Global Chatbot Market to Hit $10.5 Billion in 2026
Research firm MarketsandMarkets has projected the global chatbot market to grow from $2.9 billion in 2020 to $10.5 billion by 2026, growing at a compound annual rate of 23.5 percent.
The adoption of chatbots is considerable and is projected to grow at a good pace in the coming years, the firm concluded.
One of the factors contributing to the growth of the chatbot market is the advent of technologies, such as analytics, artificial intelligence, and cloud, which enable various industries to organize their operations. Furthermore, the increasing customer demand for self-service is accelerating the adoption of chatbots, thus offering a competitive advantage to businesses.
Several verticals would deploy a diverse array of chatbots and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer viewing experiences. The reduction in operational costs, better customer experiences, resolution of customer queries, enhanced visibility into processes and operations, and improved real-time decision-making are key business and operational priorities that are expected to drive the adoption of chatbots, MarketsandMarkets suggested.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period. Chatbots have the potential to revolutionize healthcare, the firm says, noting that they can substantially boost efficiency and improve the accuracy of symptom collection and ailment identification, preventive care, post-recovery care, and feedback procedures.
The report identifies IBM, Microsoft, Google, Amazon Web Services, Nuance Communications, ServiceNow, Creative Virtual, Kore.ai, Artificial Solutions, Inbenta, 7.ai, AIvo, Conversica, Personetics, Oracle, Livechat, Mindmeld, Cognicor Technologies, Gupshup, and Contus as key players in the industry. At the same time, it singled out Chatfuel, Keyreply, Smartbots, Yellow Messenger, Kevit, Yekaliva, and Pypestream as smaller vendors and startups shaking up the industry.