Global Chatbot Market Segments: by Application Type (Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement and others), by Deployment (Cloud based and On Premises) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Global Chatbot Market Segments: by Application Type (Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement and others), by Deployment (Cloud based and On Premises) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Product Overview
Chatbot is essentially an artificial intelligence program that communicates to a person to solve a problem or answer a certain question. This decreases running time and increases performance, which encourages business growth. It helps the customer through messages, websites, mobile apps, and phones. In addition, chatbots through BFSI are introduced to provide enhanced user experience, to connect with customers instead of consultants, to quickly answer the questions, to relieve workloads, and so on.
Market Highlights
Global Chatbot Market is expected to project a notable CAGR of 30.58% in 2030.
Global Chatbot Market to surpass USD 112 billion by 2030 from USD 18 billion in 2020 at a CAGR of 30.58% in the coming years, i.e., 2021-30. The size of the market is forecasted to grow as chatbots continue to minimize the operational cost to businesses. Chatbot marketing, payments, processing, and operation are various segments in which chatbots can function—but services have a largest market share in chatbots businesses. Improved technology combined with growing consumer demand for self-service facilities and 24*7 customer supports at reduced cost of operation are the main growth drivers for the sector. In addition, the initiatives aimed at building self-learning chatbots are designed to provide more human conversational experience, to increase the use of chatbots between various industries, and to increase customer commitment through various channels, thus creating many opportunities for international vendors.
Global Chatbot Market: Segments
Customer Engagement and Retention segment to grow with the highest CAGR during 2020-30
Global Chatbot Market is segmented by application type into Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement, and others. One of the key focus areas of different vertical products is customer engagement and retention. These verticals have begun using chatbots powered by Artificial Intelligence (AI) to reach their clients and provide them with seamless experiences during their journey. Since they can engage consumers, gather new information, and reduce sales life cycles, chatbots are an efficient way of enabling verticals to capture, retain and engage new customers. The presence and retention of customers is therefore expected to become a critical field for implementing chatbot solutions.
Cloud segment to grow with the highest CAGR during 2020-30
Global Chatbot Market is divided by deployment into Cloud-based and on-premises. Cloud-based segment is expected to grow at the highest CAGR of XX% over the forecasted timeframe. The advantages of third parties enable businesses to pay on demand and to scale adjust effectively, subject to customer requirements, overall use, and company growth. The cloud creates a virtual technology to host companies' offsite requests. Consequently, small and medium-sized enterprises are mainly involved. Cloud deployment nullifies overhead capital, the data backup option is available on a constant schedule, and companies are also obligated to only pay for the resources that they use.
Global Chatbot Market Dynamics
Drivers
24*7 Support
Chatbots Market are a promising agent which can offer 24x7 while improving profitability overall. AI chatbots also bring incentives, such as automation of routine tasks that boost efficiency levels, support in several languages, and better self customer service. In addition, they can also be used to assist various languages. Due to the opportunity to customize the experience without disturbance, customer support systems are anticipated to fuel growth in the coming years.
Self-Learning
The market of self-learning chatbots will respond to different market conditions, such as the behavior, knowledge, and decisions. The chatbots can be considered intelligent enough to quickly interpret data and enable the customer to easily find the exact details he or she is searching for by providing multi-language support. Self-learning bots with data-driven actions are strong NLP and self-learning (ML) technologies that have the ability to provide more humane, natural communication, and learn from their own errors.
Restraint
Rapid response and inability to identify customer’s intent
Primarily software tools, including application program interfaces (APIs) are designed to generically use chatbots without adding any particular functionality which does not fit the quality requirements of the user and fulfills its explicit purpose. Chatbot Markets supplied with unique data will only support consumers if they are asked to answer questions. Therefore, if a customer asks the question for which the chatbot does not have any details, he will not understand the intention of the customer and will not be able to address the question asked.
Global Chatbot Market:
IBM Corporation(US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Google (US)
Amazon Web Services(US)
Chatfuel (US)
Yellow Messenger (India)
Contus (India)
Inbenta Technologies (US)
Nuance Communications (US)
Passage AI (US)
Conversica
SmartBots (US)
Botsify (Pakistan)
Yekaliva (India)
Other Prominent Players
Global Chatbot Market: Regions
Global Chatbot Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Chatbot in the Asia Pacific held the largest market share of XX.X% in the year 2020. Many start-ups invest in artificial intelligence and chat development in the Asia-Pacific region. Furthermore, the use of chatbots in their customer service phase is easily incorporated by SMEs that give smooth efficiency, manage many customers and enhance the techniques for customer interaction.
Global Chatbot Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Chatbot Market report also contains analysis on:
By Application Type
Customer Engagement and Retention
Branding and Advertisement
Customer Support
Data Privacy and Compliance
Personal Assistant
Onboarding and Employee Engagement
Others
By DEPLOYMENT TYPE
Cloud-based
On-Premises
Chatbot Market Dynamics
Chatbot Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Contents
1. Executive Summary
2. Global Chatbot Market
1. Product Overview
2. Market Definition
3. Segmentation
4. Assumptions and Acronyms
3. Research Methodology
1. Research Objectives
2. Primary Research
3. Secondary Research
4. Forecast Model
5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
1. Growth Drivers
2. Restraints
3. Opportunity
4. Trends
7. Correlation & Regression Analysis
1. Correlation Matrix
2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
1. Demand Risk Analysis
2. Supply Risk Analysis
10. Global Chatbot Market Analysis
1. Porters Five Forces
1. Threat of New Entrants
2. Bargaining Power of Suppliers
3. Threat of Substitutes
4. Rivalry
2. PEST Analysis
1. Political
2. Economic
3. Social
4. Technological
11. Global Chatbot Market
1. Market Size & forecast, 2020A-2030F
1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. Global Chatbot Market: Market Segmentation
1. By Regions
1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. By deployment: Market Share (2020-2030F)
1. Cloud-based, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. On premises, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. By application Type: Market Share (2020-2030F)
1. Customer Engagement and Retention, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Branding and Advertisement, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. Customer Support, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. Data Privacy and Compliance, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
5. Personal Assistant, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
6. Onboarding and Employee Engagement, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
Company Profile
1. IBM Corporation(US)
1. Company Overview
2. Company Total Revenue (Financials)
3. Market Potential
4. Global Presence
5. Key Performance Indicators
6. SWOT Analysis
7. Product Launch
2. Google (US)
3. Amazon Web Services(US)
4. Chatfuel (US)
5. Yellow Messenger (India)
6. Contus (India)
7. Inbenta Technologies (US)
8. Nuance Communications (US)
9. Passage AI (US)
10. Conversica
11. SmartBots (US)
12. Botsify (Pakistan)
13. Yekaliva (India)
14. Other Prominent Players
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
Historical Data (2015-2019) |
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Influencing Factors |
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Market Forecast (2021-2026) |
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Qualitative Analysis |
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
Primary Sources | Parameters | Key Data |
Market Segments(by Application, by Type) |
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Total Market |
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