GLOBAL CHATBOT MARKET SIZE TO CROSS USD 800 MILLION BY 2022, GROWING AT A CAGR OF 28% DURING THE FORECAST PERIOD

Chatbot Market Size, Share, & Trends Analysis Report by Type (Rule-Based and AI-Integrated), Interface (Web-Based and Application-Based), End-User (Banking And Insurance, E-Commerce, Gaming and Entertainment, Healthcare, News And Media, and Telecom), Geographies (APAC, Europe, Latin America, Middle-East & Africa, and North America), Industry Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Share & Forecast, 2017-2022

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18 Tables

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50 Charts

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5 Regions

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6 Countries

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15 Companies

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4 Market Segment

CHATBOT MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 800 MILLION (2022)
CAGR 28% (2017-2022)
BASE YEAR 2016
FORECAST YEAR 2017-2022
MARKET SEGMENTS Type (Rule-Based and AI-Integrated), Interface (Web-Based and Application-Based), End-User (Banking And Insurance, E-Commerce, Gaming and Entertainment, Healthcare, News And Media, and Telecom),
GEOGRAHIC ANALYSIS APAC, Europe, Latin America, Middle-eat & Africa, and North America
COUNTRIES COVERED Canada, China, Japan, UK, and US

INDUSTRY INSIGHTS 

The open-source ecosystem is driving by innovation and adoption

The global chatbot market size to cross USD 800 million by 2022, growing at a CAGR of 28% during the forecast period. Chatbots are the new age revolution, as more and more leading brands across the globe are advancing the technology and integrating them into their systems. For instance, Facebook and Telegram have already made a move and started creating their own talkbots and chatbot platforms.  The open-source ecosystem is driving innovation and adoption of chatbots and with numerous advancements and tools, creating a chatbot is made an easy process. This is one of the latest trends that is going to boost the market.

The need for optimization of customer management costs, and progressive growth in natural language processing are among the leading factors driving the growth. Increased prominence of messaging applications and application fatigue and higher development costs are among the other drivers included in the report.

CHATBOT MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Interface
  • Type
  • End-users
  • Geography 

Application-based segment will be the market leader

AI-driven bots outperform rule-based ones, especially in offering personal touch and high-user engagement. The application-based chatbot market share will remain predominant in the global market during the forecast period. The adoption of these bots by news and media end-users is majorly driven by the marginal utility of customers for live news feed connecting to engaging content. While the user derives much value in this context driven by the convenience, it does not have to search for news and articles of its interest. The same can turn out to be a great opportunity for marketers with them standing agile to new developments and use them to derive marketing opportunities.

INSIGHTS BY GEOGRAPHY

This report considers four major regions: APAC, Europe, North America, and Latin America.

The deployment of talkbots in North America region is driven by their high advantages over conventional personnel-driven customer engagement models. The adoption and proliferation of chatbot in the US is majorly driven by a high awareness of AI and its potential. An estimated 50% of small and medium business units engaged in e-commerce have indicated conformance to the revolutionary changes witnessed in the realm of customer services and digital marketing. 

APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot market in US and Europe are mature, in emerging economies, there is little presence of paid offerings.

INSIGHTS BY VENDORS

The report profiles the leading vendors as well as emerging vendors. The report includes the product portfolios of the companies. The major vendors included in the report are Anboto Group, Creative Virtual, eGain Corp., Inbenta, Nuance Communications Inc.  Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.

The global chatbot market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Segmentation by Type

  • Rule-based
  • AI-integrated

By Interface

  • Web-based
  • Application-based

By End-user

  • Banking and insurance
  • E-commerce
  • Gaming and entertainment
  • Healthcare
  • News and media
  • Telecom

By Geography

  • APAC
  • Europe
  • Latin America
  • MEA
  • North America


Frequently Asked Questions

What is the chatbot market size and growth rate during the forecast period?

Global chatbot market size to cross USD 800 million by 2022, growing at a CAGR of 28% during the forecast period

What are the top trends, drivers, restraints, and opportunities in the global industry?

Applications that subsequently drive the interaction post the conversion of voice into chat using NLP are considered into the scope. The method and the implementation bandwidth of chatbots have been critically analyzed for bots, both standalone and messenger integrated.

Who are the key player and what are their market shares?

The key players are Anboto Group, Creative Virtual, eGain Corp., Inbenta, Nuance Communications Inc.

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The global Chatbot market is expected to cross $800 million by 2022. The market is likely to grow at an impressive CAGR of more than 28% during the period 2016−2022.

It is expected to witness tremendous growth majorly due to high awareness about the benefits of bots and rise of innovative test cases for their implementation. Chatbots are termed to potentially offer as much as $10 billion savings during the forecast period in terms of reduced customer service costs in the US alone. The application-based bot market is likely to remain a dominant segment. Though the e-commerce industry is gaining momentum, the news and media segment will remain the largest end-user segment in terms of revenue.

Chatbot Market Segmentation by Interface

Chatbot Market Segmentation by Interface

 

Report Timeline

  • Base Year:                2016  
  • Forecast Year:           2017−2022    

 

Major Vendors included in the report are as followings:

  • Anboto Group
  • Creative Virtual
  • eGain Corp.
  • Inbenta
  • Nuance Communications Inc.

​Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.

Scope of the Report

The report considers the present scenario of the global chatbot market and its strategic assessment for the period 2017–2022. It includes a detailed study of growth drivers, trends, and restraints. The report also profiles the leading vendors in the market and other key vendors.

The report considers the scope of evolving use cases pertaining to experimentation, testing, adoption, and upgrading of chatbots. In defining the program to be qualified as chatbot, the report included both cases of rule-based and AI-based implementations. The report concentrates majorly on messaging or chat-focused bots and does not include voice-assisted bots. However, applications that subsequently drive the interaction post the conversion of voice into chat using NLP are considered into the scope. The method and the implementation bandwidth of chatbots have been critically analyzed for bots, both standalone and messenger integrated.

The market research report provides the details of the market size in the following segments:

Type

  • Rule-based
  • AI-integrated

 Interface

  • Web-based
  • Application-based

 End-user

  • Banking and insurance
  • E-commerce
  • Gaming and entertainment
  • Healthcare
  • News and media
  • Telecom

Major Geographies

  • APAC
  • Europe
  • Latin America
  • MEA
  • North America

Key Countries

  • Canada
  • China
  • Japan
  • US

1              Research Methodology

2              Research Objectives

3              Research Process

4              Report Coverage

4.1          Market Definition

4.1.1       Chatbots

4.1.2       Artificial Intelligence (AI)

4.1.3       Natural Language Processing

4.2          Base Year

4.3          Scope Of Study

4.3.1       Market Segmentation By Type

4.3.2       Market Segmentation By Interface

4.3.3       Market Segmentation By Hosted Platform

4.3.4       Market Segmentation By End-User Type

4.3.5       Market Segmentation By Geography

 

5              Report Assumptions & Caveats

5.1          Currency Conversion Rate

5.2          Market Derivation

 

6              Market At A Glance

7              Introduction

8              Market Dynamics

8.1.1       Need For Optimization Of Customer Management Costs

8.1.2       Progressive Growth In Natural Language Processing

8.1.3       Application Fatigue And Higher Development Costs

8.1.4       Increased Prominence Of Messaging Applications

8.2          Market Growth Restraint

8.2.1       Lack Of Viable Pricing Model

8.2.2       Implementation Limitations For Sensitive End-Users

8.2.3       Spamming And Data Privacy Concerns

8.3          Market Opportunities & Trends

8.3.1       Open-Source Ecosystem Driving Innovation And Adoption

8.3.2       Active Support From Facebook, Microsoft, And Google Reducing Development Costs

8.3.3       Major Shift From Rule-Based To Ai-Based Implementation

8.3.4       Conversational Interfaces To Dominate With Higher Engagement Rates

 

9              Global Chatbots Market

9.1          Market Size And Forecast

 

10           Porter’s Five Forces Analysis

10.1.1     Threat Of New Entrants

10.1.2     Bargaining Power Of Suppliers

10.1.3     Bargaining Power Of Buyers

10.1.4     Threat Of Substitutes

10.1.5     Competitive Rivalry

 

11           Chatbot Market By End-User

11.1        Market Overview

11.2        News And Media

11.2.1     Market Size And Forecast

11.3        E-Commerce

11.3.1     Market Size And Forecast

11.4        Banking And Insurance

11.4.1     Market Size And Forecast

11.5        Healthcare

11.5.1     Market Size And Forecast

11.6        Gaming And Entertainment

11.6.1     Market Size And Forecast

11.7        Telecom

11.7.1     Market Size And Forecast

11.8        Other Chatbot Applications

11.8.1     Market Size And Forecast

 

12           Chatbot Market By Type

12.1        Market Overview

12.2        Rule-Based Chatbots

12.2.1     Market Size And Forecast

12.3        Ai-Integrated Chatbots

12.3.1     Market Size And Forecast

 

13           Chatbot Market By Interface

13.1        Market Overview

13.2        Web-Based Chatbots

13.2.1     Market Size And Forecast

13.3        Application-Based Chatbot

13.3.1     Market Size And Forecast

 

14           Chatbot Market By Geography

14.1        Geographical Overview

 

15           APAC

15.1        Market Size And Forecast

15.2        China

15.2.1     Market Size And Forecast

15.3        Japan

15.3.1     Market Size And Forecast

15.4        Other Apac Countries

15.4.1     Market Size And Forecast

 

16           Europe

16.1        Market Size And Forecast

 

17           Middle-East And Africa

17.1        Middle-East

17.1.1     Market Size And Forecast

17.2        Africa

17.2.1     Market Size And Forecast

 

18           North America

18.1        Market Size And Forecast

18.2        Us

18.2.1     Market Size And Analysis

18.3        Canada

18.3.1     Market Size And Forecast

 

19           Latin America

19.1        Market Size And Forecast

 

20           Competitive Landscape

20.1        Market Structure And Mapping Of Competition

20.2        Overview Of Competition

20.2.1     Herfindahl-Hirschman Index

 

21           Key Company Profiles

21.1        Anboto Group

21.1.1     Business Overview

21.1.2     Solutions And Industries

21.2        Creative Virtual

21.2.1     Business Overview

21.2.2     Solutions And Industries

21.3        eGain Corp.

