Chatbot Market Insights, Share & Growth Trends 2023 to 2028

Markntel Advisors’ report, Chatbot Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2028, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Chatbot presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Chatbot Market Research Report & Market Summary:

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. The growth of the market is driven primarily by the mounting adoption of Chatbots by businesses across different industries to enhance interaction with their customers and solve their queries instantly, without the need for human intervention in noncritical situations. Besides, the growing demand for AI-based Chatbots, owing to their benefits like lower operational costs, quicker response time, robust customer relationships, etc., is also contributing to market growth.

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Chatbot Market Dynamics:

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.

Chatbot Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Application

Customer Support
Social Media
Marketing
Payments/Order Processing
Others

By Type

Artificial Intelligence-based
Rule-based

Of both, AI-powered chatbots are projected to acquire a significant Chatbot Market share during 2023-28. These bots utilize AI & machine learning algorithms to understand natural language and engage in more sophisticated interactions with users. They gather more data & user feedback, which makes them smarter and more accurate in understanding user intent. In addition, they also use NLP to understand & interpret human language, which allows them to process user queries, extract meaning, and provide appropriate responses.

By Interface

Standalone
Web-Based
Third party/ Messenger Based

By Verticals

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

Of them all, the Healthcare sector displays significant market growth, owing to the increasing number of partnerships between healthcare providers & Chatbot manufacturers to provide instant health assistance to patients through communication mediums like calls, chats, & video chats, among others. In addition, with the integration of Artificial Intelligence (AI) & Machine Learning (ML) in Chatbots, patients can obtain instant information based on their symptoms and are assigned to the healthcare providers for deeper analysis.

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

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. The region hosts many of the world's leading AI research institutions & tech firms, enabling innovations & advancements in NLP (Natural Language Processing & ML (Machine Learning), the critical components of chatbots. Various innovative chatbot start-ups with unique features & use cases are entering the regional market.

As indicated in the latest market research report published by Markntel Advisors, “Chatbot Research Report: Forecast (2023-2028)”, this report offers a detailed analysis of the industry, featuring insights into the Chatbot industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/global-chatbot-market.html

Top Companies Operating in the Chatbot Market:

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

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Other Report:

Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

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