate query resolving, and up-to-date updates regarding new schemes & programs in the banks have increased the usage of chatbots in the BFSI industry.
 

The rule-based segment will grow at a CAGR of over 60% as rule-based applications accept input from the user, examine the already defined rules, and return with a pre-programmed answer. The rules are defined by the user as per his requirements and can answer questions based on the specific rules on which they are trained. As writing rules for diverse scenarios is a time-consuming process these bots fail to handle complex questions, which may hinder the chatbot market demand.
 

The cloud chatbot market will experience a growth rate of above 35% due to the rapid adoption of cloud-based platforms, enabling users to easily configure chatbots. The companies operating in the market include IBM Watson, Chatfuel, and Microsoft Azure. These companies are developing cloud-based technologies and are also leveraging cognitive approaches to develop applications. These platforms vary in their features and functionalities. For instance, Azure Bot Services enable users to develop, test, and connect with different channels, which interact automatically when a user is interacting. 
 

The Europe chatbot market will experience a growth rate of above 25% from 2018 to 2024 due to the presence of major market players, who are investing heavily in AI technology to develop interactive solutions. The growing e-commerce market owing to smartphone adoption is also augmenting the market growth. Chatbots help in providing enhanced customer services by delivering adequate customer research information and personal customer experience. In March 2018, Deutsche Kreditbank AG (DKB) partnered with FinReach to develop a chatbot, Herbie designed to assist customers through loan application procedures. The platform is designed in a way to help customers find a suitable product that suits their requirement.
 

The chatbot market competition is characterized by new product developments and enhancement of the existing solutions to gain a competitive edge when compared to its competitors. For instance, in June 2017 LogMeIn launched the Bold360 CRM suite aimed toward managing multiple communication channels between vendors and systems. This provided a comprehensive view of all the customers’ touchpoints, delivering a unified interface that can manage text, chat, and video chat. The market also consists of a various number of startups, who are raising funds and entering into partnerships to sustain in the market. For example, in March 2016, Chatfuel raised a funding of USD 120K from Y Combinator to expand its product offerings and serve a larger customer base.
 

Some of the major companies operating in the chatbot market include Baidu, ReplyYes, Microsoft Corporation, Slack Technologies Inc. Kik, Poncho, Babylon Health, LivePerson, Google Inc., and WeChat.
 

Inquiry Before BuyingRequest Sample
 

The chatbot market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

By Application

  • Customer Service
  • Social Media
  • Payment/ Order Processing
  • Marketing

By Interface

  • Standalone
  • Web-based
  • Third-party

By End-Use

  • BFSI
  • Media and Entertainment
  • Healthcare
  • E-commerce
  • Retail
  • Travel and Tourism

By Type

  • Rule-based
  • AI-based

By Deployment Model

  • On-Premise
  • Cloud

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
    • ANZ
    • South Korea
    • India
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • GCC
    • South Africa

 

Chat With Us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info. I Agree