Chatbot Market Size [2020-2027] Exhibits 22.5% CAGR to Reach USD 1953.3 Million
As per the report by Fortune Business Insights, the global home automation market size is projected to reach USD 1953.3 Million in 2027, at a CAGR of 22.5% during the forecast period, 2020-2027
Pune, India, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for Chatbot Market in their report titled, The chatbot market size is expected to witness astounding growth by exhibiting a CAGR of *22.5%* between 2020 and 2027.
The global market size was USD 396.2 million in 2019. The global Chatbot Market size is projected to grow USD *1,953.3 million* by 2027. at a CAGR of 22.5% in the forecast period, 2020-2027.Publish this information in its latest report Increasing adoption of technology such as the artificial intelligence (AI) system by the SMEs and innovative product development is anticipated to be the driving factors for the market growth during the forecast period.
*KEY INDUSTRY DEVELOPMENTS:*
June 2020 – Solvvy Inc. launched its Conversational Concierge, a Next-Gen Chatbot Platform. This platform assists large enterprises to effortlessly provide intelligent, customization, and on-brand support and services to their users across channels.
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*Entire Lockdown Limitations to Push Automation System Demand during COVID-19*
Momentary lockdown of production facilities and further restricted existence of staff affected the production quantity throughout industries. During the preliminary months of the year 2020, the home automation devices and products perceived a substantial drop in their production along with an unbalanced supply chain. Also, the expending share on smart devices was declined owing to the irregular financial disaster. This has adversely influenced the growth and year-on-year growth observed deterioration during the year 2020.
*Report Scope & Segmentation*
*Report Coverage* *Details*
Forecast Period 2020 to 2027
Forecast Period 2020 to 2027 CAGR 22.5%
2027 Value Projection USD 1,953.3 million
Base Year 2019
Chatbot Market Share in 2019 USD 396.2 million
Historical Data for 2016 to 2018
No. of Pages 160
Segments covered Component, Deployment, Application, Industry & Geography
Chatbot Market Growth Drivers Advancement of Artificial Intelligence (AI) and Rising Number of SMEs to Drive Market Growth
Significant Conversational Gaps and Security Breaches to Hamper Growth
*Click here to get the short-term and long-term impact of COVID-19 on this Market:*
*Drivers and Restraints:*
*Technological Innovation to Augur Growth*
The emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.
Companies Lend a Helping Hand amid COVID-19 The COVID-19 pandemic has resulted in a total standstill of several businesses across the globe. The government agencies with the help of companies are striving to get back on track the limping economy by proposing several economic packages. However, the widespread chaos has put a glimmer of hope on the chatbots in the healthcare segment. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software have come forward to launch this technology that identifies coronavirus symptoms in the patients and further advises the patients to seek medical assistance.
By component, the market is bifurcated into hardware, and software. By type, it is divided into bitcoin, ether, litecoin, ripple, ether classic, and others. By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance.
Based on end use, the trading segment held the cryptocurrency market share of 42.8% in 2020, because it focuses on crypto solutions that are used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
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*Presence of Major Players in North America to Bolster Growth*
Among the regions, the market in North America was worth USD 156.7 million in 2019 and is expected to hold the highest global chatbot market revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region. Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt these services to ensure efficient customer engagement activities between 2020 and 2027.
*What does the Report Provide?*
The cryptocurrency market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
*List of the Companies Operating in the Market:*
· Amazon Web Services, Inc.
· Google LLC
· IBM Corporation
· Microsoft Corporation
· SAP SE
· Yellow Messenger
· Labiba for Artificial Intelligence LLC
*Major Table of Contents:*
· Definition, By Segment
· Research Methodology/Approach
· Data Sources
· Key Takeaways
· Market Dynamics
· Macro and Micro Economic Indicators
· Drivers, Restraints, Opportunities and Trends
· Impact of COVID-19
· Short-term Impact
· Long-term Impact
· Competition Landscape
· Business Strategies Adopted by Key Players
· Consolidated SWOT Analysis of Key Players
· Porter’s Five Force Analysis
· Global Market Share Analysis and Matrix, 2019
· Key Market Insights and Strategic Recommendations
· Profiles of Key Players
· Key Management
· Headquarters etc.
· Offerings/Business Segments
· Key Details
· Employee Size
· Key Financials
· Past and Current Revenue
· Gross Margin
· Geographical Share
· Business Segment Share
· Recent Developments
· Primary Interview Responses
· Annexure / Appendix
· Global Chatbot Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
· By Component (Value)
· Platform/SDK Kit
· By Deployment (Value)
· By Application (Value)
· Contact Centers
· Social Media
· Mobile Application
· By Industry (Value)
· Banking, Financial Services and Insurance (BFSI)
· Retail and ecommerce
· Information Technology (IT) and Telecom
· Media and Entertainment
· Others (Government and Education)
· By Region (Value)
· North America
· Latin America
· Middle East & Africa
· Asia Pacific
*How much was the Chatbot Market worth in 2019?*
Fortune Business Insights says that this market stood at USD 396.2 million in 2019.
*What was the revenue of the North America region in 2019?*
The revenue of the market in North America in 2019 was USD 156.7 million.
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