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Report Overview
The global chatbot market size stood at a value of around USD 839.33 million in 2023. The market is further expected to grow at a CAGR of 24.9% in the forecast period of 2024-2032 to attain a value of USD 6,210.48 million by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Chatbot Market Size
The global chatbot market size stood at a value of around USD 839.33 million in 2023. The market is further expected to grow at a CAGR of 24.9% in the forecast period of 2024-2032 to attain a value of USD 6,210.48 million by 2032.
A chatbot, as the name suggests, is a software application that utilises artificial intelligence and natural language processing to conduct online chat conversations with an individual. Chatbots are software programs that simulate human-like conversation.
These dialogue systems are mainly adopted by businesses for customer service enhancement, as they provide immediate automated responses and make the experience more personalised. For example, there are rule-based chatbots that answer set questions such as frequently asked questions. In contrast, AI chatbots learn from human behaviour over time, predict subsequent interactions and offer relevant information.
With the advent of smartphones and smart speakers, companies like Apple, Amazon, and Google introduced virtual assistants that use voice recognition and complex algorithms to assist users. Recent years have seen significant improvements in AI, with chatbots becoming more capable of handling complex conversations and tasks.
Chatbots also assist in scheduling appointments, providing medical information, and even offering preliminary diagnoses in some cases. E-commerce sites use chatbots to assist customers in shopping, recommending products, and managing transactions. Furthermore, they are used in games and as virtual companions for entertainment purposes. As technology continues to advance, the capabilities and applications of chatbots are likely to expand even further.
Chatbot Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global chatbot market attained a value of nearly USD 839.33 million.
The market is projected to grow at a CAGR of 24.9% between 2024 and 2032.
The major drivers of the market are the increasing demand for automated customer services, the growing implementation of chatbots in various industry verticals, and the increasing demand for enhanced and speedy customer experiences.
The increasing development in artificial intelligence and the rapid technological advancements are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant types of chatbot are standalone, web based, and messenger based/third party.
Artificial intelligence, marketing, and human intelligence are the various product landscapes of chatbot considered in the market report.
The major applications of the product include bots for service, bots for social media, bots for payments/order processing, and bots for marketing, among others.
The different end uses of chatbot include healthcare, retail, banking financial services and insurance (BFSI), media and entertainment, travel and tourism, and e-commerce, among others.
The major players in the market are [24]7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc., Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, and eGain Corporation, among others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 6,210.48 million by 2032.
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