Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Chatbot Market by Offering, Bot Communication (Text, Audio, & Video), Type, Business Function (Sales & Marketing, Contact Centers), Channel Integration, Vertical (Retail & eCommerce, Healthcare & Life Sciences) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The market for chatbot market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3%

Increasing focus on customer engagement through various channels and rising usage of generative models in chatbots to drive growth in the chatbot market. Chatbots can be a valuable tool for enterprises looking to improve customer service, reduce costs, and increase efficiency.

The services segment is expected to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on offering solutions and services. Based on services segment is divided into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. These services ensure faster and smoother implementation that maximizes the value of enterprise investments.

Voicebots segment to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on type into menu-based, linguistic-based, keyword recognition-based, contextual, hybrid, and voicebots. The voicebots segment is expected to grow rapidly during the forecast period. Voicebots can respond quickly and accurately to inquiries, providing a seamless customer experience.

Voicebots can be a cost-effective way to provide customer support, as they can handle a large volume of inquiries without the need for human intervention. This can help to reduce the workload of customer support teams and lower overall costs.

Among verticals, the retail and eCommerce segments hold the largest market size during the forecast period

Chatbots can benefit enterprises across various industries by improving customer service, reducing costs, and increasing efficiency. Across BFSI verticals, chatbots can provide customers with account information, answer inquiries about products and services, and help customers with transactions. This can help to improve customer service and reduce costs by automating routine tasks across BFSI verticals.

Asia Pacific to grow at a higher CAGR during the forecast period

The chatbot market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific is expected to gain traction in the coming years. Countries such as China, Singapore, Japan, South Korea, ANZ, and India offer ample of opportunities for the end users to leverage chatbots for more personalized recommendations in real-time .

The Asia Pacific region has one of the largest and fastest-growing populations of internet and smartphone users. This has created a large market for chatbots, which can provide a convenient and efficient way for users to access information, products, and services.

Competitive assessment

In-depth assessment of market shares, growth strategies and service offerings of leading players such as Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Meta (US), SAP (Germany), and Oracle (US) among others in the chatbot market.

Key Attributes:

Report AttributeDetails
No. of Pages343
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$5.4 Billion
Forecasted Market Value (USD) by 2028$15.5 Billion
Compound Annual Growth Rate23.3%
Regions CoveredGlobal

Premium Insights

Market Overview and Industry Trends

Drivers

Restraints

Opportunities

Challenges


Case Study Analysis

Bfsi

Retail and E-commerce

Healthcare and Life Sciences

Transportation and Logistics

Travel and Hospitality

Telecom

Manufacturing

Energy and Utilities

Government

Key Benefits of Chatbot Deployment Across Businesses

Chatbot Tools and Framework

Ecosystem Analysis

Technology Analysis

Company Profiles

Key Players (Business Overview, Products Offered, Recent Developments, Analyst's View)

Other Key Players

Startup/SME Players

For more information about this report visit https://www.researchandmarkets.com/r/ebknz4

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment