February 21, 2024

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Chatbot Market Size to Reach USD 24.80 Billion by 2032, Technology, Deployment, Functions, Benefits, Challenges, Application & Companies

The Brainy Insights

The Brainy Insights

Business leaders and decision-makers are turning towards chatbots and are investing more in chatbot development and deployment. The rising demand for better consumer service and the increasing use of smart devices worldwide are helping to boost the chatbot market growth.

Newark, July 19, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the chatbot market will grow to USD 3.60 billion in 2022 and reach USD 24.80 billion by 2032. In just ten years, the growing trend of enterprises towards increasing consumer expertise, decreasing operating costs, and operational efficiency are helping to boost the market growth over the forecast period. Moreover, the rise in penetration of different websites and mobile applications and the surge in demand for automated patient management devices in the healthcare industry are expected to propel market growth over the forecast period.

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Report Attribute Details

Report Attribute

Details

Revenue forecast in 2032

USD 24.80 Billion

Market size value in 2022

USD 3.60 Billion

Expected CAGR Growth

21.28% from 2022 – 2030

Base Year

2022

Forecast Year

2023 – 2032

Top Market Players

Artificial Solutions, Aivo LLC, Google, Inbenta Holdings Inc, Creative Virtual Ltd, eGain Corporation, IBM, Smartbots, Nuance Communications, Inc, Contus, Conversica, Inc., Amazon Web Services, Inc., Kevit, CogniCor Technologies, Cyfuture India Pvt. Ltd.

Segments Covered

Component, Type, Deployment, Application, End User.

Customization Options

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Key Insight of the Chatbot Market

North America to account for the largest market size during the forecast period.

North America is expected to have the largest market share in chatbots. Key factors favouring the growth of the chatbot market in North America include the increasing deployment of chatbots in different business verticals and technologies such as APIs, and artificial intelligence, which are evolving rapidly. Also, growing industrialization and a rising need for chatbots are helping boost the region’s market growth.

The solution segment is expected to augment the chatbot market during the forecast period.

The component segment is divided into services and solutions. The solution segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the large-scale adoption of in-house chatbot technologies.

The standalone segment market size was USD 1.05 billion in 2022

The type segment is divided into web-based, standalone, AI-powered, messenger-based, and rule-based. The standalone segment market size was USD 1.05 billion in 2022 due to the increasing technology collaboration and the emergence of advanced storage technologies.

The on-premise segment is anticipated to dominate the market by 62.08% in 2032.

The deployment segment is divided into on-premise and cloud. The on-premise segment is anticipated to dominate the market in the forthcoming years due to the proliferating demand for intelligent customer engagement.

The e-commerce segment market size was USD 0.87 billion in 2022.

The application segment is divided into retail, healthcare, media and entertainment, real estate, education, e-commerce, banking, financial services and insurance (BFSI), and others. The e-commerce segment market size was USD 0.87 billion in 2022 due to the growing adoption of chatbot services by various e-commerce companies.

The small and medium enterprises segment is anticipated to dominate the market by 64.06% in 2032.

The end-user segment is divided into large enterprises and small and medium enterprises. The small and medium enterprises segment is anticipated to dominate the market in the forthcoming years due to the maintenance cost of Chatbot solutions and the insufficient availability of a skilled workforce.

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Market Dynamics

Driver: The increasing initiatives in various sectors:

The adoption of chatbots is rapidly growing across various industry verticals like telecommunications, healthcare, and retail banking. This trend is propelling the growth of the chatbot market. Moreover, the surge in demand for automated patient management devices in the healthcare industry drives market growth. Different publishers & brands have also started to deploy bots on messaging & collaboration platforms, including CNN, HP and 1-800 Flowers. These factors are helping to promote the market growth.

Restraint: The concerns about security and privacy:

The chatbots may accumulate personal and sensitive data from users, which raises security & privacy concerns and hampers market growth. Further, the chatbots may struggle to understand & respond to queries in languages & dialects they are not programmed to identify. This could restrict the adoption of chatbots in specific regions and hinder market growth.

Opportunity: The technological advancements in chatbots:

The technological advancements and features in the chatbot software, such as application programming interface (API), natural language processor (NLP), cloud-based deployment, interference engine, and other advancements like multichannel, are anticipated to propel the market growth over the projection period. Moreover, the increasing demand for artificial intelligence and audio speech-based chatbots will drive market growth in the forthcoming year. However, the various innovations in machine learning (ML) and artificial intelligence (AI) technologies are expected to increase the features of chatbots. This is expected to increase the market in the coming years. Furthermore, the technologies such as IoT, artificial intelligence, and APIs are evolving rapidly. Chatbots are incorporated with these technologies to offer enhanced operations, propelling market demand. Artificial intelligence & audio speech-based chatbots will hold the largest market share in the forthcoming year.

Browse the full report with Table of Contents and List of Figures: Chatbot Market Latest Trend, Opportunities & Forecast 2023

Some of the major players operating in the Chatbot market are:

• Artificial Solutions
• Aivo LLC
• Google
• Inbenta Holdings Inc
• Creative Virtual Ltd
• eGain Corporation
• IBM
• Smartbots
• Nuance Communications, Inc
• Contus
• Conversica, Inc.
• Amazon Web Services, Inc.
• Kevit
• CogniCor Technologies
• Cyfuture India Pvt. Ltd.

Key Segments cover in the market:

By Component:

• Services
• Solution

By Type:

• Web-Based
• Standalone
• AI-Powered
• Messenger-Based
• Rule-Based

By Deployment:

• On-premise
• Cloud

By Application:

• Retail
• Healthcare
• Media and Entertainment
• Real Estate
• Education
• E-commerce
• Banking Financial Services and Insurance (BFSI)
• Others

By End User:

• Large Enterprises
• Small and Medium Enterprises

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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