The Global Chatbot Market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 - 2027, to account to US$ 9475.1 Mn by 2027

by Sameer Joshi or 26-Apr-2019
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Report : Chatbot Market to 2027 - Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others)

Increasing demand for virtual assistance and growing focus towards worldwide to shape the chatbot market revenue in the coming years and enabling an estimated growth rate of 7.8% (2019-2027)

The “Chatbot Market to 2027 - Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others), and Geography”. The scope of study involves understanding on the factors responsible for this growth of Chatbot market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Chatbots players in the market and their key developments.

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Chatbot market to 2027 - Global Analysis and Forecast by component, deployment, usage, and end-user, global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027. Chabot vendors are offering virtual assistance capabilities due to factors such as faster response, reduced manpower, cost-efficient, and others. Most of the smartphone and tablet users are using virtual assistants to make the functionality of devices much easier. The business automation consulting, being a part of consumer service, chatbot vendors are combining various applications into a single task to fuel the growth of the business. Chatbots live on individual websites and functions with the ecosystem of the business that created them.
In addition to conversing with the customer through online tools and phone lines, Chatbots utilize additional common channels, such as messaging platforms, i.e. Skype, Facebook Messenger, and others. With the increasing acceptance of virtual assistance and additional messaging channels, the demand for Chatbots are increasing and are expected to drive the market significantly during the forecast period.

The Asia-Pacific market is witnessing continuous developments in technology and infrastructure. The continuous technological advancements are driving the adoption of advanced technologies across the industry verticals. Chatbot Vendors have a huge opportunity in the developing countries of the Asia Pacific such as China and India. The Asia Pacific market is witnessing a rapid development of cloud-based Chatbots. Few of the leading provider of chatbot in the Asia Pacific market is Avaamo, 24/7, Gupshup, and others.

The global chatbot market by geography is segmented into five region including North America, Europe, Asia Pacific, Middle East & Africa and South America. Europe is expected to account for the largest share of the global Chatbot market in 2018, followed by North America. In addition the, China and India are the two key countries in APAC region which are expected to significantly drive the chatbot market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027.

Chatbot, Global Breakdown by Regions, 2018 & 2027 (%)
 
Source: The Insight Partners Analysis, April 2019

The report segments the global chatbot market as follows:

Global Chatbots Market - By Component

  • Solution
  • Services

Global Chatbots Market - By Deployment

  • On-premise
  • Cloud

Global Chatbots Market - By Usage

  • Websites
  • Contact Centers
  • Social Media
  • Mobile Platform

Global Chatbots Market - By End-user

  • Education
  • Retail & E-Commerce
  • BFSI
  • Healthcare
  • Travel & Tourism
  • Others

Global Chatbot Market – By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Russia
    • U.K
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • South Korea
    • China
    • Australia
    • India
    • Rest of APAC
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • South Africa
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

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