Chatbot Market Exhibits 22.5% CAGR to Reach USD 1953.3 Million
The demand in global chatbot market is estimated to surpass the revenue of USD 1953.3 million – Report by Fortune Business Insights
Pune, India, May 05, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global chatbot market size is projected to cross USD 1953.3 million, exhibiting a CAGR of 22.5%. Increasing adoption of technology such as the artificial intelligence (AI) system by the SMEs and innovative product development is anticipated to be the driving factors for the market growth. The detailed forecast is covered in the latest report.
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Key Industry Developments
Solvvy Inc. launched its Conversational Concierge, a Next-Gen Chatbot Platform. This platform assists large enterprises to effortlessly provide intelligent, customization, and on-brand support and services to their users across channels.
Key Takeaways
- Chatbot market in North America holds the maximum share
- Increasing Adoption of Innovative Technologies to Boost Growth
- Global demand is driven by rising adoption of chatbots across industries such as retail & e-commerce, government, media & entertainment, travel, and transportation
- The healthcare segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the global chatbot market are Amazon Web Services Inc., Google LLC, IBM Corporation, Microsoft Corporation, SAP SE, Yellow Messenger, Labiba for Artificial Intelligence LLC, Gupshup, SmartBots, Aivo”
Drivers and Restraints:
Technological Innovations to Augment Growth
The emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced .
Companies Lend a Helping Hand amid COVID-19 The COVID-19 pandemic has resulted in a total standstill of several businesses across the globe. The government agencies with the help of companies are striving to get back on track the limping economy by proposing several economic packages. However, the widespread chaos has put a glimmer of hope on the chatbots in the healthcare segment. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software have come forward to launch this technology that identifies coronavirus symptoms in the patients and further advises the patients to seek medical assistance.
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Segmentation
By Component
- Platform/SDK Kit
- Services
By Deployment
- On-Premises
- Cloud
By Application
- Website
- Contact Centers
- Social Media
- Mobile Application
By Industry
- Banking, Financial Services and Insurance (BFSI)
- Retail and ecommerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Healthcare
- Others (Government and Education)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Analysis:
Presence of Major Players in North America to Bolster Growth
Among the regions, the market in North America was worth USD 156.7 million and is expected to generate the highest revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region.
Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt these services to ensure efficient customer engagement activities.
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Competitive Landscape:
Orbita Raises USD 9 Million for its Conversational AI Chatbot Platform Surging Demand
Orbita, a Boston-based healthcare conversational AI-powered chatbot solutions provider, has announced that it has raised over USD 9 million in a Series of funding that was led by the Philips Health Technology Ventures and HealthX Ventures. According to the company, its powerful platform effectively helps the clinical companies to create and manage HIPAA-compliant virtual assistance to the consumers, while increasing engagement and effectively reducing the cost of care. Adoption of strategies such as product expansion offerings, novel product launches, and collaboration by the companies will bode well for the global market during the forecast period.
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