DUBLIN--(BUSINESS WIRE)--The "Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.
The chatbot market is driven by factors, such as advancement in technology coupled with rising customer demands for self-services and 24/7 customer assistance at lower operational costs. However, lack of awareness about the outcomes of the use of chatbot technology with various applications to restrict the growth of the chatbot market.
Services segment to grow at a higher CAGR during the forecast period
The chatbot market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed services and professional services. The growth of this segment can be attributed to the increasing deployment of chatbot software and platforms, which leads to increasing demand for pre- and post-deployment services, as these solutions require training due to technical complexities.
Retail and eCommerce vertical to grow at the highest CAGR during the forecast period
The chatbot market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences, and others. The retail and eCommerce segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand to provide customers with seamless omnichannel experience and turn them into regular customers.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the chatbot market in the region.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Global Chatbot Market
4.2 Market By Application
4.3 Market Top 3 Verticals and Regions
4.4 Market By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraints
5.2.3 Opportunities
5.2.4 Challenges
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.3.6 Use Case: Scenario 6
5.3.7 Use Case: Scenario 7
5.3.8 Use Case: Scenario 8
5.3.9 Use Case: Scenario 9
5.3.10 Use Case: Scenario 10
5.3.11 Use Case: Scenario 11
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 Health Insurance Portability and Accountability Act
5.4.3 Payment Card Industry Data Security Standard
5.4.4 Financial Industry Regulatory Authority
5.4.5 Service Organizational Control 2
5.4.6 Markets in Financial Instruments Directive II
6 Chatbot Market, By Component
6.1 Introduction
6.2 Solutions
6.3 Services
7 Chatbot Market, By Technology
7.1 Introduction
7.2 Machine Learning and Deep Learning
7.3 Natural Language Processing
7.4 Automated Speech Recognition
8 Chatbot Market, By Deployment Model
8.1 Introduction
8.2 On-Premises
8.3 Cloud
9 Chatbot Market, By Usage
9.1 Introduction
9.2 Websites
9.3 Contact Centers
9.4 Social Media
9.5 Mobile Platform
10 Chatbot Market, By Organization Size
10.1 Introduction
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises
11 Chatbot Market, By Application
11.1 Introduction
11.2 Customer Support
11.3 Personal Assistant
11.4 Branding and Advertisement
11.5 Customer Engagement and Retention
11.6 Data Privacy and Compliance
11.7 On-Boarding and Employee Engagement
11.8 Others
12 Chatbot Market, By Vertical
12.1 Introduction
12.2 Banking, Financial Services, and Insurance
12.3 Retail and Ecommerce
12.4 Healthcare
12.5 Travel and Hospitality
12.6 Media and Entertainment
12.7 Telecommunications
13 Chatbot Market, By Region
13.1 Introduction
13.2 North America
13.3 Europe
13.4 Asia Pacific
13.5 Middle East and Africa
14 Competitive Landscape
14.1 Introduction
14.2 Competitive Leadership Mapping
14.3 Strength of Product Portfolio
14.4 Business Strategy Excellence
15 Company Profiles
15.1 Introduction
15.2 IBM
15.3 Nuance Communications
15.4 Google
15.5 AWS
15.6 Artificial Solutions
15.7 Inbenta Technologies
15.8 [24]7.ai
15.9 Chatfuel
15.10 AIVO
15.11 Botsify
15.12 Passage AI
15.13 Kore.AI
15.14 KeyReply
15.15 SmartBots.AI
15.16 Contus
15.17 Yellow Messenger
15.18 CogniCor Technologies
15.19 Conversica
15.20 Gupshup
15.21 Kevit
15.22 Yekaliva
For more information about this report visit https://www.researchandmarkets.com/r/9ydj32
