Chatbot Market Growth is projected to reach USD 3.62 Billion by 2030, growing at a CAGR of 23.9%: Straits Research

The global chatbot market size was worth USD 526 million in 2021. It is expected to reach USD 3,619 million by 2030, growing at a CAGR of 23.9% during the forecast period (2022–2030). North America will hold the most prominent position in the market, growing at a CAGR of 25.2% by 2030.

New York, United States, June 29, 2022 (GLOBE NEWSWIRE) — A chatbot system uses conversational artificial intelligence (AI) technology to simulate a conversation (or chat) with a user via messaging apps, websites, mobile apps, or the telephone. In real-time, user interactions are processed through rule-based language applications that perform live chat functions. One of the most prominent factors of chatbots is that, in contrast to applications, they do not need to be downloaded, do not demand updates, and do not use up any memory on the phone. Another advantage is that multiple bots can be combined into one conversation simultaneously. Since the chatbot automates a portion of the customer service and sales processes, the enterprise can reduce its operating expenses, which results in significant cost savings. This is one of the primary factors driving growth in the chatbot market.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/chatbot-market/request-sample 

A chatbot can improve and engage customer interactions while requiring less intervention from human employees. It removes the barriers to providing service to customers that can appear when there is a greater demand than the capacity to meet it. Customers can get instant responses to their questions rather than wait on hold. By lowering the hassle that customers experience with a company’s services, brand experiences can be improved. Chatbot virtual assistants are becoming increasingly popular among users in business-to-consumer (B2C) and business-to-business (B2B) settings. These assistants are used to complete simple tasks. The implementation of chatbot assistants results in a decrease in overhead costs, more efficient use of the time of support staff, and the ability for businesses to provide customer service outside of regular business hours.

Throughout the forecast period, it is envisioned that the market for chatbots will expand significantly. This is a result of the significant decrease in operating costs experienced by businesses as a direct result of the implementation of chatbots. It is anticipated that advancements in artificial intelligence and other approaches to machine learning will be a primary factor driving growth in the chatbot market. These advancements are expected to bring about improvements in the functionality of chatbots.

Key Highlights

• The global chatbot market was worth USD 526 million in 2021. It is expected to reach USD 3,619 million by 2030, growing at a CAGR of 23.9% during the forecast period (2022–2030).

• Based on end-users, the global chatbot market has been classified into Large, Medium, and Small Enterprises. Large Enterprises are expected to generate the highest market share, growing a CAGR of 23.8% during the forecast period.

• Based on the business model, the global chatbot market has been classified into Bot for Service, Bot for Social Media, Bot for Payments/Order Processing, Bot for Marketing, and Others. Bot for Services is anticipated to have the most significant market share during the forecast period, growing at a CAGR of 24.7%.

• Based on type, the global chatbot market has been classified into Standalone, Web-Based, and Messenger-Based/Third Party. Standalone is expected to hold the most commanding position in the market, growing at a CAGR of 24.4% by 2030.

• Based on the product landscape, the global chatbot market has been classified into Artificial Intelligence, Marketing, and Human Intelligence. Marketing will acquire the maximum market share, growing at a CAGR of 23.7% during the forecast period.

• Based on vertical, the global chatbot market has been classified into Healthcare, Retail, BFSI, Media and Entertainment, Travel and Tourism, E-commerce, and Others. E-Commerce will command the largest share, growing at a CAGR of 25.4% during the forecast period.

• Based on region, the global chatbot market has been segmented across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America will grow at a CAGR of 25.2% during the forecast period.

Buy Now Full Report @ https://straitsresearch.com/buy-now/chatbot-market/global/ 

Increasing Messaging Applications and Growing Usage in E-Commerce and BFSI Industries to Drive the Market of Chatbots

The use of over-the-top applications such as WhatsApp, Facebook Messenger, and others are multiplying. It is expected that this growth will occur because people are more engaged with messaging applications than they are with social networking sites. A sizable demand for chatbots will be there in the future to integrate with messaging applications.

