The market size is anticipated to witness further unprecedented growth in the forthcoming years, escalating to $29.5 billion in 2029 at a CAGR of 30.0%. Factors propelling this growth during the forecast period include industry-specific chatbots, personalization and user context awareness, the integration with business applications, advancements in HR and recruitment chatbots, and improved security measures.
Major trends in the forecast period encompass the increased adoption of artificial intelligence and machine learning, omni-channel chatbot deployment, voice-based chatbots and conversational interfaces, integration with virtual assistants and smart devices, and ethical AI and responsible chatbot practices.
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What Are The Main Drivers of the Global Chatbot Market Growth?
The key driver behind the chatbot market growth is the escalating adoption of smartphones. Smartphones offer an effective platform for chatbots, which simulate conversations with users in natural language across websites, messaging applications, and mobile apps. For instance, as of March 2024, there were about 4.88 billion smartphone owners, a rise by 635 million from the last year, as per the Backlinko LLC. Therefore, the escalating user base of smartphones is expected to continue propelling the chatbot market growth in the forthcoming years.
What Are the Key Segments of the Global Chatbot Market?
– By Type: Text, Voice, Hybrid
– By Component: Solution, Services
– By Platform: Standalone, Web-Based, Messenger-Based or Third Party
– By Deployment: On-Premise, Cloud
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Who Are The Major Players in the Global Chatbot Market?
The major companies leading the chatbot market include International Business Machines Corporation (IBM), Microsoft Corporation, Google LLC, Amazon Web Services Inc., Nuance Communications Inc., Creative Virtual Ltd., Artificial Solutions International AB, Inbenta Holdings Inc., Next IT Corporation, Aivo Inc., Conversica Inc., LiveChat Software S. A., Gupshup Technology (India) Pvt. Ltd., Contus Tech. (Contus), SmartBots LLC, Yellow Messenger Pte. Ltd., Kevit Technologies Pvt. Ltd., eGain Corporation, Helpshift Technologies Pvt. Ltd., Oracle Corporation, ServiceNow Inc., Personetics Technologies Ltd., MindMeld Inc., CogniCor Technologies S. L., PositiveNaick Analytics Pvt. Ltd., Pypestream Inc., Acuvate Software Pvt. Ltd., Botsify Inc., Astute Solutions LLC, Haptik Inc.
What Are The Emerging Trends in the Global Chatbot Market?
Major companies in the market are focusing on developing technologically advanced solutions and AI-powered shopping assistant chatbots to streamline the shopping experience, heighten customer engagement, and provide personalized product recommendations. Amazon, for instance, in August 2024 launched its AI-powered shopping assistant, Rufus in India. Rufus assists users by providing product recommendations, responding to shopping-related queries, and facilitating product comparisons.
Which Region is Set to Register the Fastest Growth in the Global Chatbot Market?
North America dominated the chatbot market in 2024. However, the Asia-Pacific region is expected to witness the fastest growth rate in the forecast period. The chatbot market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Global Chatbot Market Report 2025 Offer?
A chatbot is a computer program that simulates and processes human dialogue, functioning as a digital assistant that learns, adapts, and creates increasingly personalized experiences. The Chatbot Market research report from The Business Research Company provides global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and exclusive opportunities.
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