Chatbots are conversational agents designed to engage with users through messaging platforms and assist them through their queries. Chatbots offer around-the-clock support without any delays, helping boost customer satisfaction. They can retrieve FAQs, resolve common issues, route queries to appropriate agents, and complete basic tasks to reduce wait times for consumers. The global Chatbot Market is estimated to be valued at US$ 6.04 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of chatbots by enterprises is witnessing rapid growth to enhance customer experience. Chatbots empower businesses to provide 24/7 customer care services through messaging apps. They engage efficiently with customers to address their requirements efficiently without any wait time. Chatbots deployed by companies can handle repetitive customer queries instantly through conversational interactions. This helps reduce staff workload and optimizes resources. As chatbots gain more capabilities through continued advancements in AI and NLP technologies, their use across various industries is expected to surge in the coming years. Chatbots are becoming an integral part of enterprises' customer experience strategy to acquire new customers as well as retain the existing ones.
Segment Analysis
The global chatbot market size is dominated by the service sub-segment. It accounts for around 60% of the market share owing to the growing demand for training and consulting services for chatbots. As chatbots require constant upgradation and maintenance, organizations are increasingly relying on service providers for efficiently handling these aspects.
Key Takeaways
The global chatbot market is expected to witness high growth at a CAGR of around 12% during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 6.04 billion in 2023 to over US$ 15 billion by 2030.
Regional analysis
North America currently dominates the global chatbot market with over 35% share owing to early adoption of new technologies and presence of major players in the US and Canada. Asia Pacific is expected to see the fastest growth owing to growing internet and smartphone penetration in countries like China and India. The demand is expected to further increase with strong focus by governments on digitalization of services.
Key players
Key players operating in the chatbot market are Odoo, SuiteCRM, VTiger, Salesforce, Zoho, HubSpot, Pipedrive, Insightly, Base, Apptivo, Nutshell, Really Simple Systems, Teamgate, Bitrix24, Creatio, vTiger, SugarCRM, Zurmo, FatFree CRM, EspoCRM. These players are focusing on developing more advanced and specialized chatbots to cater to the growing demand from various industries like retail, BFSI, healthcare etc. They are also focusing on partnerships and acquisitions to strengthen their product portfolio and presence in different regions.
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