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:
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)
Chatbot Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Chatbot Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
Chatbot Market - Product Landscape Outlook (Revenue, USD Million, 2017 - 2030)
Chatbot Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Chatbot Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of the Global Chatbot Market
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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.