Chatbot Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Chatbot Market Size To Reach $1.25 Billion By 2025 | CAGR: 24.3%�
The global chatbot market is expected to reach USD 1.25 billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand View Research, Inc. The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market. A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of chatbots in all application. Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. For instance, Slack and Twitter messaging platforms are preferred by majority businesses.
North America is expected to emerge as the major region for the chatbot market over the forecast period. The growth in this region is mainly attributed to the increasing deployment of chatbots in various business verticals. Technologies such as artificial intelligence, IoT, and APIs, among others, are evolving at a rapid speed. Chatbots are integrated with these technologies to offer enhanced operations, thereby driving market demand. Artificial intelligence and audio speech-based chatbots are expected to account for the largest market share in future. Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in enhanced performance of chatbots in various applications.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/chatbot-market
Follow Us:
Further key findings from the report suggest: Chatbots find various applications in e-commerce, healthcare, and BFSI sectors. Large enterprise emerged as the largest end-user segment in 2016 and is estimated to register a CAGR of 24.2% over the forecast period.
The bots for marketing segment is expected to witness the largest growth over the forecast period as these chatbots can connect the customers directly to service providers.
The standalone segment is estimated to grow at a CAGR of 24.8% over the forecast period.
The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies. The regional market is expected to grow at a CAGR of 24.7 % from 2017 to 2025.
Key participants in the chatbot industry include Baidu, Poncho, Kik, WeChat, Varo Money Inc., Babylon Health, ReplyYes, and SRI International. Chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning.
Grand View Research has segmented the chatbot market based on end users, applications/business models, types, product landscape, verticals, and regions: End User Outlook (Revenue, USD Million; 2014 - 2025) Small Enterprises
Medium Enterprises
Large Enterprises
Application/Business Model Outlook (Revenue, USD Million; 2014 - 2025) Bots for Service
Bots for Social Media
Bots for Payments/Order Processing
Bots for Marketing
Others
Type Outlook (Revenue, USD Million; 2014 - 2025) Standalone
Web-based
Messenger-based/Third Party
Product Landscape Outlook (Revenue, USD Million; 2014 - 2025) Artificial Intelligence
Marketing
Human Intelligence
Follow Us:
Vertical Outlook (Revenue, USD Million; 2014 - 2025) Healthcare
Retail
Banking, Financial Services, and Insurance (BFSI)
Media & Entertainment
Travel & Tourism
E-commerce
Others
Regional Outlook (Revenue, USD Million; 2014 - 2025) North America
o
U.S.
o
Canada
o
Mexico
Europe o
Germany
o
UK
Asia Pacific o
China
o
Japan
o
South Korea
South America o
Brazil
o
Rest of South America
MEA
Table of Content
Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope & Assumptions 1.3 List of Data Sources Chapter 2 Executive Summary 2.1 Chatbot - Industry Snapshot & Key Buying Criteria, 2016 - 2025
Follow Us:
Chapter 3 Industry Outlook 3.1 Market Segmentation 3.2 Market Size and Growth Prospects 3.3 Evolution of Chatbot Industry 3.4 Chatbot - Ecosystem 3.5 Chatbot Market Dynamics 3.5.1 Market driver analysis 3.5.1.1 Increasing messaging applications 3.5.1.2 Reduction in expenses of enterprises 3.5.1.3 Increasing application in e-commerce and BFSI industries 3.5.2 Market restraint analysis 3.5.2.1 Availability of free chatbot with specific rule set 3.5.3 Market Opportunity Analysis 3.5.3.1 Integration with Payment services Continue……….. About Grand View Research, Inc.: Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: 1-415- 349-0058 Toll Free: 1-888- 202-9519 Email: sales@grandviewresearch.com For More Information: http://www.grandviewresearch.com
Follow Us: