The chatbot market is set to grow at a rapid rate in the next few years. The global chatbot market will reach USD 14.9 billion by 2027, with a CAGR of 24.6%.
This growth can be attributed to the increased need for 24/7 customer support and assistance, coupled with advancements in technology which has made it possible for businesses to provide this type of service.
According to a study published by AllTheResearch, the chatbot market is expected to grow at a CAGR of 24.60%.
The study also provides you with information about the current and future trends, competitive analysis, growth areas, and factors that will shape this industry in the coming years which makes it an ideal guide for business owners who are looking into investing in or developing chatbots.
In 2020, the Global Chatbot Market was valued at USD 3.2 Billion and is projected to grow at a rapid rate. By 2027, the market will reach USD 14.90 Billion with an average annual growth of 24.60%.
This trend can be attributed to numerous factors such as the increasing need for 24/ seven customer support and assistance which makes chatbots popular among businesses in all industries that require customer interaction and desire to reduce operating cost and pressure.
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Key Findings of the study;
- The market is divided into three types: text, voice, and hybrid. The text type is expected to dominate the chatbot market size.
- Based on the platform, the standalone segment held the largest market share in 2020 for the global market
- Large enterprises held the greatest market share in 2020, followed by medium-sized enterprises.
- The E-commerce vertical segment is expected to have the largest market size in the global chatbot market by 2020.
The report lists the various application areas where chatbots are being used in today’s world, which include banking & finance, healthcare, retail, entertainment & media, travel & hospitality, automotive industry among many others.
The use of chatbots in all these applications is resulting in an increased demand for this technology.