The global chatbot market is predicted to experience growth in the recent future due to innovations in products. Covid-19 outbreak is expected to affect the market positively. The North American region is likely to rule the market in the forecast period.
New York, USA, May 24, 2021 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global chatbot market and according to the report, this market is predicted to reach $19,570 million by 2027, from a significant market size of $2,568.3 million in the year 2019, at a growth rate of 28.7%. The all-inclusive report cites numerous facets such as the market dynamics, present scene of the market, growth factors, hinderances, obstacles, and forthcoming opportunities in the analyzed period.
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Covid-19 Impact on the Chatbot Market
The global chatbot market is expected to display growth during the Covid-19 pandemic. The growth is attributed to the increasing usage of chatbots by various industries like healthcare, banking & insurance, and retail. These industries require chatbots for answering and managing the burden of customer queries. In addition, chatbots help in setting up stable remote work conditions for several organizations. Apart from this, new product launches such as WHO Facebook messenger are likely to create opportunities in the market.
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Factors Affecting the Market Growth
The chatbot market is predicted to surge during the forecast period due to product innovations, strategic collaborations, and expansion of businesses. For instance, in November 2020, Microsoft collaborated with Novo Nordisk , a healthcare company that is exclusive for diabetes care in the world, for developing AI Chinese-speaking chatbot for diabetes people. Beyond this, utilization of chatbots in handling customer queries is also anticipated to uplift the market. The market is restrained by limited awareness about the benefits of the AI chatbots and managing chatbots. On the other hand, rise in adoption of self-learning robots is projected to develop opportunities in the upcoming years.
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The report divides the market into segments based on component type, deployment, usage, end-user, and regional outlook.
Service Sub-Segment to be the Most Profitable
The service segment was accounted for $843.6 million in the year 2019 and is projected to gain $8,825.8 million by 2027. The chatbot’s features such as advanced multilingual abilities, powerful NLP, potential for real-time analysis, and cost-effectiveness are driving the global market in the forecast period.
Cloud-Based Sub-segment to Generate Maximum Revenue
Cloud-based sub-segment is predicted to garner a revenue of $11,298.0 million by 2027, from a significant market share of $1,144.5 million in 2019. Cloud-based chatbots can easily handle crucial business information such as client details, invoices, supply chain management, and employees’ social security numbers. Furthermore, cloud-based intelligent bots like Alexa, Siri, and Alphabet assistance are gaining worldwide popularity. These aspects are responsible for the market growth in the forecast period.
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Social Media Sub-Segment to be the Most Lucrative
This sub-segment is anticipated to generate a significant revenue of $4,686.4 million by 2027 and experience a fast growth in the forecast period. Chatbots create personal engagement with the customers, and hence there is good preference for chatbots on social media. Moreover, expansion of sales pipeline, shortening of sales cycle, and discovering customers’ needs are some key factors that are fueling the demand of chatbots and hence resulting in the market growth in the forecast period.
Travel & Tourism End-User to Showcase Substantial Revenue
Travel & tourism sub-segment is expected to garner a revenue of $2,591.1 million by 2027 and display tremendous growth in the forecast period. Demand for highly meaningful travel experiences by the travelers worldwide is likely to boost the market in the forecast period. Furthermore, ease of access to chatbots and providing information to customers via chatbots on events & destination for traveling purpose is expected to increase the market growth in forecast period.
North American chatbot market is estimated to generate a revenue of $5,581.4 million by 2027, from a notable market size of $776.1 million in the year 2019. Chatbots are integrated into technologies like APIs, IoT, and artificial intelligence for boosting operations. Furthermore, usage of chatbots in numerous business verticals is expected to fuel the market growth. All these facets are considered to augment the global chatbot market in the forecast period.
Key Players and Developments
Chatbot market players are focusing on novel product development, business expansion, and merger & acquisition. These are the effective strategies followed by the startup as well as established organizations. For instance, in June 2020, the Reliance industries in collaboration with its new partner Facebook ’s WhatsApp are all set to introduce a chatbot that will provide answers to the shareholders specifically on the INR 53,125 crore rights issue.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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