Chatbot Market to Reach US$0.94 Billion by 2024 at a CAGR of 27.8%; Rising Advancements in Artificial Intelligence to Boost Demand - TMR

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Oct 10, 2018, 05:30 ET

ALBANY, New York, October 10, 2018 /PRNewswire/ --

As per TMR, the global chatbot market is projected to attain a valuation of US$0.94 bn by the end of 2024 progressing from US$0.11 bn earned in 2015. The market is expected to rise at excellent CAGR of 27.8% by volume during the forecast period between 2016 and 2024.

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The global chatbot market is highly consolidated, as a few players in the market hold 90% of share in the market, as observed by Transparency Market Research. The leading players in the market are Microsoft, Facebook, and Google. There are also several other players in the market that contribute to the complete development of the chatbot market. To name some of them are Kasisto Inc., Haptik, Inc., Pandorabots, Inc., Helpshift, Kiwi, Inc., ToyTalk (PullString Inc.), Microsoft Corporation, and Slack Technologies, Inc. various other messaging applications such as WeChat, Twitter, and Skype are widely used for communication. Competition is severe among the players and is highly dependent on the services they offer to their customers.

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On the basis of enterprise size, large enterprise is projected to dominate the market in terms of revenue, as this is expected to generate US$0.62 bn by the end of forecast period. Large enterprises widely use chatbot to introduce business process automation activities and for digital marketing applications. On the regional front, the global chatbot market is projected to lead by North America, as it has a larger share in the global market. Over the forecast period, North America is projected to continue its dominance. In addition, Asia Pacific is anticipated to exhibit highly promising CAGR during the forecast tenure.

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Increasing Use of Chatbot across Various Business to Boost Market Growth

The rising technological advancements and constant developments in the function of the artificial intelligence (AI) have triggered the demand for the chatbot. Furthermore, artificial intelligence has also progressed the way in which chatbot responded i.e. now chatbot is smart communication platform used for customer interaction from a simple answering machine. The use of chatbot has greatly benefited various organizations and has enhanced their marketing strategies with an effective use chatbot. In addition, application of artificial intelligence in consumer electronics has also expanded the client base with the assistance of chatbot. In the last few years, advancements in digital technology have also benefitted numerous business houses in expanding their market reach by developing digital marketing strategies. In this, voice and messaging services were used widely. Therefore, by considering the above-mentioned factors, the chatbot market is expected to rise significantly across the globe in the next few years.

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Lack of Expertise to Hamper Growth of Chatbot Market

Despite the growing use of chatbot in various business, there are certain factors that may hamper the growth of chatbot market. One of the major factors is lack of expertise and little awareness about the use of chatbot and its benefits. In addition, to develop a tech-savvy surrounding involves high cost for deployment, security, management, and have integration complexities that might discourage individuals to use chatbot facility. Thus, these factors are responsible for deterring the market growth across various economies. However, by confronting these issues and resolving these issues might minimize these restraints and create high growth opportunities for the market in the near future.

The information presented in this review is based on a TMR report, titled "Chatbot Market (Platform - Web-based, Mobile, and Standalone; Enterprise Size - Small and Medium Enterprises and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

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Global Chatbot Market has been segmented as presented below:

Global Chatbot Market, by Platform

Web-based
Mobile
Stand-alone

Global Chatbot Market, by Enterprise Size

Small and Medium Enterprises
Large Enterprises

Global Chatbot Market: Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Italy
- Spain
- France
- Germany
- Rest Of Europe
Asia Pacific Excluding Japan
- China
- India
- ASEAN
- Rest Of Asia Pacific
- Japan
Latin America
- Brazil
- Mexico
- Rest of South America
Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of MEA

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