Chatbot Market by Component (Solution, Services), by Type (Standalone, Web-based), by Deployment Mode (On-Premises, Cloud), by Usage (Websites, Mobile Platform, Social Media), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)

Chatbot Market: Summary

The Global Chatbot Market is projected to reach a value of over USD 19.7 billion by 2027 at a CAGR of around 29.5%.

Chatbots is refers to a computer program which simulates human conversation with the help of voice commands or text chats. Moreover, it is an artificial intelligence software that can simulates a chat with the user in the natural language with the messaging applications, mobile application and websites. Moreover, it allow the businesses to connect with customers in a personal way without the expense of human representatives. Also, it is being used to enhance the IT service management experience as well as customer contact centers to manage incoming communications.

Hence, this is being majorly used to perform routine customer activities within the banking, retail, and food and beverage sectors. These may lead to boost the demand of the product in the forecast period.

Chatbot Market

Chatbot Market: Drivers & Restraints

Market Driver:

  • Growing Demand for Consumer Analytics

With the growing demand for consumer analytics is witness to boost the growth of the market in the forecast period. Whereas, it provides a latest way for the industries to communicate with the customers through the messaging application, growing technologies as well as the artificial intelligence. Moreover, the AI-powered chatbots offers several advantages such as delivery of support in multiple languages, as well as provision of better self-service experiences.

Furthermore, the brands such as Starbucks, KLM Dutch Airlines, Spotify, as well as the Bank of America which has been deployed chatbots with the intent to deliver seamless customer experiences. Also, the Chatbots functions engaging customers 24×7 with instant response for the common problems. These will lead to fuel the growth of the market in the projected period.

Market Restraints:

  • Lack of Awareness

One of the major key concern of the market is the lack of the awareness which may hamper the market growth. Whereas, the large enterprise are the major play of adopting the chatbot solutions, moreover the Small and Medium-sized Enterprises (SMEs) has been limited the adoption with the cost associated as well as the shortage of skilled resources. Also, the Chatbots require ongoing review, maintenance, as well as the optimization in terms of their knowledge and the way they are supposed to communicate with customers. Hence, these may lead to create a challenging factor for the growth of the market in the forecast period.

Chatbot Market: Key Segments

  • Segmentation based on Component: Standalone, Web-based and Messenger-based/Third Party.
  • Segmentation based on Deployment Mode: On-Premises and Cloud.
  • Segmentation based on Component: Solution and Services.
  • Segmentation based on Technology: Machine Learning and Deep Learning, Natural Language Processing and Automated Speech Recognition.
  • Segmentation based on Usage: Websites, Mobile Platform and Social Media.
  • Segmentation based on Application: Personal Assistant, Branding and Advertisement, Customer Support, Employee Engagement, and Others.
  • Segmentation based on Vertical: Healthcare, Media & Entertainment, Travel & Tourism, Retail, Banking, Financial Services, and Insurance (BFSI), E-commerce and others.
  • Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.

Chatbot Market: Report Scope

The report on the chatbot market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features

Specifics

Historical/Estimated/Forecasted Market Size Years

2019-2027

Base Year for Market Calculation

2020

Forecasted Period

2021-2027 (2021 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million)

Segments Included

Type, Deployment Mode, Component, Technology, Usage, Application, Vertical, and Region

Regional Coverage

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

Key Companies Covered

  • IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Nuance Communications, Inc.
  • Google
  • Amazon Web Services, Inc.
  • Inbenta Technologies Inc.
  • Chatfuel
  • Aivo
  • Botsify
  • [24]7.ai, Inc
  • Kore.ai.
  • Other Key Companies
    • KeyReply
    • CONTUS
    • CogniCor Technologies.
    • Conversica, Inc.
    • Kevit

Chatbot Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Chatbot Market, by Type

