Chatbot Market Growth, Future Prospects and Competitive Analysis 2026
(I-BusinessNews.Com, May 19, 2022 ) The global Chatbot market size to grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The adoption of chatbot solutions is considerable and is projected to grow at a good pace in the coming years. One of the factors contributing to the growth of the chatbot market is the growing need for 24/7 customer support at a lower operational cost. Furthermore, the rise in demand for AI-based chatbots to deliver enhanced customer experience thus offering a competitive advantage to businesses.
Nowadays, chatbots carry multiple functions within a messaging conversation without the need for downloading an external application. AI has made significant developments in current chatbot capabilities. Techniques such as deep learning and ML leverage a large amount of data and efficient processing power, thus improving the quality of understanding and decision-making. The adoption of chatbot solutions is considerable and is projected to grow at a good pace in the coming years. One of the factors contributing to the growth of the chatbot market is the advent of technologies, such as analytics, AI, and cloud, which enable various industries to organize their operations. Ease of work execution and the need for saving time are some additional factors accelerating the use of chatbots as personal assistants in day-to-day life.
Some of the key players operating in the chatbot market include IBM (US), Microsoft (US), Google (US), AWS (US), Nuance (US), Oracle (US), Creative Virtual (UK), Artificial Solutions (Spain), Kore.ai (US), Inbenta (US), 7.AI (US), Aivo (Argentina) ServiceNow (US), Conversica (US), Personetics (US), LiveChat (Poland), MindMeld (US), CogniCor (US), Gupshup (US), Contus (India), Chatfuel (US), KeyReply (Singapore), SmartBots (US), Yellow Messenger (India), Kevit (India), Yekaliva (India), and Pypestream (US). These chatbot vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global chatbot market.
Google, a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s parent organization, Alphabet, was founded in 2015. Google’s product innovations witness an increase in the use of its services, and the company is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users every month. Google has built a platform in the cloud and invests in infrastructure, security, data management, analytics, and AI. The company’s global clientele base is spread across industry verticals, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environment, food, beverage, government, healthcare, manufacturing, media, telecommunications and IT, transportation, and travel and hospitality. As more digital experiences are being built in the cloud, the company’s cloud products focus on helping enterprises of all sizes take advantage of the latest technologies and efficiently operate their businesses. Google also increasingly invests in platforms, such as Android mobile OS, Chrome browser, Chrome OS, and Daydream Virtual Reality (VR). It operates through 70 offices in more than 50 countries worldwide. In February 2020, the company completed the acquisition of Looker, a unified platform provider for business intelligence, data applications, and embedded analytics. In the chatbot market, Google offers Dialogflow that is aimed at enabling users with new ways to interact with products by building engaging voice and text-based conversational interfaces, such as voice apps and chatbots, powered by AI.
Microsoft was founded in 1975 and is headquartered in Washington, US. It is a prominent leader across regions and provides software products, along with diverse licensing suites. The company develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. It also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company offers a range of services, which includes solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It also offers online advertising and is a global leader in building analytics platforms. It provides production services for the AI-infused intelligent cloud. The company generates revenues by licensing and supporting a range of software products. Microsoft caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, the MEA, and Europe. Microsoft offers Azure Bot Service in the chatbot market. Azure Bot Service enables rapid intelligent bot development powered by the Microsoft Bot Framework, which operates in a serverless environment on Azure.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 27) 1.1 INTRODUCTION TO COVID-19 1.2 COVID-19 HEALTH ASSESSMENT FIGURE 1 COVID-19: GLOBAL PROPAGATION FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 1.3 COVID-19 ECONOMIC ASSESSMENT FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT FIGURE 4 CRITERIA IMPACTING GLOBAL ECONOMY FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 1.4 OBJECTIVES OF THE STUDY 1.5 MARKET DEFINITION 1.5.1 INCLUSIONS AND EXCLUSIONS 1.6 MARKET SCOPE 1.6.1 MARKET SEGMENTATION 1.6.2 REGIONS COVERED 1.6.3 YEARS CONSIDERED FOR THE STUDY 1.7 CURRENCY CONSIDERED TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2018–2020 1.8 STAKEHOLDERS 1.9 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 37) 2.1 RESEARCH DATA FIGURE 6 CHATBOT MARKET: RESEARCH DESIGN 2.1.1 SECONDARY DATA 2.1.2 PRIMARY DATA TABLE 2 PRIMARY INTERVIEWS 22.214.171.124 Breakup of primary profiles 126.96.36.199 Key industry insights 2.2 MARKET BREAKUP AND DATA TRIANGULATION FIGURE 7 DATA TRIANGULATION 2.3 MARKET SIZE ESTIMATION FIGURE 8 CHATBOT MARKET: TOP-DOWN AND BOTTOM-UP APPROACHES 2.3.1 TOP-DOWN APPROACH 2.3.2 BOTTOM-UP APPROACH FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 1 (SUPPLY-SIDE): REVENUE FROM SOLUTIONS/SERVICES OF MARKET FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/ SERVICES OF MARKET FIGURE 11 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 3, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF CHATBOT MARKET FIGURE 12 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 4, BOTTOM-UP (DEMAND-SIDE): SHARE OF CHATBOT THROUGH OVERALL CHATBOT SPENDING 2.4 MARKET FORECAST TABLE 3 FACTOR ANALYSIS 2.5 COMPANY EVALUATION MATRIX METHODOLOGY FIGURE 13 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE 2.6 STARTUP/SME EVALUATION MATRIX METHODOLOGY FIGURE 14 START-UP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE 2.7 ASSUMPTIONS FOR THE STUDY 2.8 LIMITATIONS OF THE STUDY 2.9 IMPLICATIONS OF COVID-19 ON THE MARKET FIGURE 15 QUARTERLY IMPACT OF COVID-19 DURING 2020–2021
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