Authored By: Sarah
20 Jun 2024

 Chatbot Market to grow by USD 5371.3 million between 2024-2028

According to a research report “ Chatbot Market” by End-user (Retail, BFSI, Government, Travel and hospitality, Others) Product (Solutions, Services) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5371.3 million at a CAGR of  35.27% during the forecast period. In the business realm, chatbots serve as advanced front-end interfaces, enabling connection to multiple channels such as websites, email, SMS, and popular messaging platforms like Facebook Messenger, Kik, Skype, Twitter, and Slack. Integrating chatbots with conversational AI tools facilitates data collection from consumer interactions and databases, delivering personalized experiences based on emotions recognized, including anger, confusion, fear, and joy. Frameworks support chatbot integration within apps and websites, expanding their reach and functionality..

Browse market data tables, figures, and in-depth TOC on “Chatbot Market” by End-user (Retail, BFSI, Government, Travel and hospitality, Others) Product (Solutions, Services) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028.

 View detailed Table of Content- Click here

By End-user, the Retail segment is projected to dominate the market size in 2024.

In the dynamic business landscape, the chatbot market continues to expand, driven by advancements in artificial intelligence and customer experience optimization. Companies are increasingly investing in chatbots to streamline customer interactions, enhance operational efficiency, and provide personalized services. This trend is expected to persist, making the chatbot market a lucrative investment opportunity for businesses.

By Product, Solutions  segment is expected to hold the largest market size for the year 2024.

In the dynamic business landscape, the chatbot market continues to expand, driven by advancements in artificial intelligence and customer experience optimization. Companies are increasingly investing in chatbots to streamline customer interactions, enhance operational efficiency, and provide personalized services. This trend is expected to persist, making the chatbot market a lucrative investment opportunity for businesses.

North America is forecasted to hold the largest market size by region in 2024.

In the dynamic business landscape, the chatbot market continues to expand, driven by advancements in artificial intelligence and customer experience optimization. Companies are increasingly investing in chatbots to streamline customer interactions, enhance operational efficiency, and provide personalized services. This trend is expected to persist, making the chatbot market a lucrative investment opportunity for businesses.

The Chatbot Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 247.ai Inc.
  • Acuvate
  • Aivo
  • Alphabet Inc.
  • Amazon.com Inc.
  • Artificial Solutions International AB
  • Avaamo Inc.
  • Botsify
  • Conversica Inc.
  • Creative Virtual Ltd.
  • eGain Corp.
  • Inbenta Holdings Inc.
  • International Business Machines Corp.
  • Kore.ai Inc.
  • Meta Platforms Inc.
  • Microsoft Corp.
  • OpenAI L.L.C.
  • Oracle Corp.
  • ServiceNow Inc.
  • Zoom Video Communications Inc.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The chatbot market is experiencing significant growth, driven by the increasing adoption of artificial intelligence (AI) technology in software applications. Virtual assistants, powered by natural language processing (NLP) and AI, are becoming a popular choice for customer experience touchpoints in various industries, including grocery outlets and financial organizations. These AI chatbots offer open messaging facilities, enabling consumers to engage in customer service activities through conversational interfaces. Self-learning chatbots, fueled by advancements in AI and NLP, are revolutionizing customer service by understanding user intent and providing personalized responses. APIs from companies like OpenAI and ChatGPT enable the integration of these advanced LLMs into various applications. The latest AI advancements, such as generative models and GPT-4, are further enhancing the capabilities of chatbots, making them more human-like and effective in handling complex queries. Overall, the chatbot market is poised for continued growth, offering numerous benefits to businesses and consumers alike.

Market Research Overview

The chatbot market is experiencing significant growth, driven by the increasing integration of AI language tools, such as OpenAI's ChatGPT technology, into social networking sites, messaging services, and messaging channels. These conversational experiences are revolutionizing consumer interactions, enabling instant service and updates through mobile alerts and in-store purchases. Enterprises across various industries, including Grocery outlets, Financial organizations, Healthcare, Telecom, IT and ITeS, are leveraging AI chatbots to provide actionable insights and improve customer experience. Messenger applications like Facebook Messenger, WeChat, and WhatsApp are leading the way, with chatbot developers continuously advancing NLP technology through supervised ML and self-learning chatbots. Key features of chatbots include voice recognition, API integrations, and NLP capabilities, enabling them to understand and respond to customer queries effectively. Upcoming products in this space include standalone chatbots, website chatbots, and audio/voice bots, catering to diverse user intent and touchpoints. AI advancements, such as GPT-4 and LLMs, are further enhancing chatbot capabilities, enabling them to provide prompt relevant answers and correct information, even within working hour limitations. Overall, the chatbot market is poised for continued growth, driven by market requirements and the need for efficient, personalized customer service interactions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio