Global Market of Chatbots Poised to reach US$994.5 mn with a Strong CAGR of 27.8% by 2024, finds TMR


Published on : Jan 10, 2017

Albany, New York, January 10, 2017: Owing to the rapid developments in the field of artificial intelligence, the global chatbot market is highly estimated to gain a tremendous force in coming years, clearly stated by a new report added to the vast portfolio of Market Research Hub (MRH). The title of this report is, “Chatbot Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024” which discusses the key trends boosting the market growth. Additionally, it also highlights a number of drivers, restraints and opportunities that are expected to impact the market during the forecast period.

Firstly, the report describes the overview of the market along with market definition, scope and segmentation. A chatbot is an interactive combination of chat with robot i.e. based on artificial intelligence method designed to simulate human conversation. Chatbots are considered as a computer program and applications of voice interfaces between a human and a machine. It pops up on messaging services helping users in a wide range of applications including flight booking, order take-out or calls a ride and others. The major applications of chatbot include social media platforms, e-commerce websites, call centers, mobile and gaming applications.

The next section of the report contains the brief analysis of market segmentation. The global market of chatbot has been segmented on the basis of platform type and enterprise type. On the basis of the platform it covers:

  • Web-based
  • Mobile
  • Stand-alone

By enterprise size, the market is further segmented into large and small enterprises along with medium enterprises. Among these, large enterprises are tempted towards the chatbots marker due to the advancements made in artificial intelligence. Also, large enterprises are anticipated to grab the maximum share and generate a revenue of US$626.3 mn for the market by 2024.

Geographically, the report provides an inclusive analysis of the global market in the key regions such as Europe, North America, APAC, South America, Middle East and Africa. The key countries highlighted in the report are- the United States, the U.K., China, Germany, France, India, Australia UAE, Japan, Brazil, Saudi Arabia and Argentina. At present, the research estimates that by the end of 2024, the global chatbot market is expected to reach US$994.5 mn. Regional analysis of the market displays an outstanding growth in North America in terms of demand volume and revenue generated. Moreover, this region is also expected to lead the market in terms of growth rate between 2016 and 2024. Currently, United States is showing a high demand in chatbots. Also, in the Asia Pacific, due to the growing ICT infrastructure in countries like China and India, the demand for chatbots has increased.

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Furthermore, key players are also mentioned in the report along with their market positioning, growth strategies and recent developments. The list of the key players are as follows:

  • Facebook, Inc.
  • Haptik, Inc.
  • Atute Solutions
  • Pandorabots, Inc.
  • Kasisto Inc.
  • Microsoft Corporation
  • Yahoo
  • Helpshift
  • Toytalk (PullString Inc.)
  • Kiwi, Inc.
  • Slack Technologies, Inc.

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