Global Chatbots Market to Witness a CAGR of 22.6% during 2018-2024
The global chatbots market is increasing significantly and is expected to reach USD 1,230 million by 2024, at a CAGR of 22.6%. The market growth is driven by the rapid advancements in artificial intelligence coupled with the increasing popularity of messaging platforms, virtual assistants, and mobile devices. Moreover, increasing capital investments in various end-use industries and the growing popularity of chatbots in the field of e-commerce is also driving the growth of the chatbots market.
Key findings from the report:
- Based on type, standalone segment held the major market share in 2017 owing to the ease of installation
- Based on product, artificial intelligence-based chatbots are dominating the global chatbots market as they offer better conversational experience through text or voice
- Bots for marketing holds the major share in the application segment of the global chatbots market in 2017
- On the basis of end-user, BFSI segment is expected to grow with the highest CAGR during the forecast period
Rising Adoption of Chatbots in End Use Industries
Chatbots have transformed the way people seek information. Although, chatbot cannot handle all the queries at a time, it is used to deal with the routine queries and can resolve common customer queries by itself. This enables chatbots to provide a high degree of performance without any human intervention. Chatbots are offering a tangible way for enterprises to access information. Additionally, owing to the adoption of chatbots in the banking and financial service industry (BFSI), the banks are now able to automate their interactions through chatbots. It enables the customers to quickly access the information sought and addresses and resolves the queries.
Global Chatbots Market - Regional Insight
North America held the major share of the chatbots market in 2017, and is expected to retain its dominance over the forecast period. The growth in the region is attributed to the presence of many key players of the chatbot technology market, rising capital investments, increasing usage of chatbots in various end-user industries, and growing acceptance of technologies such as artificial intelligence, internet of things, among others. Furthermore, Asia-Pacific is expected to register the highest CAGR, during 2018-2024. The growth of the market is primarily due to the rapid increase in the usage of mobile applications for social networking, travel, education, and shopping.