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Chatbot demand highest from BFSI & E-commerce; global demand worth 868 million by 2023

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Global Chatbot Market is primarily driven by the growth in IT sector, according to our research report “Global Chatbot Market Outlook 2023”.

Under Global Chatbot Market, web-based chatbots segment is anticipated to grow substantially during the forecast period. The rising penetration of chatbots in e-commerce and banking industry & spiked adoption of virtual assistants in small and medium enterprises are the major growth drivers for this industry. Further, riding on the back of advancement in user interfaces and massive researches on artificial intelligence to make smart and more interactive chatbots, the web-based chatbots segment is expected to contribute the largest market share of 58.5% by 2023. The global market of chatbot reached USD 88.5 Million in 2015 and it is expected to garner USD 868.6 Million by the end of 2023, registering a modest CAGR over the forecast period. The current researches on various technologies such as artificial intelligence and natural language processing further help the developers to launch smart chatbots which can easily understand the human interaction. The positive growth in developing nations and increasing start-ups on artificial intelligence and big data across the globe are key factors which pave the market of chatbots globally.

Growth in IT sector

Factors such as rapid growth in IT sector and increasing penetration of IT based products & online platforms across the globe are the prime factors propelling the demand for chatbots. Moreover,  IT companies are shifting towards sophisticated and advanced technology chatbots in order to cut down the operational cost by reducing the workforce. These rapid shifts towards technology based virtual assistants and growing demand for chatbots from consumers end in urban regions are also exhibiting a positive impact on the growth of global chatbot market.

Growing demand in various sectors:

The demand for chatbots is increasing exponentially in various end-use sectors. E BFSI, Lifestyle, E-commerce are few of the sectors to have spiked demand in near future for chatbots. Out of all the sectors, the demand from BFSI sector is projected to remain high and is believed to be one of the most opportunistic segment for new and existing players. The growth in various sectors has controlled the growth of chatbot market on the back of increasing adoption of virtual assistants. The diversity in chatbots and rapid development of industry-centric chatbots by various developers is the key factor which is expected to spur the growth of chatbot market in near future. Although, presence of small companies in chatbot development which are introducing less conversational and pre-feed data chatbots is making the chatbot implementation for more affordable exercise for small players. However, the complex demand and implementations are projected to be moved in favour of big players with sound investment and technological abilities on Artificial Intelligence and Machine Learning.

The report titled Global Chatbot Market Outlook 2023 delivers detailed overview of the Global Chatbot Market in terms of market segmentation by Type, by End-use Application, by Enablers, by Verticals. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the Global Chatbot Market which includes company profiling of Microsoft Corporation, IBM Corporation, and Inc., etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global Chatbot Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stake holders to align their market centric strategies according to the ongoing and expected trends in the future.

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