Chatbot Market to Hit $3.99 Billion by 2030 at CAGR 25.7%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 8, 2023 /PRNewswire/ -- The global chatbot market size is expected to reach USD 3.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.7% from 2022 to 2030. The market is expected to witness significant growth during 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.

Key Industry Insights & Findings from the report:

• Chatbots find various applications in the e-commerce, healthcare, and BFSI sectors. Large enterprises emerged as the largest end-user segment in 2021 with over 50.0% share.
• The bots for marketing application segment is expected to register the fastest growth rate during the forecast period as these chatbots can connect the customers directly to service providers.
• The standalone type segment is estimated to expand at a lucrative CAGR during the forecast period.
• The Asia Pacific market is projected to expand at a CAGR of 26.1% from 2022 to 2030 owing to various technological developments across major economies.
• Chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning.

Read 132 page market research report, "Chatbot Market Size, Share & Trends Analysis Report By End Use (Large Enterprises, Medium Enterprises), By Application, By Type, By Product Landscape, By Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Chatbot Market Growth & Trends

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 facilitate enhanced performance of chatbots in all applications. 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 the majority of businesses.

North America dominated the market in 2021 and is expected to maintain its lead during 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 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 the future. Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in the enhancd performance of chatbots in various applications.

Chatbot Market Segmentation

Grand View Research has segmented the global chatbot market based on end-user, application, type, product landscape, vertical, and region:

Chatbot Market - End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Chatbot Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
• Others

Chatbot Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

• Standalone
• Web-based
• Messenger-based/Third Party

Chatbot Market - Product Landscape Outlook (Revenue, USD Million, 2017 - 2030)

• Artificial Intelligence
• Marketing
• Human Intelligence

Chatbot Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Healthcare
• Retail
• Banking, Financial Services, and Insurance (BFSI)
• Media & Entertainment
• Travel & Tourism
• E-commerce
• Others

Chatbot Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• Japan
• South Korea
• South America
• Brazil
• MEA

List of Key Players of the Global Chatbot Market

• [24]7.ai, Inc.
• Acuvate
• Aivo
• Artificial Solutions
• Botsify Inc.
• Creative Virtual Ltd.
• eGain Corporation
• IBM Corporation
• Inbenta Technologies Inc.
• Next IT Corp.
• Nuance Communications, Inc.

Check out more related studies published by Grand View Research:

• Communication Platform As A Service Market - The global communication platform as a service market size is anticipated to reach USD 100.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 31.1% from 2022 to 2030. The demand for communication platforms as a service (CPaaS) is expected to grow owing to the growing importance of CPaaS among enterprises for facilitating transactions, marketing, and customer support.
• Web Real-Time Communication Market - The global web real-time communication market size is estimated to reach USD 40.6 billion by 2027 growing at a CAGR of 43.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Web real-time communication (WebRTC) enables real-time communication capabilities over browsers without having the need to install additional plugins. It supports browser-to-browser applications for video chat, voice calling, messaging, and file sharing. Amid the spread of COVID-19, several organizations have adopted work-from-home policies. There is a need to maintain operational efficiency while working from home, and online communication has become an essential tool for all organizations. The increasing demand for online communication is expected to drive the market in the near future.
• Rich Communication Services Market - The global rich communication services market size is estimated to reach USD 35.7 billion by 2027, expanding at a CAGR of 35.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Rich communication services (RCS) platforms overcome the limitations of SMS and provide additional services such as high-quality image sharing, chat rooms, and read receipt. Adoption of such mobile services by various businesses to enhance customer experience is anticipated to drive the market for rich communication services during the forecast period.

Browse through Grand View Research's Communication Services Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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