Opportunities for the Global Chatbot Market to Grow with a CAGR of 30% from 2021 to 2026

According to a new market report published by Lucintel, the future of the global chatbot market looks promising with opportunities in BFSI, Media and entertainment, retail and ecommerce, travel and hospitality, telecom, healthcare and life services, and others. The global chatbot market is expected to grow with a CAGR of 30% from 2021 to 2026. The major drivers for this market are increased awareness of chatbots, improvement of customer relationship management, and increased process efficiency.

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In this market, chatbots are used in contact centers, social media, and mobile platform. On the basis of comprehensive research, Lucintel forecasts that website will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to the increasing adoption of chatbots by various companies and businesses to collect feedbacks, record changes in the purchase patterns, track customer data, and offer instant response to customers’ queries.

Within the global chatbot market, the retail and ecommerce segment is expected to witness the highest growth over the forecast period due to the increasing adoption of chatbot applications by retail companies on their official websites to provide excellent customer experience and solve customer queries. Moreover, the swift shift in customers’ demand towards e-shopping and the growing usage of smart devices, such as smartphones, tablets, and laptops, will further enhance the segment’s growth.

APAC is expected to remain the largest market and witness the highest growth over the forecast period due to the leveraging information-intensive AI technologies, especially in the developing countries, including China, Singapore, India, and Japan, heavy investments in chatbots and machine learning technology by various startups, and the rising usage of chatbots by small and medium-sized enterprises to improve customer engagement. 

Emerging trends, which have a direct impact on the dynamics of the industry, include technological advancements in chatbots, development of self-learning chatbots, and innovations in artificial intelligence.  IBM Corporation, Nuance Communications, Google LLC, Amazon Web Services, Artificial Solutions, Inbenta Technologies, SmartBots, Contus, CogniCor Technologies, and Conversica are among the major suppliers of the chatbot market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global chatbot market by component, technology, usage, application, end user, and region, and has compiled a comprehensive research report titled “Growth Opportunities in the Global Chatbot Market 2021-2026: Trends, Forecast, and Opportunity Analysis”. The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global chatbot market by component, technology, usage, application, end user, and region, as follows:

By Component [Value ($ Million) from 2015 to 2026]:

Solutions

Services

 

By Technology [Value ($ Million) from 2015 to 2026]:

Machine Learning (ML)

Natural Language Processing (NLP)

Automated Speech Recognition (ASR)

 

By Usage [Value ($ Million) from 2015 to 2026]:

Websites

Contact Centers

Social Media

Mobile Platform

 

By Application [Value ($ Million) from 2015 to 2026]:

Customer Support

Personal Assistant

Branding and Advertisement

Customer Engagement and Retention

Data Privacy and Compliance

Onboarding and Employee Engagement

Others

 

By End User [Value ($ Million) from 2015 to 2026]:

Banking, Financial Services and Insurance (BFSI)

Media and Entertainment

Retail and eCommerce

Travel and Hospitality

Telecom

Healthcare and Life Sciences

Others

 

By Region [Value ($ Million) from 2015 to 2026]:

North America

United States

Canada

Mexico

 

Europe

Germany

United Kingdom

 

APAC

China

India

Japan

 

ROW

Middle East

Brazil 

This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com.

 

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.