Chatbot Market to Hit $24.58 Billion by 2030: Cognitive Market Research
CHICAGO, March 27, 2023 /PRNewswire/ -- The Global Chatbot Market size is valued at USD 3.02 Billion in 2022 and is projected to be USD 24.58 Billion by 2030, growing at a CAGR of 21.58% from 2023 to 2030, as per a recent report published by Cognitive Market Research. As per Cognitive Market Research analysis, Chatbot Market is growing exponentially as companies are profitably investing in the market. For instance, Google has launched Bard AI Chatbot to compete with ChatGPT.
Major findings during the study of the Chatbot Market:
Read Full Market Analysis Chatbot: by Component (Software and Services); by Deployment (On-Premise, and Cloud); by Connectivity (Mobile Applications, Social Media, and Others); by Organization (Large Enterprises and SMEs); by Industrial Verticals (BFSI, Retail, and E-commerce, Hospitality, Healthcare, Telecommunication, and Others); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
Chatbot Industry Statistics 2022:
What are the Growth, Drivers, and Restraint for the Chatbot Market?
High integration of chatbot in various industrial verticals:
Chatbot usage is rising exponentially in both the business sector and the consumer market. It is an instant messaging app that creates natural conversations between businesses and customers. The demand for chatbots has increased in recent years due to the rising inclination of people towards online shopping. In online shopping platforms, the sales team uses chatbots to answer non-complex product questions, which helps improve customer satisfaction and convenience. For instance, Google has introduced BARD, which is an AI-powered chatbot. It aims to enhance productivity, creativity, and curiosity while addressing potential biases and misinformation. Initially, the company has made it available in the US and UK and plans to expand to more countries and languages.
Moreover, the world is moving rapidly towards digitalization. Amid the COVID-19 pandemic, the world has turned into a digital world. Hence, the healthcare industry, like all other industries has started using chatbots aggressively, which helps connect patients with hospitalists for general diagnosis and treatment. It also allows scheduling appointments with physicians without needing to travel to the hospital.
Chatbots have been connected through websites, mobile applications, along with social media platforms which further drives the growth of market. As AI implementation in chatbots is rising, it is revolutionizing the business processes in multiple industries. AI-powered chatbots thus have no limits for their usage in various sectors, including BFSI, telecommunication, e-commerce, and others accrediting the growth market across the world.
Drawbacks regarding the full understanding of natural language:
To ensure that the chatbot is providing correct and relevant information to the customers, it must be updated with the right information. However, people in today widely used short forms out of their habit for speedy responses. Such kinds of slang or misspellings are frequently misunderstood by these chatbots. Hence, the inability to understand this kind of natural language may hamper the growth of the chatbot market.
However, the rising use of cloud services by various enterprises will help chatbots retrieve huge amounts of data from the cloud, which will enhance the understanding of natural language and further stimulate the growth of the chatbot market. For instance, Meta is working on the availability of AI persona on WhatsApp and Messenger.
Check the Full Report, including Global, Regional, and Country Level Analysis:
How COVID-19 Impacted the Chatbot Market?
The advent of COVID-19 pandemic has reshaped the lives of people across the globe by changing the way of work, shop, and learn. Every sector has been impacted due to the sudden outbreak of the pandemic. Lockdowns were announced, and many customer service centers were closed. Disruption in the supply chain occurred, and online services failed to handle additional volumes effectively. Hence, to manage this chaos effectively, companies started investing in new technologies to provide additional support and allow workers to adapt to work-from-home setups.
Lockdown during 2020, embraced the digital world like never before. Thus, the digital literacy rate during the pandemic increased exponentially resulting in stimulation of chatbot use. Retail businesses increased the use of chatbots during COVID-19 to fulfill consumer needs and give retailers a competitive edge in the market. Thus, outbreak of COVID-19 had a positive impact on the chatbot market.
Chatbot Market Report Scope
Chatbot Market – Component Outlook (Revenue, USD Billion, 2018 – 2030)
Chatbot Market – Deployment Outlook (Revenue, USD Billion, 2018 – 2030)
Chatbot Market – Connectivity Outlook (Revenue, USD Billion, 2018 – 2030)
Chatbot Market- Organization Outlook (Revenue, USD Billion, 2018 – 2030)
Chatbot Market- Industrial Verticals Outlook (Revenue, USD Billion, 2018 – 2030)
Chatbot Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
List of Key Players in the Chatbot Market
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The global e-commerce market is expected to reach USD 28.63 Trillion by 2030, growing at a CAGR of 14.45%. E-commerce is a convenient way of buying and selling goods and services through online platforms. It has been studied that approximately 36% of U.S. consumers are now buying goods online, which was only 29% in 2019. Hence, companies are also rushing to meet digital demand and expanding their portfolio to meet customer demand after increased digital sales. Furthermore, COVID-19 has accelerated the shift to eCommerce everywhere.
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Cognitive Market Research has evolved as one of the leading market research and consulting firms providing services across multiple domains. Our team of researchers gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we gather information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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