DUBLIN--(BUSINESS WIRE)--The "Chatbot Market, By Product Type, By Application, By Function, By End-Use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global Chatbot market was valued at USD 3.49 Billion in 2021 and is expected to reach USD 22.9 Billion by year 2030, at a CAGR of 25.4%.
Companies Mentioned
- Abbott Laboratories Ltd.
- Becton Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- Guided Therapeutics Inc.
- Hologic Inc.
- Qiagen N.V.
- Quest Diagnostics Inc.
- CooperSurgical Inc.
- Arbor Vita Corporation
The chatbot industry is growing rapidly as it is benefiting businesses in various ways. The major factor driving the market growth is increased demand for personalized customer service and 24*7 support. Also, they help to reduce human resource cost as they can handle multiple tasks simultaneously. Hence, this is why the adoption of chatbots has been increasing in various industry verticals such as BFSI, healthcare, retail, and others.
A chatbot is a computer program that simulates human conversation, usually through text or voice messages. They are commonly used in online customer service and support, as well as marketing and sales. There are many different types of chatbots, each with their own strengths and weaknesses. For example, some chatbots are designed to help you book a hotel room or buy a product, while others are focused on providing customer support or entertainment.
Chatbot are currently seen on websites, social media platforms, and messaging apps as a key customer service tool. The major drivers of the chatbot market include the need to reduce operational costs, rapid growth in artificial intelligence, and the increasing demand for virtual customer assistants.
Further key findings from the report suggest
- The banking, financial services, and insurance vertical is expected to hold the largest market size in the chatbot market during the forecast period. The increasing need for automating the customer service processes and providing 24/7 customer support are expected to drive the market growth in this vertical.
- The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The increasing adoption of conversational AI-based chatbots in drug discovery, precision medicine, and patient engagement is expected to drive the market growth in this vertical.
- The retail and eCommerce vertical is expected to hold the second-largest market size in the chatbot market during the forecast period. The increasing need for enhancing customer engagement and providing a personalized shopping experience are expected to drive the market growth in this vertical.
- The travel and hospitality vertical is expected to grow at the highest CAGR during the forecast period. The increasing need for providing 24/7 customer support and enhancing customer engagement are expected to drive the market growth in this vertical.
- The IT and telecom vertical is expected to hold the third-largest market size in the chatbot market during the forecast period. The increasing need for automating customer service processes and providing 24/7 customer support are expected to drive the market growth in this vertical.
- The government and defense vertical is expected to grow at the highest CAGR during the forecast period. The increasing need for automating customer service processes and providing 24/7 customer support are expected to drive the market growth in this vertical.
- Key participants include IBM Watson (New York, U.S.), SMOOCH, Botsify, Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, UK), Next IT Corporation (Washington, U.S.)
For the purpose of this report, the author has segmented the Chatbot market on the basis of platform, type, industry verticals, end user, application, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Rule-Based
- AI-Based
- Hybrid based
Application Type Outlook (Revenue, USD Billion; 2019-2030)
- Social Media
- Service
- Marketing
- Payments
- Customer Engagement & Retention
- Other
Function Type Outlook (Revenue, USD Billion; 2019-2030)
- Menu Based
- Voice Based
- Keyword Recognition Based
- Hybrid
- Other
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- BFSI
- Healthcare
- Retail & E-commerce
- Travel & Tourism
- Foodtech Industries
- Hospitality
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- North America
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/ahlcpq