Application-to-person automated messages will experience significant growth in the near future. This is because it can automate tasks such as booking hospital appointments, checking flight status, placing orders for online shopping sites, and locating the best deals, among other things, with just the click of a message. Since automated customer service provides immediate solutions, people will become more accustomed to automated customer service than most companies’ email or IVR services. It is anticipated that the application of machine learning and artificial intelligence to improve chatbot technology will be the primary driver of future demand for chatbots.

In addition, implementing Chatbots can boost cross-selling activity and reduce costs associated with providing customer service. The built chatbot must prioritize user safety in the financial sector while offering an intuitive interface. Therefore, developments in artificial intelligence and the explosive growth of messaging applications are driving the market for chatbots in the banking, financial services, and insurance industry (BFSI).

Customers who shop online prefer to receive brand-specific real-time price updates while they are doing their shopping. This is especially true in the e-commerce industry. Chatbots are becoming increasingly popular among businesses because they keep customers interested while simultaneously cutting down on their shopping time. It enables e-commerce businesses to increase their return on investment (ROI) while maintaining low operating costs.

Regional Insights

North America will hold the most prominent position in the market, growing at a CAGR of 25.2% by 2030. The substantial growth prospects for the market can be attributed to the significant benefits, including the reduction in operating costs of the enterprises, the enhancement of customer satisfaction, and the improvement in the operating efficiency of the enterprises, amongst others. The most significant number of chatbot startups and integrations can be found in the North American region. The market expansion is also primarily driven by well-established businesses’ presence and chatbots’ aggressive deployment in the healthcare, BFSI, and e-commerce sectors.

With a CAGR of 24% over the forecast period, Asia-Pacific is expected to account for the second-largest share of the market, worth USD 970 million. A growing number of large companies are increasingly adopting chatbots in their customer service departments’ day-to-day operations, which is gaining popularity. Chatbots are being used in many high-volume customer service operations by various significant businesses. This trend is expected to continue shortly. The substantial growth prospects of chatbots in this region can be attributed to the tremendous benefits to enterprises, such as reductions in operating costs, improvements in customer satisfaction, and enhancements in operating efficiency.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/chatbot-market/request-sample 

Competitive Players in the Market

Significant players in the market of a chatbot are

Global Chatbot Market: Segmentation

By End-User

• Large Enterprises

• Medium Enterprises

• Small Enterprises

By Business Model

By Type

By Product Landscape

• Artificial Intelligence

• Marketing

• Human Intelligence

By Vertical

• Healthcare

• Retail

• BFSI

• Media and Entertainment

• Travel and Tourism

• E-commerce

• Others

By Regions

TABLE OF CONTENT

1          Introduction
1.1      Market Definition
1.2      Market Scope
2          Research Methodology
2.1      Primary Research
2.2      Research Methodology
2.3      Assumptions & Exclusions
2.4      Secondary Data Sources
3          Executive Summary
4          Market Overview
4.1      Report Segmentation & Scope
4.2      Value Chain Analysis: Chatbot Market
4.2.1  Vendor Matrix
4.3      Key Market Trends
4.3.1  Drivers
4.3.2  Restraints
4.3.3  Opportunities
4.4      Porter’s Five Forces Analysis
4.4.1  Bargaining Power of Suppliers
4.4.2  Bargaining Power of Buyers
4.4.3  Threat of Substitution
4.4.4  Threat of New Entrants
4.4.5  Competitive Rivalry
4.5      Environment & Regulatory Landscape
4.6      Forecast Factors & Relevance of Impact
4.7      Macro-Economic & Geopolitical Scenario
4.8      Parent Market Overview
4.9      Technology Landscape
4.10   Market Share Analysis
4.11   Potential Venture Analysis
4.12   Regional Price Trends
4.13   Raw Material Trends
4.14   Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15   Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1        North America
4.15.4.2        Europe
4.15.4.3        Asia-Pacific
4.15.4.4       …