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Shibuya-ku, Tokyo, Japan, Japan, Jan 17, 2022, 00:11 /Comserve / -- The global chatbot market is estimated to generate a revenue of $19,570.0 million by 2027, increasing from $2,568.3 million in 2019, at a 28.7% healthy CAGR.
Impact Analysis of COVID-19 on the Chatbot Market
The outbreak of COVID-19 pandemic has created a positive impact on the global market for chatbot services. The chatbot market is predicted to witness high growth rate mainly because of the increasing adoption of remote work facility by various organizations and companies. Established as well as emerging companies operating in the global market are using chatbots for helping customers with their queries along with minimizing the operational cost. Furthermore, government healthcare institutions are also opting for chatbot technology for the convenience of people. For example, in April 2020, WHO announced that they have officially released health alert chatbot to provide accurate and instant information about COVID-19. Such key elements are creating a positive impact on the global chatbot market, during the pandemic period.
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Chatbot Market Analysis:
The exponential growth of the chatbot market is mainly attributed to the integration of AI in the chatbot technology. AI powered chatbots are capable and intelligent to handle complex queries. Considering above-stated factors, AI chatbots are deployed in broad range of industries including BFSI, healthcare, and retail, among others. Furthermore, novel technological innovations, extensive penetration of smartphones in developing countries, and strong presence of tech giants such as Google, Amazon, and IBM combined with their heavy investment in the R&D are some of the crucial factors driving the global chatbot market.
However, the lack of awareness about the benefits of chatbots is projected to hamper the demand for chatbot, which will eventually decrease the growth of the global market, during the projected period.
The chatbot industry is increasing at a fast pace owing to the enormously growing self-learning chatbots to deliver more humanlike conversations. Moreover, companies are working on the development of self-learning chatbots. For instance, Aivo offers Agenbot, which is a conversational AI chatbot and it can be serviceable in more than 50 languages. Agenbot can talk with customers as a human. Also, it offers multiple AI technologies and it can construe regionalisms, informal language, errors, emojis and voice messages for communication that are unstructured. Such key factors and value addition in the product-portfolio may further lead attractive opportunities in the global chatbot market, in the upcoming years.
On the basis of component, the global chatbot market is bifurcated into solution and services. The solution sub-segment of the global chatbot market shall have a significant share and it is expected to cross $10,763.8 million by 2027, with the increase from $1,724.7 million in 2019. Furthermore, the service component for the chatbot industry shall be a rapidly-growing sub-segment and is projected to generate a revenue of $8,825.8 million, during the review period.
Depending on the deployment, the global market is classified into on premise and cloud. The cloud deployment mode for the chatbot market will have rapid growth and it is expected to register a revenue of $11,298.0 million by 2027, over the forecast period. However, on premise is anticipated to register a revenue of $8,297.2 million, during the forecast period.
On the basis of usage, the global chatbot market is broadly categorized into website, contact centers, social media, and mobile platform. The website sub-segment of the global chatbot market shall have a massive share and it is expected to cross $5,848.8 million by 2027, with a surge from $817.5 million in 2019. However, the social media component for the chatbot industry shall be the fastest-growing sub-segment and is expected to register a revenue of $4,686.4 million, during the review period.
Depending on the end-user, the global market is classified into retail & e-commerce, BFSI, healthcare, travel & tourism, and others. The travel & tourism sub-segment for the chatbot market will have rapid growth and it is projected to generate a revenue of $2,591.1 million by 2027, during the forecast period. However, the retail segment is anticipated to register revenue of $6,534.3 million, throughout the forecast period.
The North America chatbot market was valued at $776.1 million in 2019 and is projected to register a revenue of $5,581.4 million by 2027. Contrary to this, Asia-Pacific chatbot market share is expected to surge at a growth rate of 29.3% by registering a revenue of $5,049.1 million by 2027.
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Some of the key players involved chatbot market include Kevit, Conversica, Inc, Yellow Messenger, CONTUS., KeyReply, Aivo, [24]7. ai, International Business Machine Corporation, Amazon Web Services, Inc, and Google Inc.
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