The global chatbot market is expected to reach US$ 4.2 billion by 2032, up from US$ 580.3 million in 2022, with a CAGR of 21.8 percent over the forecast period.
Due of the nationwide shutdown, the chatbot market was expected to decelerate slightly in 2020. Almost every firm has been shaken by the COVID-19 outbreak, which has resulted in a jump in turnover.
Despite the fact that essential things are exempt from the lockdown, the lack of people to operate manufacturing lines, supply networks, and transportation has a significant influence on the availability of essential commodities. By early 2021, the problem should be under control, with demand for chatbot solutions and services set to soar as companies try to improve customer experience and develop personalised interactions with prospects.
Various sectors will leverage a variety of chatbot solutions and services to assist digital transformation projects that solve mission-critical procedures, improve operations, and distinguish customer viewing experiences.
Important Points to Remember
- Throughout the projected period, the US chatbot market is expected to grow fast at a CAGR of 26.8%.
- APAC is likely to increase at the fastest rate throughout the forecast period. The countries in Asia-Pacific are technologically advanced and provide promising investment and income opportunities.
- The standalone segment dominated the chatbot market in terms of sales in 2020, accounting for 56.9% of total revenue.
- During the projection period, the mobile segment is expected to grow at a CAGR of 24.1 percent.
MindMeld, IBM, Google, Oracle, Conversica, Nuance, Inbenta, Aivo, Personetics, AWS, Microsoft, LiveChat, Creative Virtual, and Artificial Solutions are some of the major companies in the chatbot business.