Global Chatbot Market had a value of USD 3.3 Billion in 2020. By 2031, it is expected to rise to USD 14.8 billion with a rising CAGR (24.6%) during the forecast period.
Demand is growing
Chatbots allow you to converse online using text or text to speak 24/7. Chatbots can be created using Artificial Intelligence (AI), Machine Learning algorithms, and messaging applications. This allows a conversation to occur naturally with the user via text, website, or mobile app. Many chatbot companies plan to use Natural Language Processing in their models. Yellow.ai is a provider of conversational AI platforms and announced plans to raise approximately USD 78.1 million to expand its AI-based chatbot platform with Natural Language Processing.
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Driving Factors
The market for chatbots is expected to expand due to increasing advertising in Artificial Intelligence.
Recent technological advancements in artificial intelligence, combined with the penetration of messaging applications, have increased the demand for chatbots. Companies are increasingly leveraging innovative technologies to expand their reach with customers. Mobile analytics, cloud platforms, and social analytics have all helped transform many enterprises into global digital businesses. Numerous brands and publishers have begun to use bots in messaging and collaboration channels, such as CNN, HP, and 1-800 Flowers. These factors are expected to drive market expansion during the forecast period.
Global chatbot market growth is expected to be driven by the increasing demand for instant customer service.
Chatbots have emerged as the most effective way to provide customer support regardless of location. Chatbots enable companies to eliminate business hours and allow customers to reach out to the best customer care available to solve their problems. Chatbots also have the ability to mimic human conversation. Many companies use chatbots to improve live chat customer service channels. These factors are expected to drive global chatbot market growth in the forecast period.
North America held a dominant position in the global chatbot market, accounting for 48.3% of the value. Asia Pacific, Europe, Latin America, Asia Pacific, and the Middle East followed.
Restraining Factors
The inability to respond quickly to customer queries and recognize customer intent is expected to limit global chatbot market growth over the forecast period.
Chatbots are constantly evolving, and many chatbots do not understand customer intent. App program interfaces (software tools) are created to allow users to use standard chatbot solutions without adding functionality. These tools often fail to meet the requirements of specific users. Customers can use chatbots to assist them if they ask the right questions. Chatbots cannot understand customer intent if they are unable to answer questions. These factors will likely limit global chatbot market growth during the forecast period.
Over the forecast period, the market for chatbots will be constrained by a lack of awareness of their benefits.
Chatbots have been gaining significant traction in enterprises of developed countries, such as the U.S. and Canada. This technology is still unknown to many business owners in emerging economies like South Africa and China. Additionally, chatbot installation costs are prohibitively expensive for many small and medium-sized businesses in emerging economies. This will limit global chatbot market growth over the forecast period.
Market Key Trends
Healthcare sector experiencing significant growth
Chatbots have helped to increase customer satisfaction due to their widespread adoption. To help patients better, healthcare service providers continue to partner with chatbot companies. Average patients spend 30 minutes trying to find the right service from their local hospital. On average, nurses spend 1 hour trying to connect with the right doctor.
Leading health systems use chatbots to allow seamless patient scheduling and a conversational discovery of their services. Chatbots allow providers to easily track specialists and easily arrange referrals using conversational AI agents. The Giant chatbot helps patients understand their symptoms and sends them to doctors who diagnose and prescribe medicines in real-time. In March 2019, the company reported that it had prompted more than 785,000 Latin American patients to undergo a prediabetes screening.
Chatbots are healthcare service providers who engage patients about their recent inpatient procedures and chronic conditions like diabetes, cardiovascular disease, arthritis, etc. Our service providers can improve patient satisfaction dramatically and decrease readmission rates by providing a wide range of advice. This includes medication reminders, lifestyle changes, mood tracking, and wellness program enrollments.
Chatbots can be a boon to healthcare providers as they provide convenience and simplicity for patients and help them connect to their providers. Northwell Health has launched chatbots that will help patients navigate oncology treatment. Premera Blue Cross, a chatbot designed to help patients understand the benefits of their care, recently launched Premera Scout. The Mayo Clinic also studies voice-activated bots and is looking into further technology.
Many mobile apps that use AI to perform image or chatbot analysis are becoming more popular on the mobile market. Babylon, an AI-based mobile application, is an example. It allows users to chat with an intelligent chatbot and help them to relate their symptoms to a doctor.
Recent Development
April 2020: IBM with Watson Assistant chatbots has helped governments, healthcare organizations, and academic institutions all over the globe to use AI for critical data and information.
February 2020 – Creative Virtual partnered with Spitch AG, a leading Swiss developer of enterprise speech solutions. Both companies may use their best-of-breed technologies to offer innovative self-service options for customers. Creative Virtual’s VPerson natural-language chatbots are combined with Spitch’s voice technology to create a market-leading voice bot.
Key Companies
- Apple
- Baidu
- Applied Voice & Speech Technologies
- CogniCor
- Microsoft
- Artificial Solutions
- Botego
- CodeBaby
- Living Actor (Cantoche)
- Creative Virtual
- CX Company
- EasilyDo
- IBM
- Inbenta Technologies
- Interactions
- IPsoft
- Ivee
- Jibo
Key Market Segments
Type
- TalkBot
- Elbot
- ELise
Application
- Phone
- Pad
- Desktop PC
- Laptop
Frequently Asked Questions
- Who are the key vendors in the Chatbot market?
- At what CAGR is the chatbots market expected to expand across the projection period?
- What is the study period of this market?
- What is the growth rate of the Chatbot Market?
- What is the size of the chatbot market?
- What are the key factors driving the growth of the market?
- Which is the Leading Region in the Chatbot Market?
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