Global Chatbot Market Anticipated to Reach $9.4 Billion by 2024 - Robust Opportunities to Arise in Retail & eCommerce

DUBLIN, Dec. 12, 2019 /PRNewswire/ -- The "Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 29.7% during the forecast period.

The chatbot market is driven by factors, such as advancement in technology coupled with rising customer demands for self-services and 24/7 customer assistance at lower operational costs. However, lack of awareness about the outcomes of the use of chatbot technology with various applications to restrict the growth of the chatbot market.

Services segment to grow at a higher CAGR during the forecast period

The chatbot market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed services and professional services. The growth of this segment can be attributed to the increasing deployment of chatbot software and platforms, which leads to increasing demand for pre- and post-deployment services, as these solutions require training due to technical complexities.

Retail and eCommerce vertical to grow at the highest CAGR during the forecast period

The chatbot market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences, and others. The retail and eCommerce segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand to provide customers with seamless omnichannel experience and turn them into regular customers.

APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the chatbot market in the region.

Competitive Landscape

The report includes the study of key players offering chatbot solutions and services. It profiles major vendors in the global chatbot market. Major vendors in the chatbot market are IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), [24]7.ai (US), Chatfuel (US), Avio (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India). It further includes an in-depth competitive analysis of key players in the chatbot market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research Coverage

The market study covers the chatbot market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment mode, organization size, technology, usage, application, vertical, and region. The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall chatbot market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Global Chatbot Market
4.2 Market By Application
4.3 Market Top 3 Verticals and Regions
4.4 Market By Region

5 Market Overview and Industry Trends

5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advancement in Technology Coupled With Rising Customer Demand for Self-Services
5.2.1.2 24*7 Customer Assistance at a Lower Operational Cost
5.2.2 Restraints
5.2.2.1 Inability to Recognize Customer Intent and Respond Effectively
5.2.3 Opportunities
5.2.3.1 Initiatives Toward Development of Self-Learning Chatbots to Deliver a More Humanlike Conversational Experience
5.2.3.2 Growing use of Chatbots Among Major Industries
5.2.3.3 Increasing Focus on Customer Engagement Through Various Channels
5.2.4 Challenges
5.2.4.1 Lack of Awareness About the Effect of Chatbot Technology on Various Applications
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.3.6 Use Case: Scenario 6
5.3.7 Use Case: Scenario 7
5.3.8 Use Case: Scenario 8
5.3.9 Use Case: Scenario 9
5.3.10 Use Case: Scenario 10
5.3.11 Use Case: Scenario 11
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 Health Insurance Portability and Accountability Act
5.4.3 Payment Card Industry Data Security Standard
5.4.4 Financial Industry Regulatory Authority
5.4.5 Service Organizational Control 2
5.4.6 Markets in Financial Instruments Directive II

6 Chatbot Market, By Component

6.1 Introduction
6.2 Solutions
6.2.1 Platform
6.2.1.1 Chatbot Platforms Help Understand the Conversational Data of Intelligent Digital Assistants
6.2.2 Software
6.2.2.1 Growth of AI and ML Technologies to Drive the Demand for Chatbot Software
6.3 Services
6.3.1 Managed Services
6.3.1.1 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs Driving the Demand for Managed Services
6.3.2 Professional Services
6.3.2.1 Growing use of AI and Analytics for Consulting, Deployment, and Support and Maintenance Services to Increase Adoption of Professional Services

7 Chatbot Market, By Technology

7.1 Introduction
7.2 Machine Learning and Deep Learning
7.2.1 Need for Automating Communication to Deliver Seamless Personalized Customer Experience
7.3 Natural Language Processing
7.3.1 Natural Language Processing Offers Self-Service Assistance to Provide Efficiency, Flexibility, and Customer Satisfaction
7.4 Automated Speech Recognition
7.4.1 Growing Need to Recognize Human Voice for Effective Handling of Queries

8 Chatbot Market, By Deployment Model

8.1 Introduction
8.2 On-Premises
8.2.1 Data Privacy and Security to Accelerate Adoption of On-Premises Chatbot Solutions
8.3 Cloud
8.3.1 Adoption of Cloud-Based Deployment Model for Chatbot Solutions to Rise in Future

9 Chatbot Market, By Usage

9.1 Introduction
9.2 Websites
9.2.1 Web-Based Chatbots Help Up-Sell and Cross-Sell Products and Services to Drive Additional Revenue
9.3 Contact Centers
9.3.1 Chatbots Improve Customer Experience and Loyalty, Operational Metrics, and Multiple Interaction Channels in Contact Centers
9.4 Social Media
9.4.1 Integration of Chatbots With Social Media Network Platforms Empowers Organizations to Deliver Faster and Personalized Experience to Clients
9.5 Mobile Platform
9.5.1 Chatbots in Mobile Platform Offer Better User Interface and Experience, 24/7 Assistance, and Interactive Experience in Human Language

10 Chatbot Market, By Organization Size

10.1 Introduction
10.2 Large Enterprises
10.2.1 Ability to Handle Queries in Multiple Languages to Increase Adoption of Chatbots Among Large Enterprises
10.3 Small and Medium-Sized Enterprises
10.3.1 Capability to Reduce Time Spent in Repetitive Tasks to Accelerate Adoption of Chatbots

