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GLOBAL CHATBOT MARKET SIZE TO CROSS USD 800 MILLION BY 2022, GROWING AT A CAGR OF 28% DURING THE FORECAST PERIOD
Chatbot Market Size, Share, & Trends Analysis Report by Type (Rule-Based and AI-Integrated), Interface (Web-Based and Application-Based), End-User (Banking And Insurance, E-Commerce, Gaming and Entertainment, Healthcare, News And Media, and Telecom), Geographies (APAC, Europe, Latin America, Middle-East & Africa, and North America), Industry Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Share & Forecast, 2017-2022
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CHATBOT MARKET REPORT SCOPE
| REPORT ATTRIBUTE | DETAILS |
|---|---|
| MARKET SIZE (REVENUE) | USD 800 MILLION (2022) |
| CAGR | 28% (2017-2022) |
| BASE YEAR | 2016 |
| FORECAST YEAR | 2017-2022 |
| MARKET SEGMENTS | Type (Rule-Based and AI-Integrated), Interface (Web-Based and Application-Based), End-User (Banking And Insurance, E-Commerce, Gaming and Entertainment, Healthcare, News And Media, and Telecom), |
| GEOGRAHIC ANALYSIS | APAC, Europe, Latin America, Middle-eat & Africa, and North America |
| COUNTRIES COVERED | Canada, China, Japan, UK, and US |
INDUSTRY INSIGHTS
The open-source ecosystem is driving by innovation and adoption
The global chatbot market size to cross USD 800 million by 2022, growing at a CAGR of 28% during the forecast period. Chatbots are the new age revolution, as more and more leading brands across the globe are advancing the technology and integrating them into their systems. For instance, Facebook and Telegram have already made a move and started creating their own talkbots and chatbot platforms. The open-source ecosystem is driving innovation and adoption of chatbots and with numerous advancements and tools, creating a chatbot is made an easy process. This is one of the latest trends that is going to boost the market.
The need for optimization of customer management costs, and progressive growth in natural language processing are among the leading factors driving the growth. Increased prominence of messaging applications and application fatigue and higher development costs are among the other drivers included in the report.
CHATBOT MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Interface
- Type
- End-users
- Geography
Application-based segment will be the market leader
AI-driven bots outperform rule-based ones, especially in offering personal touch and high-user engagement. The application-based chatbot market share will remain predominant in the global market during the forecast period. The adoption of these bots by news and media end-users is majorly driven by the marginal utility of customers for live news feed connecting to engaging content. While the user derives much value in this context driven by the convenience, it does not have to search for news and articles of its interest. The same can turn out to be a great opportunity for marketers with them standing agile to new developments and use them to derive marketing opportunities.
INSIGHTS BY GEOGRAPHY
This report considers four major regions: APAC, Europe, North America, and Latin America.
The deployment of talkbots in North America region is driven by their high advantages over conventional personnel-driven customer engagement models. The adoption and proliferation of chatbot in the US is majorly driven by a high awareness of AI and its potential. An estimated 50% of small and medium business units engaged in e-commerce have indicated conformance to the revolutionary changes witnessed in the realm of customer services and digital marketing.
APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot market in US and Europe are mature, in emerging economies, there is little presence of paid offerings.
INSIGHTS BY VENDORS
The report profiles the leading vendors as well as emerging vendors. The report includes the product portfolios of the companies. The major vendors included in the report are Anboto Group, Creative Virtual, eGain Corp., Inbenta, Nuance Communications Inc. Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.
The global chatbot market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Type
- Rule-based
- AI-integrated
By Interface
- Web-based
- Application-based
By End-user
- Banking and insurance
- E-commerce
- Gaming and entertainment
- Healthcare
- News and media
- Telecom
By Geography
- APAC
- Europe
- Latin America
- MEA
- North America
SNAPSHOT
The global Chatbot market is expected to cross $800 million by 2022. The market is likely to grow at an impressive CAGR of more than 28% during the period 2016−2022.
It is expected to witness tremendous growth majorly due to high awareness about the benefits of bots and rise of innovative test cases for their implementation. Chatbots are termed to potentially offer as much as $10 billion savings during the forecast period in terms of reduced customer service costs in the US alone. The application-based bot market is likely to remain a dominant segment. Though the e-commerce industry is gaining momentum, the news and media segment will remain the largest end-user segment in terms of revenue.
Chatbot Market Segmentation by Interface
Report Timeline
- Base Year: 2016
- Forecast Year: 2017−2022
Major Vendors included in the report are as followings:
- Anboto Group
- Creative Virtual
- eGain Corp.
- Inbenta
- Nuance Communications Inc.
Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.
Scope of the Report
The report considers the present scenario of the global chatbot market and its strategic assessment for the period 2017–2022. It includes a detailed study of growth drivers, trends, and restraints. The report also profiles the leading vendors in the market and other key vendors.
