The global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027. The adoption of Chatbots is driven by the successful uses cases of AI which resulted in increased operational efficiency, better sales revenue, and improved customer experiences. The nature of business is becoming very competitive and to compete efficiently, enterprises nowadays relying on useful information and business analytics. Traditionally, business analytical tools were used to project sales from the data about events that were a week or month old. With the advent of artificial intelligence technology which learns in real time and provides recommendations based on patterns, businesses have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers.
Artificial intelligence allows businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, artificial intelligence enables businesses to improve operational efficiency, lower operating costs, enhance service quality and customer experience. With the increasing business complexities and high adoption of artificial intelligence across the industries, the market for Chatbots is expected to surge during the forecast period.
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The introduction of NLO and NLP technologies in chatbot solution is a boon for contact centers. Call centers leveraging Chatbots can serve a large number of customers through the day without any issues. They provide 24/7 assistance and boost the overall productivity of the business. Various trends witnessed in chatbot market are communication transforming via chatbot, integrating CRM, natural language programming, Chatbot app development with Quick Problem-Solving Abilities, consumer analytics and insights, NLO technology for automated calling, and others.
The sales of Chatbot are largely influenced by numerous economic and non-economic factors. The e-commerce, BFSI, and healthcare sectors are expected to have a large impact on the growth of the Chatbot market. Also for the retail & e-commerce industry, increasing adoption of smart technologies are enabling a high degree of services to its customers. Potentially, the retail & e-commerce sector present a larger market share as compared to other sectors during the forecast period. Global Chatbot market is majorly driven by increasing adoption of cloud technology across the industries and the increasing acceptance of virtual assistance, evolving consumer technology, speech-enabled Chatbots and others. However, the rapidly changing nature of businesses requires consistent changes in technology and services. Also, the integration of advanced technologies such as artificial intelligence and natural language processing are expected to provide substantial growth opportunity to the key players in this market.
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