IBM (US), Microsoft (US), Google (US), AWS (US), Nuance (US), Oracle (US), Creative Virtual (UK), Artificial Solutions (Spain), Kore.ai (US), For Sale (US), 7.AI (US), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US), LiveChat (Poland), MindMeld (US), CogniCor (US), Gupshup (US), Contus (India) , Chatfuel (US), KeyReply (Singapore). ”
Chatbot Market by Component, Type (Rule Based and AI Based), Application (Customer Service, Customer Interaction and Retention), Channel Integration, Business Function (ITSM, Finance), Vertical, and Region ( 2022 – 2026)
Chatbot’s global market size will grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The use of chatbot solutions is large and is expected to grow at a great pace in the coming years. One of the factors contributing to the growth of the chatbot market is the growing demand for 24/7 customer support at lower operating costs. Furthermore, the increasing demand for AI-based chatbots to deliver an enhanced customer experience thus offers a competitive advantage to businesses.
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The COVID-19 pandemic has affected trade activities in the regions. This has a moderate impact on all elements of the technology sector. The hardware business is predicted to be the most affected in the IT industry. Due to slowing hardware supply and declining manufacturing capacity, the growth of IT infrastructure has slowed. Businesses providing solutions and services are also expected to slow down in the short term. However, the use of collaborative applications, analytics, security solutions, and AI is set to increase for the rest of the year. Verticals such as manufacturing, retail, and energy and utilities witnessed a moderate slowdown, while BFSI, government, and health and life care verticals witnessed little impact. COVID-19 had an immediate and far-reaching impact on customer behavior across all industries. Consumer habits have changed over the past few months across all countries and demographics. There has been an increase in expectations as priorities have shifted first to health and safety, realigning with core human values and beliefs. As a result, almost all businesses have been pushed to restructure their approach to customers.
The solution segment is expected to account for the larger market size during the forecast period
The global chatbot market is split on the basis of components into solutions and services. Based on the solutions segment, the market is divided into platform and software. The solution segment is expected to have a larger market share as the increasing use of chatbots in businesses is due to the evolution of technology that makes human-machine communication more interactive through AI-based solutions. Vendors have developed self-service NLG software and services to add value to chatbots, thus assisting them in understanding users ’intent and delivering the information users need. Chatbot vendors have added additional capabilities to generate narratives in various human languages, such as English, French, Mandarin, Japanese, and German, making it easy for users to understand.
Today, chatbots carry many functions within a messaging conversation without the need to download an external application. AI has made significant advances in current chatbot capabilities. Techniques such as deep learning and ML use large amounts of data and great processing power, thus improving the quality of understanding and decision making. The use of chatbot solutions is large and is expected to grow at a great pace in the coming years. One of the factors contributing to the growth of the chatbot market is the advent of technologies, such as analytics, AI, and cloud, that allow different industries to streamline their operations. Ease of job execution and the need for time savings are some additional factors that accelerate the use of chatbots as personal assistants in daily life.
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Some of the major players running in the chatbot market include IBM (US), Microsoft (US), Google (US), AWS (US), Nuance (US), Oracle (US), Creative Virtual (UK) , Artificial Solutions (Spain), Kore.ai (US), Inbenta (US), 7.AI (US), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US), LiveChat (Poland), MindMeld (US), CogniCor (US), Gupshup (US), Contus (India) , Chatfuel (US), KeyReply (Singapore), SmartBots (US), Yellow Messenger (India), Kevit (India), Yekaliva (India), and Pypestream (US). These chatbot vendors have adopted various organic and inorganic strategies to maintain their positions and increase their market share in the global chatbot market.
Google, a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s lead organization, Alphabet, was founded in 2015. Google’s product innovations are witnessing an increase in the use of its services, and the company is one of the most well -known brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users per month. Google has developed a cloud platform and is investing in infrastructure, security, data management, analytics, and AI. The company’s global clientele base is spread across industry verticals, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environment, food, beverage, government, healthcare, manufacturing, media, telecommunications and IT, transportation, and travel and hospitality. As more digital experiences are made in the cloud, the company’s cloud products are focused on helping businesses of all sizes take advantage of the latest technologies and run their businesses efficiently. Google is also increasingly investing in platforms, such as Android mobile OS, Chrome browser, Chrome OS, and Daydream Virtual Reality (VR). It operates through 70 offices in more than 50 countries around the world. In February 2020, the company completed the acquisition of Looker, a unified platform provider for business intelligence, data applications, and embedded analytics. In the chatbot market, Google offers Dialogflow that aims to enable users new ways to interact with products by developing immersive voice and text-based communication interfaces. conversations, such as voice apps and chatbots, powered by AI.
Microsoft was founded in 1975 and is headquartered in Washington, US. It is a well -known leader in the regions and provides software products, along with diverse licensing suites. The company will develop and support software, services, devices, and solutions. Its product offerings include Operating System (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. It also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other smart devices, and related accessories. The company offers a range of services, which include solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It also offers online advertising and is a global leader in developing analytics platforms. It provides production services for the AI-infused intelligent cloud. The company generates revenues by licensing and supporting a range of software products. Microsoft provides a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. Microsoft offers the Azure Bot Service in the chatbot market. The Azure Bot Service enables the rapid development of smart bots powered by the Microsoft Bot Framework, which works in an server-free Azure environment.
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