The report considers the scope of evolving use cases pertaining to experimentation, testing, adoption, and upgrading of chatbots. In defining the program to be qualified as chatbot, the report included both cases of rule-based and AI-based implementations. The report concentrates majorly on messaging or chat-focused bots and does not include voice-assisted bots. However, applications that subsequently drive the interaction post the conversion of voice into chat using NLP are considered into the scope. The method and the implementation bandwidth of chatbots have been critically analyzed for bots, both standalone and messenger integrated.
The market research report provides the details of the market size in the following segments:
Type
- Rule-based
- AI-integrated
Interface
- Web-based
- Application-based
End-user
- Banking and insurance
- E-commerce
- Gaming and entertainment
- Healthcare
- News and media
- Telecom
Major Geographies
- APAC
- Europe
- Latin America
- MEA
- North America
Key Countries
- Canada
- China
- Japan
- US
Frequently Asked Questions
What is the chatbot market size and growth rate during the forecast period?
What are the top trends, drivers, restraints, and opportunities in the global industry?
Who are the key player and what are their market shares?
List of Exhibits
Exhibit 1 Segmentation of Chatbot Market
Exhibit 2 Average Annual Savings by End-user Industry due to Automation in US ($ billion)
Exhibit 3 Tentative Project Estimates for Development of iOS and Android Applications ($)
Exhibit 4 Monthly Active Users on Various Messaging Applications (million)
Exhibit 5 Active Users on Various Social Network Sites (in million)
Exhibit 6 Global Chatbot Market ($ million)
Exhibit 7 Five Forces Analysis 2016
Exhibit 8 Segmentation of Market by End-user
Exhibit 9 Comparison of Revenue Growth Rates in Chatbot Market by End-users 2017–2022
Exhibit 10 News and Media Chatbot Market ($ million)
Exhibit 11 Percentage of US Adults Receiving News Through Online Platforms (2016)
Exhibit 12 E-commerce Chatbot Market ($ million)
Exhibit 13 Adoption Rate and Market Share of Various End-users in E-commerce Segment
Exhibit 14 Banking and Insurance Chatbot Market ($ million)
Exhibit 15 Savings Offered Under Key Expenditure Heads by Chatbots in BFSI 2016
Exhibit 16 Healthcare Chatbot Market ($ million)
Exhibit 17 Scope of Bot-implementation in Healthcare Technology 2016 (% of Segmental Revenues)
Exhibit 18 Gaming and Entertainment Chatbot Market ($ million)
Exhibit 19 Scope of Bot-implementation in Telecom Industry 2016 (% of Segmental Revenues)
Exhibit 20 Telecom Chatbot Market ($ million)
Exhibit 21 Other Applications Chatbot Market ($ million)
Exhibit 22 Market by Type
Exhibit 23 Revenue Growth Rates in Chatbot Market by Type
Exhibit 24 Rule-based Chatbot Market ($ million)
Exhibit 25 AI-integrated Chatbot Market ($ million)
Exhibit 26 Market by Interface
Exhibit 27 Revenue Growth Rates in Chatbot Market by Interface
Exhibit 28 Web-based Chatbot Market ($ million)
Exhibit 29 Application-based Chatbot Market ($ million)
Exhibit 30 Market by Geography
Exhibit 31 Revenue Growth Rates in Chatbot Market by Geography
Exhibit 32 Market in APAC ($ million)
Exhibit 33 Market in China ($ million)
Exhibit 34 Market in Japan ($ million)
Exhibit 35 Drivers for Adoption of Chatbot in Key APAC Countries
Exhibit 36 Adoption of Chatbots in Europe by End-users 2016 ($ million)
Exhibit 37 Market in Europe ($ million)
Exhibit 38 Market in MEA ($ million)
Exhibit 39 Market in MEA by End-user 2016 ($ million)
Exhibit 40 Internet Penetration in Key African Countries 2017
Exhibit 41 Market in North America ($ million)
Exhibit 42 Market in the US ($ million)
Exhibit 43 Adoption of Chatbots in the US by End-user 2016 ($ million)
Exhibit 44 Growth Enablers and Restraints for Chatbot Proliferation in the US
Exhibit 45 Market in Canada ($ million)
Exhibit 46 Market in Canada by End-user 2016 (Revenues)
Exhibit 47 Market in Latin America ($ million)
Exhibit 48 Internet Penetration in Latin America 2016 (% of population)
Exhibit 49 Overview of Market Concentration in Various Geographies 2016 (as illustrated by HHI)
Exhibit 50 Market Maturity in Different Geographies
List of Tables
Table 1 Key Geographies Definition
Table 2 Key Caveats
Table 3 Currency Conversion 2013−2016
Table 4 EFF Secure Messaging Scorecard
Table 5 Popular Game Chatbots
Table 6 Key Focus Areas in Facebook’s F8 Conference 2017
