The Business Research Company’s report on the Chatbot Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the chatbot industry?
The rising adoption of smartphone users is expected to propel the growth of the chatbot market going forward. A smartphone is an electric device that provides a connection to a cellular network. Chatbots can simulate a conversation with the user in natural language through websites, messaging applications, or mobile apps. On mobile phones, chatbots can provide virtual assistance for various needs of the user. For instance, in March 2024, according to the Backlinko LLC, a US-based search engine optimization (SEO) training and blog company, as of 2024, 4.88 billion people own a smartphone, up by 635 million from the previous year. Therefore, the rising adoption of smartphone users is driving the chatbot market growth.
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What is the estimated market size of the chatbot sector by 2029, based on current forecasts?
The chatbot market size has grown exponentially in recent years. It will grow from $8.27 billion in 2024 to $10.32 billion in 2025 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to cost efficiency in customer service, advancements in natural language processing, e-commerce and product recommendations, enhanced customer engagement, travel assistance and booking.
The chatbot market size is expected to see exponential growth in the next few years. It will grow to $29.5 billion in 2029 at a compound annual growth rate (CAGR) of 30.0%. The growth in the forecast period can be attributed to personalization and user context, industry-specific chatbots, integration with business applications, chatbots in HR and recruitment, enhanced security measures. Major trends in the forecast period include increased adoption of ai and machine learning, omni-channel chatbot deployment, voice-based chatbots and conversational interfaces, enhanced personalization and user context awareness, ethical ai and responsible chatbot practices, integration with virtual assistants and smart devices.
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#Who are the top players in the chatbot market?
Major companies operating in 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 major trends in the chatbot market?
Major companies operating in the catboat market are focused on developing technologically advanced solutions and an AI-powered shopping assistant chatbot to enhance customer engagement, streamline the shopping experience, and provide personalized recommendations. An AI-powered shopping assistant chatbot refers to an automated digital tool that uses artificial intelligence to interact with customers during the online shopping process. For instance, in August 2024, Amazon, a US-based e-commerce company, launched its AI-powered shopping assistant, Rufus, in India, following its initial introduction in the U.S. earlier this year. Rufus is designed to assist users by providing product recommendations, answering shopping-related queries, and facilitating product comparisons. The assistant can be accessed via the Amazon mobile app, where it appears as an icon in the bottom right corner. The AI chatbot is trained on Amazon’s extensive product catalog and web information, enabling it to generate tailored responses and suggestions based on user inquiries.
Which geography holds the highest chatbot market share?
North America was the largest region in the chatbot market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the chatbot market?
The chatbot market covered in this report is segmented –
1) By Type: Text, Voice, Hybrid
2) By Component: Solution, Services
3) By Platform: Standalone, Web-Based, Messenger-Based or Third Party
4) By Deployment: On-Premise, Cloud
Subsegments:
1) By Text: Rule-Based Chatbots, AI-Based Chatbots
2) By Voice: Voice Assistants, IVR Systems
3) By Hybrid: Combined Text And Voice Interfaces, Multi-Channel Chatbots
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How is the chatbot market defined?
A chatbot is a computer program that simulates and interprets written or spoken human dialogue, allowing users to interact with digital gadgets in the same way they would interact with actual people. It can range from simple one-line programs that respond to a simple question to sophisticated digital assistants that learn and adapt as they collect and process data to create increasingly personalized experiences.
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