  • Standalone
  • Web-based
  • Messenger-based/Third Party

Chatbot Market, by Deployment Mode

  • On-Premises
  • Cloud

Chatbot Market, by Component

  • Solution
  • Services

Chatbot Market, by Technology

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

Chatbot Market, by Usage

  • Websites
  • Mobile Platform
  • Social Media

Chatbot Market, by Application

  • Personal Assistant
  • Branding and Advertisement
  • Customer Support
  • Employee Engagement
  • Others

Chatbot Market, by Vertical

  • Healthcare
  • Media & Entertainment
  • Travel & Tourism
  • Retail
  • Banking, Financial Services, and Insurance (BFSI)
  • E-commerce
  • Others

Chatbot Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • Taiwan
    • South Korea
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions Answered By The Report

  • What are the prominent developments affecting the market worldwide and its growth?
  • What will be the impact of the developments in the market on the industry and on the market players in the future?
  • What are the evolving variations of the market globally?
  • What are the evolving functions of the market globally?
  • What are the prominent aspects that will affect market growth globally during the study period?
  • Who are the key players operating in the market across the globe?
  • How are the key players leveraging in the present market scenario worldwide?

Report Audience

  • Chatbot Market Providers
  • Chatbot Market  Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Chatbot Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations
  • Investment Banks & Private Equity Firms

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Chatbot Market STUDY

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Growing Penetration of Mobile Application
      2. Enhance Customer Relationship Management (CRM) Activities
      3. Growing Demand for Consumer Analytics
    3. Restraint
      1. Security and Privacy Issues
    4. Opportunities
      1. Increasing Advancement in Artificial Intelligence (AI) and Natural Language Processing (NLP)
      2. Rising Technological Advancements in Chatbots
    5. Challenges
      1. High Initial Installment Cost
      2. Lack of Awareness and Integration Complexities
  5. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. GLOBAL CHATBOT MARKET BY TYPE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Standalone
    3. Web-based
    4. Messenger-based/Third Party
  7. GLOBAL CHATBOT MARKET BY DEPLOYMENT MODE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. On-Premises
    3. Cloud
  8. GLOBAL CHATBOT MARKET BY COMPONENT, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Solution
    3. Services
  9. GLOBAL CHATBOT MARKET BY TECHNOLOGY, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Machine Learning and Deep Learning
    3. Natural Language Processing
    4. Automated Speech Recognition
  10. GLOBAL CHATBOT MARKET BY USAGE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Websites
    3. Mobile Platform
    4. Social Media
  11. GLOBAL CHATBOT MARKET BY APPLICATION Market Size in USD Million (2019-2027)
    1. Introduction
    2. Personal Assistant
    3. Branding and Advertisement
    4. Customer Support
    5. Employee Engagement
    6. Others
  12. GLOBAL CHATBOT MARKET BY VERTICAL, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Healthcare
    3. Media & Entertainment
    4. Travel & Tourism
    5. Retail
    6. Banking, Financial Services, and Insurance (BFSI)
    7. E-commerce
    8. Others
  13. GLOBAL CHATBOT MARKET BY ENTERPRISES SIZE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Large Enterprises
    3. Small and Medium-Sized Enterprises (SMEs)
  1. GLOBAL CHATBOT MARKET BY REGION, Market Size in USD Million (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Rest of Europe
    3. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. Taiwan
      5. South Korea
      6. Rest of Asia-Pacific
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  2. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  1. COMPANY PROFILES
    1. IBM Corporation
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. Nuance Communications, Inc.
    3. Google
    4. Amazon Web Services, Inc.
    5. Inbenta Technologies Inc.
    6. Chatfuel
    7. Aivo
    8. Botsify
    9. [24]7.ai, Inc
    10. Kore.ai
    11. Other Key Companies
      1. KeyReply
      2. CONTUS
      3. CogniCor Technologies.
      4. Conversica, Inc.
      5. Kevit
  2. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY

Rep Id : ICT 0107

Published : September, 2020


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