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Chatbot Market to Generate Exceptional $1,953.3 Million by 2027; Increasing Adoption of Cloud-based Conversational Bots to Stimulate Growth

January 20, 2021 | Information & Technology

The global chatbot market size is expected to witness stellar growth while exhibiting a CAGR of 22.5% between 2020 and 2027. This is ascribable to factors such as increasing focus on automation by the companies and growing demand for cloud-based AI conversational chatbots. Fortune Business Insights, publish this information in its latest report, titled “Chatbot Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Software Development Kit and Services), By Deployment (Cloud and On-premises), By Application (Website, Contact Centers, Social Media and Mobile Application), By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Healthcare and Others and Regional Forecast, 2020-2027.” The report observes that the market was worth USD 396.2 million in 2019 and is likely to generate USD 1,953.3 million by 2027.


Solvvy Launching Next-Gen Chatbot Platform to Favor Growth


The emergence of automation is turning out to be extremely beneficial for companies to streamline their operations and enable a customer-centric approach. According to Fortune Business Insights, the global chatbot market comprises several companies striving to consolidate their position in their fiercely competitive landscape. Among the companies, Solvvy, a leading conversational chatbot solution provider, is turning out to be a harbinger of growth for the market. In June 2020, the company introduced its new Conversational Concierge, a next-generation platform. According to the company, the platform is designed efficiently to enable popular brands to deliver personalized, intelligent, and on-brand support to its customers across various channels. Mahesh Ram, the CEO of Solvvy, says, “Today, there are several conversational chatbots that claim to adopt AI, however, they lack the Natural Language Processing and AI power of Solvvy.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/chatbot-market-104673


Increasing Adoption of Cloud-based Conversational Bots to Propel Demand


Cloud-based conversational bots assists the user to interact with online web services by providing interactive text, graphics, audio, and several efficient task modules. In addition to this, they enable a responsive interaction between businesses and customers that aids in improving productivity. Furthermore, they help in improving user satisfaction, while drastically reducing personnel costs for the company. Moreover, adoption of artificial intelligence (AI) application in chatbots is enabling the companies to provide 24*7 services for its customers that in turn is strengthening the relationship of the organization with its consumers. For instance, IBM Watson Assistant is an example of an efficient and intelligent cloud-based chatbot service that delivers interactive and robust experience for the customers through the API endpoints. Therefore, increasing adoption of cloud-based conversational bots is expected to contribute to the market growth in the forthcoming years.


Product Expansion Strategies by the Companies to Surge Demand


According to Fortune Business Insights, companies such as Amazon Web Services, SAP SE, and Microsoft Corporation, among others are striving to gain the majority of global market revenue and maintain a stronghold during the forecast period. The companies are adopting strategies such as novel product launches, partnerships, and merger and acquisition that will contribute to the growth of the market between 2020 and 2027.


List of the Companies Proliferating in the Market:



  • Amazon Web Services, Inc. (US)

  • Google LLC (US)

  • IBM Corporation (US)

  • Microsoft Corporation (US)

  • SAP SE (Germany)

  • Yellow Messenger (India)

  • Labiba for Artificial Intelligence LLC (Dubai)

  • Gupshup (US)

  • SmartBots (US)

  • Aivo (Argentina)


Further Report Findings:



  • The market in North America was worth USD 156.7 million in 2019 and is likely to hold the highest global market revenue during the forecast period. This is ascribable to factors such as the presence of large companies in the region that are constantly focusing on introducing new products and forging strategic partnerships.

  • Europe, on the other hand, is expected to witness growth owing to increasing investment activities by the private players along with government agencies to provide reliable and efficient bot service for the consumers.

  • The website segment based on By Application held a market share of about 42.9% in 2019 and is anticipated to witness significant growth owing to increasing number of SMEs shifting towards cloud-based bot services.

  • On the other hand, the cloud segment based on By Deployment is likely to witness growth backed by increasing investments in AI and cognitive systems witnessed from the private players.


Table of Segmentation:






















































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2018



Unit



  Value (USD million)



Segmentation



  Component; Deployment; Application; Industry and Region



By Component




  • Platform/SDK Kit

  • Services



By   Deployment




  • On-Premises

  • Cloud



By Application




  • Website

  • Contact Centers

  • Social Media

  • Mobile Application



By Industry




  • Banking, Financial Services and Insurance (BFSI)

  • Retail and ecommerce

  • Information Technology (IT) and Telecom

  • Media and Entertainment

  • Healthcare

  • Others (Government and Education)



By Region




  • North America (By Component; Deployment; Application; Industry and Country)


    • United States (By Application)

    • Canada (By Application)




  • Latin America (By Component; Deployment; Application; Industry and Country)


    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of South America




  • Europe (By Component; Deployment; Application; Industry and Country)


    • United Kingdom (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe




  • The Middle East & Africa (By Component; Deployment; Application; Industry and Country)


    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa




  • Asia Pacific (By Component; Deployment; Application; Industry and Country)


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • South East Asia (By Application)

    • Rest of Asia Pacific



Global Chatbot Market
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  • 2016-2018
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