21.3.1     Business Overview

21.4        Inbenta

21.4.1     Business Overview

21.5        Nuance Communications

21.5.1     Business Overview

 

22           Other Prominent Companies

22.1        Haptik Inc.

22.2        Viclone

22.3        Astute Solutions

22.4        Kasisto Inc.

22.5        True Image Interactive

22.6        Cx Company

22.7        Next It Corp.

22.8        H-Care

22.9        Synthetix

22.1        Helpshift

 

23           Report Summary

23.1        Qualitative Summary

23.2        Quantitative Summary

 

24           Appendix

24.1        List Of Abbreviations

List of Exhibits

Exhibit 1         Segmentation of Chatbot Market

Exhibit 2         Average Annual Savings by End-user Industry due to Automation in US ($ billion)

Exhibit 3         Tentative Project Estimates for Development of iOS and Android Applications ($)

Exhibit 4         Monthly Active Users on Various Messaging Applications (million)

Exhibit 5         Active Users on Various Social Network Sites (in million)

Exhibit 6         Global Chatbot Market ($ million)

Exhibit 7         Five Forces Analysis 2016

Exhibit 8         Segmentation of Market by End-user

Exhibit 9         Comparison of Revenue Growth Rates in Chatbot Market by End-users 2017–2022

Exhibit 10       News and Media Chatbot Market ($ million)

Exhibit 11       Percentage of US Adults Receiving News Through Online Platforms (2016)

Exhibit 12       E-commerce Chatbot Market ($ million)

Exhibit 13       Adoption Rate and Market Share of Various End-users in E-commerce Segment

Exhibit 14       Banking and Insurance Chatbot Market ($ million)

Exhibit 15       Savings Offered Under Key Expenditure Heads by Chatbots in BFSI 2016

Exhibit 16       Healthcare Chatbot Market ($ million)

Exhibit 17       Scope of Bot-implementation in Healthcare Technology 2016 (% of Segmental Revenues)

Exhibit 18       Gaming and Entertainment Chatbot Market ($ million)

Exhibit 19       Scope of Bot-implementation in Telecom Industry 2016 (% of Segmental Revenues)

Exhibit 20       Telecom Chatbot Market ($ million)

Exhibit 21       Other Applications Chatbot Market ($ million)

Exhibit 22      Market by Type

Exhibit 23       Revenue Growth Rates in Chatbot Market by Type

Exhibit 24       Rule-based Chatbot Market ($ million)

Exhibit 25       AI-integrated Chatbot Market ($ million)

Exhibit 26       Market by Interface

Exhibit 27       Revenue Growth Rates in Chatbot Market by Interface

Exhibit 28       Web-based Chatbot Market ($ million)

Exhibit 29       Application-based Chatbot Market ($ million)

Exhibit 30       Market by Geography

Exhibit 31       Revenue Growth Rates in Chatbot Market by Geography

Exhibit 32       Market in APAC ($ million)

Exhibit 33       Market in China ($ million)

Exhibit 34       Market in Japan ($ million)

Exhibit 35       Drivers for Adoption of Chatbot in Key APAC Countries

Exhibit 36       Adoption of Chatbots in Europe by End-users 2016 ($ million)

Exhibit 37       Market in Europe ($ million)

Exhibit 38      Market in MEA ($ million)

Exhibit 39       Market in MEA by End-user 2016 ($ million)

Exhibit 40       Internet Penetration in Key African Countries 2017

Exhibit 41       Market in North America ($ million)

Exhibit 42       Market in the US ($ million)

Exhibit 43       Adoption of Chatbots in the US by End-user 2016 ($ million)

Exhibit 44       Growth Enablers and Restraints for Chatbot Proliferation in the US

Exhibit 45       Market in Canada ($ million)

Exhibit 46       Market in Canada by End-user 2016 (Revenues)

Exhibit 47       Market in Latin America ($ million)

Exhibit 48       Internet Penetration in Latin America 2016 (% of population)

Exhibit 49       Overview of Market Concentration in Various Geographies 2016 (as illustrated by HHI)

Exhibit 50       Market Maturity in Different Geographies  

List of Tables

Table 1           Key Geographies Definition

Table 2           Key Caveats

Table 3           Currency Conversion 2013−2016

Table 4           EFF Secure Messaging Scorecard

Table 5           Popular Game Chatbots

Table 6           Key Focus Areas in Facebook’s F8 Conference 2017

Table 7           Comparison of Consumer Landscape in Latin America 2015

Table 8           Key Customers

Table 9           Key Customers

Table 10         Key Customers

Table 11         Key Customers

Table 12         Key Customers

Table 13         Qualitative Summary of Global Market

Table 14         Quantitative Summary of Global Market by Geographies

Table 15         Quantitative Summary of Global Market by End-User

Table 16         Quantitative Summary of Global Market by Type

Table 17         Quantitative Summary of Global Market by Interfaces

Table 18         Quantitative Summary of Global Market by Hosted Platforms

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