Within this industry, chatbots provide privacy features to safeguard the identity of individuals, particularly those with mental health disorders or who are vulnerable. Chatbot Market Vertical Landscapeĭuring the projected period, the healthcare sector is anticipated to witness a more rapid expansion. Europe too is projected to expand faster during this period due to an uptick in AI-based customer support services demand. Emerging economies such as China, India, Indonesia, Vietnam, Malaysia, Philippines, Taiwan and Thailand have all witnessed a spike in chatbot adoption by retailers and e-commerce business owners alike. Purchase This Report At Discounted Rate: Regional AnalysisĪsia Pacific is expected to experience faster growth during the forecast period due to rising industrialization and an increasing need for chatbots. The adoption of chatbots is higher among younger age groups, with 64% of millennials and 71% of Gen Z users indicating that they have interacted with a chatbot.The region accounted for approximately 24% of the global chatbot market in 2022. Asia Pacific is expected to witness the highest growth rate during the forecast period, due to the increasing adoption of chatbots in customer service and support, rising demand for automation in various industries, and growing investments in AI and machine learning technologies.By type, the standalone segment has held market share of ~49% in 2022.The banking, financial services, and insurance (BFSI) industry is the largest user of chatbots, accounting for approximately ~39% of the market share in 2022.By application, the bot-for-service segment has held ~34% market share in 2022.The customer service segment is expected to dominate the market due to the increasing demand for automation in customer service and support.By vertical, eCommerce segment has held market share of over ~25% in 2022.

By end user, the large enterprises segment has held largest market share of ~51% in 2022.North America has accounted highest market share of ~40% in 2022.The global chatbot market is expected to grow at a significant rate due to the increasing adoption of AI and machine learning technologies.Furthermore, initiatives towards developing self-learning chatbots to deliver more human-like conversation experiences should provide growth opportunities to this space. Unfortunately, lack of awareness regarding chatbot technology and low user voice authentication accuracy hinder its expansion. These advancements have enabled chatbots to accurately understand user queries and respond appropriately with relevant information or suggestions.įactors such as an increase in demand for uninterrupted customer assistance, the increasing adoption of advanced chatbots by market players and increasing penetration on e-commerce websites are driving chatbot market growth. This growth has been driven by advances in natural language processing (NLP), deep learning algorithms, natural language understanding (NLU), text understanding technologies and more. The chatbot market has seen rapid growth in recent years due to the increasing adoption of AI technology. Chatbots can be used in various industries such as customer service, healthcare, sales, marketing, finance and more. They are designed to answer questions and provide information to users quickly and easily. A chatbot is a computer program or artificial intelligence (AI) designed to simulate conversation with human users, often through messaging applications, websites, mobile apps, and voice-based assistants. Published Via 11Press: According to ’ new study, the global chatbot marketsize is projected to reach USD 4.3 billion by 2032 from an initial valuation of $0.85 billion in 2022 and growing at a compound annual growth rate (CAGR) of 19.29% between 20.Ĭhatbots have become a major part of the modern digital landscape.

Chatbot marketing software market