Global Chatbot Market Booming Worldwide with Latest Trend and Future Scope by 2028

The global chatbot market is expected to grow at a CAGR of 22.0% during the forecast period (2022-2028). Some of the factors driving the market growth includes massive expansion of information and communications technology infrastructure and the rising smartphone adoption. A chatbot is a computer program that uses artificial intelligence to converse with humans in order to answer questions or solve problems in multiple languages. Chatbots also assist in lowering operational costs and increasing overall efficiency. The chatbot industry is booming, owing to an increase in the use of chatbots to provide 24/7 customer support. More than 69% of consumers prefer to communicate with chatbots, according to Salesforce.com, an American cloud-based software company. Furthermore, the chatbot market is expected to benefit from strategic collaborations and product innovation by tech giants all over the world. For instance, in November 2020, Novo Nordisk, a major healthcare company specialized in diabetes care around the world, announced a collaboration with Microsoft to develop an AI Chinese-speaking chatbot for diabetic patients.

Further, in April 2020, Amazon Web Services, Inc. declared that it will make AWS Chatbot available to all customers. AWS Chatbot is an interactive agent that can receive important alerts, run commands to return diagnostic data, run AWS Lambda functions, and create AWS support cases. Such significant developments may result in a rise in global demand for chatbot services. Companies have been working on developing self-learning chatbots in recent years. As a result, they’re deploying cloud-based deployment, an interference engine, a natural language processor (NLP), and an application programming interface (API). As they can learn from their previous conversations, actions, decisions, and experience, these self-learning chatbots can easily adapt to changing environments and conditions. Businesses are collaborating to provide integrated self-service. For instance, in February 2020, Creative Virtual and Spitch AG announced a collaboration to develop speech recognition and conversational AI, particularly in omnichannel solutions. The collaboration will result in a multilingual voice bot that will improve sales and customer service.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component Type
  • By Usage
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- IBM Corp., Amazon Web Services, Inc. (AWS), and Google LLC, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Chatbot Market Report by Segment

By Component Type

• Solution
• Services

By Deployment

• On-Premise
• Cloud

By Usage

• Website
• Contact Centers
• Social Media
• Mobile Platform

By End-User

• Retail and E-commerce
• BFSI
• Healthcare
• Travel and Tourism
• Others