Global Chatbot Market Size to Grow at a CAGR of 29.7% During the Forecast Period, 2019-2024 -

DUBLIN--()--The "Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to's offering.

The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.

The chatbot market is driven by factors, such as advancement in technology coupled with rising customer demands for self-services and 24/7 customer assistance at lower operational costs. However, lack of awareness about the outcomes of the use of chatbot technology with various applications to restrict the growth of the chatbot market.

Services segment to grow at a higher CAGR during the forecast period

The chatbot market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed services and professional services. The growth of this segment can be attributed to the increasing deployment of chatbot software and platforms, which leads to increasing demand for pre- and post-deployment services, as these solutions require training due to technical complexities.

Retail and eCommerce vertical to grow at the highest CAGR during the forecast period

The chatbot market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences, and others. The retail and eCommerce segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand to provide customers with seamless omnichannel experience and turn them into regular customers.

APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the chatbot market in the region.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.2.1 Inclusions and Exclusions

1.3 Market Scope

1.3.1 Market Segmentation

1.3.2 Regions Covered

1.4 Years Considered for the Study

1.5 Currency Considered

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.1.1 Secondary Data

2.1.2 Primary Data

2.2 Market Breakup and Data Triangulation

2.3 Market Size Estimation

2.3.1 Top-Down Approach

2.3.2 Bottom-Up Approach

2.4 Market Forecast

2.5 Assumptions for the Study

2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Global Chatbot Market

4.2 Market By Application

4.3 Market Top 3 Verticals and Regions

4.4 Market By Region

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.2 Restraints

5.2.3 Opportunities

5.2.4 Challenges

5.3 Use Cases

5.3.1 Use Case: Scenario 1

5.3.2 Use Case: Scenario 2

5.3.3 Use Case: Scenario 3

5.3.4 Use Case: Scenario 4

5.3.5 Use Case: Scenario 5

5.3.6 Use Case: Scenario 6

5.3.7 Use Case: Scenario 7

5.3.8 Use Case: Scenario 8

5.3.9 Use Case: Scenario 9

5.3.10 Use Case: Scenario 10

5.3.11 Use Case: Scenario 11

5.4 Regulatory Implications

5.4.1 General Data Protection Regulation

5.4.2 Health Insurance Portability and Accountability Act

5.4.3 Payment Card Industry Data Security Standard

5.4.4 Financial Industry Regulatory Authority

5.4.5 Service Organizational Control 2

5.4.6 Markets in Financial Instruments Directive II

6 Chatbot Market, By Component

6.1 Introduction

6.2 Solutions

6.3 Services

7 Chatbot Market, By Technology

7.1 Introduction

7.2 Machine Learning and Deep Learning

7.3 Natural Language Processing

7.4 Automated Speech Recognition

8 Chatbot Market, By Deployment Model

8.1 Introduction

8.2 On-Premises

8.3 Cloud

9 Chatbot Market, By Usage

9.1 Introduction

9.2 Websites

9.3 Contact Centers

9.4 Social Media

9.5 Mobile Platform

10 Chatbot Market, By Organization Size

10.1 Introduction

10.2 Large Enterprises

10.3 Small and Medium-Sized Enterprises

11 Chatbot Market, By Application

11.1 Introduction

11.2 Customer Support

11.3 Personal Assistant

11.4 Branding and Advertisement

11.5 Customer Engagement and Retention

11.6 Data Privacy and Compliance

11.7 On-Boarding and Employee Engagement

11.8 Others

12 Chatbot Market, By Vertical

12.1 Introduction

12.2 Banking, Financial Services, and Insurance

12.3 Retail and Ecommerce

12.4 Healthcare

12.5 Travel and Hospitality

12.6 Media and Entertainment

12.7 Telecommunications

13 Chatbot Market, By Region

13.1 Introduction

13.2 North America

13.3 Europe

13.4 Asia Pacific

13.5 Middle East and Africa

14 Competitive Landscape

14.1 Introduction

14.2 Competitive Leadership Mapping

14.3 Strength of Product Portfolio

14.4 Business Strategy Excellence

15 Company Profiles

15.1 Introduction

15.2 IBM

15.3 Nuance Communications

15.4 Google

15.5 AWS

15.6 Artificial Solutions

15.7 Inbenta Technologies

15.8 [24]

15.9 Chatfuel

15.10 AIVO

15.11 Botsify

15.12 Passage AI

15.13 Kore.AI

15.14 KeyReply

15.15 SmartBots.AI

15.16 Contus

15.17 Yellow Messenger

15.18 CogniCor Technologies

15.19 Conversica

15.20 Gupshup

15.21 Kevit

15.22 Yekaliva

For more information about this report visit

Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900