11 Chatbot Market, By Application

11.1 Introduction
11.2 Customer Support
11.2.1 Increasing Organizational Focus Toward Rapid Response to Customer Queries to Pave the Way for Chatbot Adoption Among Various Industry Verticals
11.3 Personal Assistant
11.3.1 Personal Assistants to Become Crucial to Support Basic Applications
11.4 Branding and Advertisement
11.4.1 Increasing Need to Create Brand Awareness to Drive Adoption of Chatbot Solutions
11.5 Customer Engagement and Retention
11.5.1 Growing Need to Deliver Personalized Experience Throughout Customer Journey to Drive Adoption of Customer Engagement and Retention Application
11.6 Data Privacy and Compliance
11.6.1 Need for Safeguarding Customer Data to Create Demand for Compliance Tools
11.7 On-Boarding and Employee Engagement
11.7.1 Use of Chatbots to Enhance Efficiency of Hr Business Function to Drive Adoption of On-Boarding and Employee Engagement Application
11.8 Others

12 Chatbot Market, By Vertical

12.1 Introduction
12.2 Banking, Financial Services, and Insurance
12.2.1 Technologies Such as AI and ML to Provide Banking and Financial Industry a Platform for Extended Customer Engagement
12.3 Retail and Ecommerce
12.3.1 Chatbots' Growing use for Retaining Customers, Collecting Feedback, and Driving Sales to Drive Their Adoption in Retail and Ecommerce Vertical
12.4 Healthcare
12.4.1 Chatbots Enable Medical Professionals to Manage Patient Data and Medication, Help During Emergencies, and Provide First AId
12.5 Travel and Hospitality
12.5.1 Chatbots Enable Enhanced Guest or Passenger Services in Travel and Hospitality Vertical
12.6 Media and Entertainment
12.6.1 Multiple Industry-Driven Chatbot Initiatives of Governments to Drive Adoption of Chatbot Solutions in Media and Entertainment Vertical
12.7 Telecommunications
12.7.1 AI-Enabled Chatbots Would Help Improve Contact Center Effectiveness and Increase Roi in the Telecommunications Vertical
12.8 Others

13 Chatbot Market, By Region

13.1 Introduction
13.2 North America
13.2.1 United States
13.2.1.1 Growing Integration of AI- and ML-Based Solutions With Chatbots to Enhance Customer Experience Driving Their Demand in the US
13.2.2 Canada
13.2.2.1 Increase in AI Research Activities and Industry Collaborations to Boost the Adoption of Chatbots in Canada
13.3 Europe
13.3.1 United Kingdom
13.3.1.1 Government Support in Terms of Investments and Initiatives to Fuel the Adoption of Chatbots in the UK
13.3.2 Germany
13.3.2.1 Increasing Adoption of Chatbot Solutions Across Major Verticals to Drive the Market Growth in Germany
13.3.3 France
13.3.3.1 Focus on R&D and Heavy Investments From the Government and Investors to Drive the Growth of Market in France
13.3.4 Rest of Europe
13.4 Asia Pacific
13.4.1 China
13.4.1.1 Increasing Investments in the AI Landscape to Drive the Adoption of Chatbot Solutions in China
13.4.2 Japan
13.4.2.1 Rising Intelligent Virtual Agents in the Telecom Vertical to Fuel Adoption of Chatbot Solutions in Japan
13.4.3 India
13.4.3.1 Increase in Investments Among Startups and Push From the Government to Boost the Growth of Chatbot Market in India
13.4.4 Singapore
13.4.4.1 Growing Deployment By Government as Well as Private Organizations to Boost the Growth of Market in Singapore
13.4.5 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Middle East
13.5.1.1 Government Initiatives and the Growth of AI-Based Startups to Drive the Growth of Chatbot Market in the Middle East
13.5.2 Africa
13.5.2.1 Growing Need to Enhance Customer Service to Drive the Adoption of Chatbots in Africa
13.6 Latin America
13.6.1 Brazil
13.6.1.1 Emerging Startups in Brazil to Drive the Growth of Market
13.6.2 Mexico
13.6.2.1 Growing Demand for AI-Based Technologies to Fuel the Adoption of Chatbot Solutions in Mexico
13.6.3 Rest of Latin America

14 Competitive Landscape

14.1 Introduction
14.2 Competitive Leadership Mapping
14.2.1 Visionary Leaders
14.2.2 Innovators
14.2.3 Dynamic Differentiators
14.2.4 Emerging Companies
14.3 Strength of Product Portfolio
14.4 Business Strategy Excellence

15 Company Profiles

15.1 Introduction
15.2 IBM
15.3 Nuance Communications
15.4 Google
15.5 AWS
15.6 Artificial Solutions
15.7 Inbenta Technologies
15.8 [24]7.ai
15.9 Chatfuel
15.10 AIVO
15.11 Botsify
15.12 Passage AI
15.13 Kore.AI
15.14 KeyReply
15.15 SmartBots.AI
15.16 Contus
15.17 Yellow Messenger
15.18 CogniCor Technologies
15.19 Conversica
15.20 Gupshup
15.21 Kevit
15.22 Yekaliva

For more information about this report visit https://www.researchandmarkets.com/r/58wkts

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