DUBLIN, Dec. 19, 2023 /PRNewswire/ — The “Chatbot Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The chatbot market size has grown exponentially in recent years. It will grow from $6.7 billion in 2023 to $8.43 billion in 2024 at a compound annual growth rate (CAGR) of 25.9%. The growth in the historic period can be attributed to cost efficiency in customer service, advancements in natural language processing, e-commerce and product recommendations, enhanced customer engagement, travel assistance and booking.
Major trends in the forecast period include increased adoption of AI and machine learning, omni-channel chatbot deployment, voice-based chatbots and conversational interfaces, enhanced personalization and user context awareness, ethical AI and responsible chatbot practices, integration with virtual assistants and smart devices.
The rising adoption of smartphone users is expected to propel the growth of the chatbot market going forward. On mobile phones, chatbots can provide virtual assistance for various needs of the user. For instance, according to the National Health Authority of India, a government agency in India, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India in 2021, with a quarter-on-quarter increase of 25 million. Therefore, the rising adoption of smartphone users is driving the chatbot market growth.
Rising e-commerce is expected to propel the growth of the chatbot market going forward. E-commerce businesses use chatbots to provide 24/7 customer support for customers by responding to common queries and issues about product information, order status, and shipping. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, rising e-commerce is driving the growth of the chatbot market.
Technological advancements have emerged as a key trend gaining popularity in the chatbot market. Major companies operating in the catboat market are focused on developing new technological solutions to strengthen their position in the market. For instance, in November 2021, ZeroShotBot, a US-based chatbot company, launched a new disruptive conversational AI technology that democratizes chatbots for both large and small organizations. It is the new technique of creating chatbots that can be scaled in hours and does not require any training data, allowing anyone with no coding knowledge or training to construct a fully functional chatbot.
Major companies operating in the chatbot market are adopting a strategic partnership to expand offerings. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in February 2023, DRUID, a Romania-based conversational AI platform, partnered with ROBOYO, a US-based hyperautomation professional services company. Through this partnership, the two businesses will be able to provide automation transformation projects that add value for a variety of sectors. ROBOYO’s comprehensive automation technology portfolio and consulting capabilities, as well as DRUID’s conversational AI technology layer, will be fully used.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
- Markets Covered:
- By Type: Text; Voice; Hybrid
- By Component: Solution; Services
- By Platform: Standalone; Web-Based; Messenger-Based or Third Party
- By Deployment: On-Premise; Cloud
- By End-User: BFSI; Healthcare; IT and Telecommunication; Retail; Travel and Hospitality; Other End-Users
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Company Profiles
- IBM
- Microsoft
- Amazon
- Nuance Communications
- Creative Virtual
- Artificial Solutions International
- Inbenta Holdings
- Next IT
- Aivo
- Conversica
- LiveChat Software
- Gupshup Technology
- Contus Tech
- SmartBots
- Yellow Messenger
- Kevit Technologies
- eGain
- Helpshift Technologies
- Oracle
- ServiceNow
- Personetics Technologies
- MindMeld
- CogniCor Technologies
- PositiveNaik Analytics
- Pypestream
- Acuvate Software
- Botsify
- Astute Solutions
- Haptik
For more information about this report visit https://www.researchandmarkets.com/r/m55jay
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SOURCE Research and Markets
