![]() ![]() Key participants in the chatbot industry include Baidu, Poncho, Kik, WeChat, Varo Money Inc., Babylon Health, ReplyYes, and SRI International.The regional market is expected to grow at a CAGR of 24.7 % from 2017 to 2025. The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies.The standalone segment is estimated to grow at a CAGR of 24.8% over the forecast period.The bots for marketing segment is expected to witness the largest growth over the forecast period as these chatbots can connect the customers directly to service providers.Large enterprise emerged as the largest end-user segment in 2016 and is estimated to register a CAGR of 24.2% over the forecast period. Chatbots find various applications in e-commerce, healthcare, and BFSI sectors.Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in enhanced performance of chatbots in various applications.īrowse full research report with TOC on " Chatbot Market Analysis By End User, By Application/Business Model, By Type, By Product Landscape, By Vertical, By Region ( North America, Europe, APAC, MEA), And Segment Forecasts, 2014 - 2025 " at: įurther key findings from the report suggest: ![]() Artificial intelligence and audio speech-based chatbots are expected to account for the largest market share in future. Chatbots are integrated with these technologies to offer enhanced operations, thereby driving market demand. Technologies such as artificial intelligence, IoT, and APIs, among others, are evolving at a rapid speed. The growth in this region is mainly attributed to the increasing deployment of chatbots in various business verticals. North America is expected to emerge as the major region for the chatbot market over the forecast period. For instance, Slack and Twitter messaging platforms are preferred by majority businesses. Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of chatbots in all application. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market.Ī significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. The global chatbot market is expected to reach USD 1.25 billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand View Research, Inc. ![]()
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