AI Based Chatbot Market Trends and Forecast
The future of the global AI based chatbot market looks promising with opportunities in the banking & finance, media & entertainment, healthcare, e-commerce, retail, and travel & tourism markets. The global AI based chatbot market is expected to grow with a CAGR of 26.7% from 2024 to 2030. The major drivers for this market are increase in demand for personalized customer interactions and 24/7 customer support, growth of AI and natural language processing (NLP) technologies, and rising adoption of chatbots in various sectors like retail, healthcare, and banking for operational efficiency.
• Lucintel forecasts that cloud-based is expected to witness higher growth over the forecast period.
• Within this market, banking & finance is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the AI Based Chatbot Market
• United States – Google launches advanced AI chatbot for businesses, aiming to improve customer service and operational efficiency.
• India – Infosys unveils AI-powered virtual assistant for banking sector, targeting enhanced customer engagement and transaction support.
• United Kingdom – NHS partners with Microsoft to deploy AI chatbots for patient inquiries, aiming to streamline healthcare service delivery.
• China – Alibaba develops AI chatbot for e-commerce platforms, enhancing customer interaction and sales conversion through personalized recommendations
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
AI Based Chatbot Market by Segment
The study includes a forecast for the global AI based chatbot market by type, application, and region.
AI Based Chatbot Market by Type [Value from 2018 to 2030]:
• Cloud-Based
• On-Premises
AI Based Chatbot Market by Application [Value from 2018 to 2030]:
• Banking & Finance
• Media & Entertainment
• Healthcare
• E-Commerce
• Retail
• Travel & Tourism
• Others
AI Based Chatbot Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of AI Based Chatbot Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies AI based chatbot companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the AI based chatbot companies profiled in this report include-
• Dialogflow
• Bold360 Ai
• Chatfuel
• Botsify
• IBM
• Egain Corporation
• Nuance Communications
Recent Development in the AI Based Chatbot Market
• Facebook: Facebook launches advanced AI chatbot M, integrating natural language understanding to improve user interactions on Messenger.
• IBM: IBM introduces Watson Assistant, leveraging AI to create customizable chatbots for businesses across various industries.
• Amazon: Amazon deploys AI-powered Alexa Skills Kit, enabling developers to create sophisticated voice-enabled chatbots for Alexa devices.
• Salesforce: Salesforce unveils Einstein Bots, utilizing AI to automate routine customer interactions and enhance service efficiency.
Features of the Global AI Based Chatbot Market
Market Size Estimates: AI based chatbot market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: AI based chatbot market size by type, application, and region in terms of value ($B).
Regional Analysis: AI based chatbot market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the AI based chatbot market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the AI based chatbot market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for AI based chatbot market?
Answer: The global AI based chatbot market is expected to grow with a CAGR of 26.7% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the AI based chatbot market?
Answer: The major drivers for this market are increase in demand for personalized customer interactions and 24/7 customer support, growth of AI and natural language processing (NLP) technologies, and rising adoption of chatbots in various sectors like retail, healthcare, and banking for operational efficiency.
Q3. What are the major segments for AI based chatbot market?
Answer: The future of the global AI based chatbot market looks promising with opportunities in the banking & finance, media & entertainment, healthcare, e-commerce, retail, and travel & tourism markets.
Q4. Who are the key AI based chatbot market companies?
Answer: Some of the key AI based chatbot companies are as follows:
• Dialogflow
• Bold360 Ai
• Chatfuel
• Botsify
• IBM
• Egain Corporation
• Nuance Communications
Q5. Which AI based chatbot market segment will be the largest in future?
Answer: Lucintel forecasts that cloud-based is expected to witness higher growth over the forecast period.
Q6. In AI based chatbot market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the AI based chatbot market by type (cloud-based and on-premises), application (banking & finance, media & entertainment, healthcare, e-commerce, retail, travel & tourism, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to AI Based Chatbot Market Market, AI Based Chatbot Market Market Size, AI Based Chatbot Market Market Growth, AI Based Chatbot Market Market Analysis, AI Based Chatbot Market Market Report, AI Based Chatbot Market Market Share, AI Based Chatbot Market Market Trends, AI Based Chatbot Market Market Forecast, AI Based Chatbot Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.