Table 7 Comparison of Consumer Landscape in Latin America 2015
Table 8 Key Customers
Table 9 Key Customers
Table 10 Key Customers
Table 11 Key Customers
Table 12 Key Customers
Table 13 Qualitative Summary of Global Market
Table 14 Quantitative Summary of Global Market by Geographies
Table 15 Quantitative Summary of Global Market by End-User
Table 16 Quantitative Summary of Global Market by Type
Table 17 Quantitative Summary of Global Market by Interfaces
Table 18 Quantitative Summary of Global Market by Hosted Platforms
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.1.1 Chatbots
4.1.2 Artificial Intelligence (AI)
4.1.3 Natural Language Processing
4.2 Base Year
4.3 Scope Of Study
4.3.1 Market Segmentation By Type
4.3.2 Market Segmentation By Interface
4.3.3 Market Segmentation By Hosted Platform
4.3.4 Market Segmentation By End-User Type
4.3.5 Market Segmentation By Geography
5 Report Assumptions & Caveats
5.1 Currency Conversion Rate
5.2 Market Derivation
6 Market At A Glance
7 Introduction
8 Market Dynamics
8.1.1 Need For Optimization Of Customer Management Costs
8.1.2 Progressive Growth In Natural Language Processing
8.1.3 Application Fatigue And Higher Development Costs
8.1.4 Increased Prominence Of Messaging Applications
8.2 Market Growth Restraint
8.2.1 Lack Of Viable Pricing Model
8.2.2 Implementation Limitations For Sensitive End-Users
8.2.3 Spamming And Data Privacy Concerns
8.3 Market Opportunities & Trends
8.3.1 Open-Source Ecosystem Driving Innovation And Adoption
8.3.2 Active Support From Facebook, Microsoft, And Google Reducing Development Costs
8.3.3 Major Shift From Rule-Based To Ai-Based Implementation
8.3.4 Conversational Interfaces To Dominate With Higher Engagement Rates
9 Global Chatbots Market
9.1 Market Size And Forecast
10 Porter’s Five Forces Analysis
10.1.1 Threat Of New Entrants
10.1.2 Bargaining Power Of Suppliers
10.1.3 Bargaining Power Of Buyers
10.1.4 Threat Of Substitutes
10.1.5 Competitive Rivalry
11 Chatbot Market By End-User
11.1 Market Overview
11.2 News And Media
11.2.1 Market Size And Forecast
11.3 E-Commerce
11.3.1 Market Size And Forecast
11.4 Banking And Insurance
11.4.1 Market Size And Forecast
11.5 Healthcare
11.5.1 Market Size And Forecast
11.6 Gaming And Entertainment
11.6.1 Market Size And Forecast
11.7 Telecom
11.7.1 Market Size And Forecast
11.8 Other Chatbot Applications
11.8.1 Market Size And Forecast
12 Chatbot Market By Type
12.1 Market Overview
12.2 Rule-Based Chatbots
12.2.1 Market Size And Forecast
12.3 Ai-Integrated Chatbots
12.3.1 Market Size And Forecast
13 Chatbot Market By Interface
13.1 Market Overview
13.2 Web-Based Chatbots
13.2.1 Market Size And Forecast
13.3 Application-Based Chatbot
13.3.1 Market Size And Forecast
14 Chatbot Market By Geography
14.1 Geographical Overview
15 APAC
15.1 Market Size And Forecast
15.2 China
15.2.1 Market Size And Forecast
15.3 Japan
15.3.1 Market Size And Forecast
15.4 Other Apac Countries
15.4.1 Market Size And Forecast
16 Europe
16.1 Market Size And Forecast
17 Middle-East And Africa
17.1 Middle-East
17.1.1 Market Size And Forecast
17.2 Africa
17.2.1 Market Size And Forecast
18 North America
18.1 Market Size And Forecast
18.2 Us
18.2.1 Market Size And Analysis
18.3 Canada
18.3.1 Market Size And Forecast
19 Latin America
19.1 Market Size And Forecast
20 Competitive Landscape
20.1 Market Structure And Mapping Of Competition
20.2 Overview Of Competition
20.2.1 Herfindahl-Hirschman Index
21 Key Company Profiles
21.1 Anboto Group
21.1.1 Business Overview
21.1.2 Solutions And Industries
21.2 Creative Virtual
21.2.1 Business Overview
21.2.2 Solutions And Industries
21.3 eGain Corp.
21.3.1 Business Overview
21.4 Inbenta
21.4.1 Business Overview
21.5 Nuance Communications
21.5.1 Business Overview
22 Other Prominent Companies
22.1 Haptik Inc.
22.2 Viclone
22.3 Astute Solutions
22.4 Kasisto Inc.
22.5 True Image Interactive
22.6 Cx Company
22.7 Next It Corp.
22.8 H-Care
22.9 Synthetix
22.1 Helpshift
23 Report Summary
23.1 Qualitative Summary
23.2 Quantitative Summary
24 Appendix
24.1 List Of Abbreviations
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Frequently Asked Questions
What is the chatbot market size and growth rate during the forecast period?
What are the top trends, drivers, restraints, and opportunities in the global industry?
Who are the key player and what are their market shares?
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