The global chatbot market size is anticipated to reach USD 1.25 billion until 2025. It is expected to register growth with 24.3% CAGR during the forecasted period, 2017 to 2025. This growth can be attributed to the rising usage of the internet prevailing among the millennial population coupled with the need for automating customer care services for reducing overheads and enhance operational efficiency.
The artificial intelligence segment is anticipated to register a CAGR of 25.2% owing to technological advances being carried out by several players. On the other hand, the marketing segment is expected to witness significant growth on account of the emerging sector of digital marketing across the globe.
In 2016, the segment of large enterprises dominated the global market due to the rapid development and customization of several organizations. While the medium enterprise end-user segment is also projected to register the fastest growth with the highest CAGR during the forecasted period, 2017 to 2025.
North America held the largest share across the global market in 2016 due to the surging number of chatbot startups across countries like the U.S. and Canada. The Asia Pacific held the second-largest share in the global market due to rising service-based industries across countries like China and Japan.
The chatbots market includes key players such as Baidu, Money Inc., SRI International, Poncho, ReplyYes, Babylon Health, and WeChat. They are continuously engaged in software development and innovation to widen their product reach and to gain competitive advantage over other players. Also, several bots with latest technology are being developed by these players to cater to the rising demand across service sector.
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Further key findings from the report suggest:
• The standalone segment of chatbots is projected to hold highest share across the global market.
• The artificial intelligence segment is expected to witness 25.2% CAGR in the upcoming years.
• Asia Pacific is expected to witness 24.7% CAGR during the forecasted years, 2017 to 2025.
• The key players in this market are Baidu, Money Inc., SRI International, Poncho, ReplyYes, Babylon Health and WeChat.
Million Insights has segmented the global chatbot market on the basis of end users, applications/business models, types, product landscape, verticals, and regions:
Chatbot End User Outlook (Revenue, USD Million; 2014 - 2025)
• Small Enterprises
• Medium Enterprises
• Large Enterprises
Chatbot Application/Business Model Outlook (Revenue, USD Million; 2014 - 2025)
• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
Chatbot Type Outlook (Revenue, USD Million; 2014 - 2025)
• Messenger-based/Third Party
Chatbot Product Landscape Outlook (Revenue, USD Million; 2014 - 2025)
• Banking, Financial Services, and Insurance (BFSI)
• Media & Entertainment
• Travel & Tourism
Chatbot Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• South America
• Rest of South America