What is the global market size of Chatbot Market?

Chatbot Market size was valued at USD 2.47 billion in 2019 and is poised to grow from USD 4.92 billion in 2023 to USD 24.64 billion by 2031, growing at a CAGR of 23.91% in the forecast period (2024-2031). in the forecast period (2023-2030).

Who are the key vendors in the Chatbot Market?

The Chatbot market is highly competitive, with many players vying for market share. The market is characterized by the presence of large established players, as well as smaller startups and niche players. The key players are focusing on various growth strategies such as partnerships, collaborations, acquisitions, and new product launches to increase their market share. In addition, players are also investing heavily in research and development to enhance their chatbot solutions. The market is also witnessing the emergence of several regional players, who are providing chatbot solutions specifically tailored to the needs of their local markets. These players are expected to pose significant competition to established players in the coming years. Overall, the competitive landscape of the Chatbot market is dynamic, with new players entering the market and established players continuously innovating to stay ahead of the competition. 'IBM', 'Google', 'Microsoft', 'Amazon Web Services', 'Nuance Communications', 'Facebook', 'Artificial Solutions', 'Kasisto', 'Haptik', 'Conversica', 'Rasa Technologies', 'Inbenta', 'Verloop', 'Creative Virtual', 'Chatfuel', 'Kore.ai', 'Pypestream', 'Tars', 'Ada Support', 'Helpshift'

Chatbot Market Updates

Q: Which region accounted for the largest share in Chatbot Market?

North America dominated the Chatbot market, accounting for a significant share of the global market. The key application areas for Chatbots in North America include customer service, healthcare, e-commerce, and banking and finance. The end-users of Chatbots in North America include small and medium-sized enterprises (SMEs), large enterprises, and government organizations. The growth of the market in North America is being driven by the increasing adoption of AI and NLP technologies, the growth of messaging platforms, and the rising demand for cost-effective and personalized customer support solutions. The challenges faced by the market in North America include data security concerns, lack of awareness and understanding of Chatbot technology, and the need for continuous training and updating of Chatbots. Overall, the market in North America is experiencing significant growth, driven by several key trends and drivers. The region is home to several large Chatbot vendors, and the key application areas for Chatbots in the region include customer service, healthcare, e-commerce, and banking and finance.

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to chatbot market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Chatbot Market News

In June 2022, Serviceaide Inc. released Automation 2.0 as part of a unified upgrade across its whole line of service management tools, it made the "shift-left" drive towards self-service and automation more accessible and inexpensive across a wide range of enterprise and customer service and support scenarios.

In September 2022, eGain Corporation, the leading provider of customer engagement knowledge automation platforms, announced the availability of a pre-built connector for IBM Watson Assistant. The connection makes use of the eGain platform's exclusive BYOB architecture to enable business users to quickly and easily integrate the Watson Assistant without the need for coding.

In March 2022, Kore.ai, a prominent corporate conversational AI software platform and solutions provider, announced the premiere of Health Assist, the first in a series of revolutionary, digital-first healthcare experiences, at the HIMSS global health conference and exhibition.

In July 2022, Tata Consultancy Services (TCS) and Walton Centre NHS Foundation Trust formed a partnership to start creating digital solutions that improve specialist productivity and reduce patient wait times. The Liverpool center's headache patients' diagnosis and care will change thanks to a revolutionary AI-based chatbot that TCS is slated to develop.

In May 2022, Glenmark Pharmaceuticals released a chatbot that runs on WhatsApp. Patients will receive reminders from this chatbot regarding their suggested course of therapy. This was introduced especially for patients with fungus infections. Glenmark developed the online patient education tool "Hello Skin" in collaboration with the Indian Association of Dermatologists, Venereologists, and Leprologists (IADVL).

In February 2021, Nuance announced the acquisition of Saykara, Inc., a start-up focusing on developing a mobile AI to automate clinical documentation for clinicians. The acquisition highlights Nuance's continued market expansion and technical leadership in conversational artificial intelligence (AI) and ambient clinical intelligence (ACI) solutions that lower clinical burnout, improve patient experiences, and increase the financial integrity of the healthcare system.

Chatbot Market Report Snapshots

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Chatbot Market size was valued at USD 4.92 Billion in 2023 and is poised to grow from USD 6.1 Billion in 2024 to USD 30.53 Billion by 2032, growing at a CAGR of 23.91% during the forecast period (2025-2032).

'Google (US)', 'Microsoft (US)', 'IBM (US)', 'AWS (US)', 'Baidu (China)', 'Oracle (US)', 'SAP (Germany)', 'OpenAI (US)', 'Salesforce (US)', 'Meta (US)', 'ServiceNow (US)', '[24]7.ai (US)', 'Kore.ai (US)', 'Conversica (US)', 'Avaamo', 'Haptik', 'Inbenta', 'Creative Virtual', 'Personetics'

With the increasing use of digital communication channels, customers are expecting 24/7 support. Chatbots can provide round-the-clock support, making them a popular solution for companies looking to enhance their customer support capabilities.

Increasing adoption of AI and NLP technologies: The adoption of artificial intelligence (AI) and natural language processing (NLP) technologies is rapidly increasing in the Chatbot market. This is leading to the development of more sophisticated chatbot solutions that can understand and respond to complex queries in natural language.

North America dominated the global Chatbot market, accounting for a significant share of the global market. The key application areas for Chatbots in North America include customer service, healthcare, e-commerce, and banking and finance. The end-users of Chatbots in North America include small and medium-sized enterprises (SMEs), large enterprises, and government organizations. The growth of the market in North America is being driven by the increasing adoption of AI and NLP technologies, the growth of messaging platforms, and the rising demand for cost-effective and personalized customer support solutions. The challenges faced by the market in North America include data security concerns, lack of awareness and understanding of Chatbot technology, and the need for continuous training and updating of Chatbots. Overall, the market in North America is experiencing significant growth, driven by several key trends and drivers. The region is home to several large Chatbot vendors, and the key application areas for Chatbots in the region include customer service, healthcare, e-commerce, and banking and finance.

Chatbot Market Updates

Chatbot Market News

Chatbot Market Report Snapshots

FAQs

What is the global market size of Chatbot Market?

Who are the key vendors in the Chatbot Market?

What is the key driver of Chatbot Market?

What is the key market trend for Chatbot Market?

Which region accounted for the largest share in Chatbot Market?

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