The global chatbot market was valued at USD XX million in 2018 and is expected to reach USD XX million by 2026, growing at a CAGR of 28.2% during the forecast period. The growing focus on improving customer relationship management and increasing usage of mobile messaging applications such as Viber, WeChat, Facebook, etc., are expected to drive the growth of the global chatbot market.
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A chatbot is an AI software designed to simplify the interaction between humans and computers through websites, messaging applications, mobile apps, or telephones. Companies use this user-friendly interface to carry out text and voice-based conversations with consumers. The increasing deployment of website and mobile applications, as well as the increasing number of e-commerce sites, is one of the major factors in driving the growth of the chatbot market.
The increasing usage of chatbots in information retrieval, language translation, and knowledge acquisition applications is a key factor in fuelling the demand for chatbot solutions. Further, the rising deployment of chatbots on social platforms, websites, and smartphones for assisting customer interactions and people shifting towards high-end gadgets are expected to increase the market growth of chatbots during the forecast period.
Apart from these, rising penetration of AI technology for creating user-friendly decision support systems is also a major driving factor for the market. The increasing number of online marketing platforms is also one of the significant factors in driving the shift towards chatbots during the forecast period.
Additionally, companies are also incorporating chatbot applications in their services to handle customers’ problems and queries within less operational time. For instance, Dominos has introduced a pizza ordering bot named “Dom” that has allowed customers to order directly through Facebook messenger. This bot allows repeat or one-off customers to order without creating a profile or account. These factor will further increase the demand for the chatbot.
However, Integration issues between the back-end and front-end knowledge bases are expected to impede the growth of the global chatbot market.
Based on the platform, web-based platforms are expected to have the highest market share during the forecast period.
Based on solution, services are expected to hold the largest share in the chatbot market during the forecast period.
Based on deployment, the cloud segment is expected to hold the highest market share during the forecast period.
Based on the organization type, small and medium-sized enterprises (SMEs) are anticipated to have the highest share in the market during the forecast period.
Based on the end-use industry, the retail industry is anticipated to have the highest share in the market during the forecast period.
Based on the region, the Asia-Pacific chatbot market is anticipated to capture a significant portion of the global market during the forecast period.
In September 2019, a leading provider of Omnichannel customer engagement solutions eGain Corporation has offered free working customer service chatbot at its Experience 360 conference.