Chatbot Market Expanding at a CAGR of 24.32% during 2023-2028

According to MarkNtel Advisors study the Global Chatbot Market size was valued at USD 5.2 Million in 2022 and is projected to grow at around 24.32% CAGR during the forecast period, i.e., 2023-28.

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Key Findings of the Study: Chatbot market

Global Chatbot Market Key Driver

Rising Demand for Consistent Customer Support at Low Operational Costs: Chatbots are aiding several companies worldwide in streamlining & optimizing their customer services and thus becoming a critical aspect in delivering enhanced customer services. Industries like retail, e-commerce, healthcare, & finance, among various others, are increasingly adopting chatbots in order to resolve customer queries instantly & cost-effectively. As a result, enterprises see them as a robust conversational interface that offers dynamic & engaging customer experiences, i.e., driving the Global Chatbot Market.

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Scope of the Report and Chatbot Market Segmentation:

By Application

• Customer Support
• Social Media
• Marketing
• Payments/Order Processing
• Others

By Type

• Artificial Intelligence-based
• Rule-based

By Interface

• Standalone
• Web-Based
• Third party/ Messenger Based

By Verticals

• BFSI
• Retail & Ecommerce
• Healthcare
• Travel & Hospitality
• Media & Entertainment
• Telecommunications
• Others

By Technology

• Machine Learning & Deep Learning
• Natural Language Processing
• Automated Speech Recognition

By Deployment Model

• On-Premise
• Cloud

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

Of both, AI-powered chatbots are projected to acquire a significant Chatbot Market share during 2023-28.

Chatbot Market Competitive Landscape

• IBM
• Nuance Communications
• Google
• Conversica
• AWS
• OpenAI
• Artificial Solutions
• Microsoft
• Inbenta Technologies
• AIVO
• Meta
• ai
• Chatfuel
• Passage AI

Chatbot Market Development:

• On 18 July 2023, Meta & Microsoft introduced the next generation of their open-source large language model, Llama2, specifically developed for researchers so that they could perfect it, and is available to any business for download or through Microsoft’s Azure cloud service in a special partnership with the Windows maker.
• On 7 June 2023, Conversica, Inc., the leading provider of AI-powered conversation automation solutions for enterprise revenue teams, announced a partnership with Salesforce to combine its Generative AI-driven conversational platform with Salesforce Marketing Cloud, aiming to digital marketing automation to a new level by using Generative AI as part of an active dialogue.
• On 19 May 2023, Kore.ai, the world-leading enterprise conversational AI software platform & solutions company, announced a partnership with Ciklum, a leading Global digital solutions company, to help advance enterprise adoption of AI-powered virtual assistants. Ciklum will leverage the Kore.ai platform to build advanced virtual assistants to meet the unique needs of their clients around use cases, such as customer experience, employee experience, enterprise automation, and personalized solutions based on user experience.
• On 21 March 2023, Google unveiled Bard, an AI chatbot designed to compete with OpenAI’s ChatGPT & Microsoft’s chatbot in their Bing search engine, aiming to solidify its presence in the AI chatbot space while maintaining its dominance in the search engine market.
• On 14 March 2023, OpenAI introduced GPT-4, the latest milestone in the company’s effort to scale up deep learning. GPT-4 is a large multimodal model (accepting image & text inputs, emitting text outputs) that exhibits human-level performance on various professional and academic benchmarks.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, North America dominates the Chatbot Market with the largest revenue share, which owes to the robust technological infrastructure, particularly in the US, with robust network connectivity and extensive access to smartphones & other devices.

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