The global AI based chatbot market was valued at USD 450.5 million in 2018 and is expected to reach USD 2,970.4 million in 2026, growing at a CAGR of 26.5% during the forecast period.
AI based chatbots are defined as a computer program which is used for simulating human conversation over voice commands or text chats or both. Chatbot also is known as chatterbot features artificial intelligence (AI) which can be embedded into the program for further usage via messaging service.
AI based Chatbot Market Segmentation |
|
| By Solution Type | 1. Text |
| 2. Voice | |
| 3. Hybrid | |
| By Application | 1. Customer Service |
| 2. Social Media | |
| 3. Payment/Order Processing | |
| 4. Marketing | |
| By End-use Industry | 1. Banking & Finance Industry |
| 2. Media & Entertainment | |
| 3. Healthcare | |
| 4. E-commerce | |
| 5. Retail | |
| 6. Travel and Tourism | |
| 7. Others | |
| By Region | 1. North America (US and Canada) |
| 2. Europe (UK, Germany, France and Rest of Europe) | |
| 3. Asia Pacific (China, Japan, India and Rest of Asia Pacific) | |
| 4. Latin America (Brazil, Mexico and Rest of Latin America) | |
| 5. Middle East & Africa (GCC and Rest of Middle East & Africa) | |
Global artificial intelligence-based chatbots industry is primarily driven by tremendous competitiveness of modern business structure which focuses intensively on imparting efficiency and reducing operational time. AI based chatbots allow businesses to respond faster to customer needs of any sort. Moreover, the technological advancement in technology has enabled multiple industry verticals to progress from traditional platforms onto digital ones with enhanced customer interaction. Artificial Intelligence (AI) has imparted better accessibility for businesses through their digital platforms. AI-powered chatbots are finding greater applications in providing virtual assistance solutions such as Amazon's Alexa and Google Assistant. Immensely popular messaging apps which include the likes of WeChat and Facebook messenger are substantially investing in providing AI based chatbots solutions. Artificial Intelligence (AI) powered chatbots provide customer support at irrespective of time and without being at the location physically. This advantage of employing chatbots have resulted in saving of manpower as well as other financial resources, reducing overall operational costs.
The hybrid solution type segment expected to grow at the fastest rate of more than 40% CAGR during the forecast period
Based on solution type, the global AI based chatbot market has been segmented into text, voice, and hybrid. The hybrid type solution is expected to grow the highest CAGR of more than 40% in the global AI based Chatbot market in the near future. Greater efficiency and easy deployment for multiple applications including customer support and marketing are some of the key driving factors for the growth of hybrid solution segment globally.
Based on application, the customer service segment expected to dominate the AI based Chatbot market during the forecast period
Based on application, the market has been segmented into customer service, social media, payment/order processing, and marketing. In 2018, the customer service segment is expected to hold nearly 55% market share in the market, which expected to continue its dominance over the coming years. Moreover, rapid growth in the e-commerce segment which is coupled with intensifying business competition creating the need for adoption of modern technology to offer improved customer services is some of the major drivers for the AI based Chatbot market globe.
Based on end use industry, the e-commerce segment is expected to lead during the forecast period
Based on end use industry, the AI based Chatbot market has been segmented into banking finance and insurance, media and entertainment, healthcare, e-commerce, retail, travel and tourism, and others. The e-commerce segment is expected to lead the market in the base year, while the banking finance and insurance segment are estimated to register the highest growth rate in the market throughout the forecast period. Recent years have witnessed huge demand from developing economies such as India and China for the e-commerce sector as several multinational players are investing substantially into this region which has resulted in segmental growth.
North America to dominate the AI based chatbots market throughout the forecast period
North America region is by far the largest contributor to the growth of global AI based chatbots market which contributed more than 45% market share globally. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players.
Company Profiles and Competitive Intelligence:
The major players operating in the global AI based chatbot market are Amazon Web Services, Inc. (Amazon Lex) (U.S.), Dialogflow (Google) (U.S.), Bold360 AI (U.S.), Chatfuel (U.S.), Botsify (Germany), IBM Corporation (U.S.), eGain Corporation (U.K.), Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.) and Artificial Solutions Inc. (U.S.) among others.
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Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global AI based Chatbot Market, 2016-2026, (USD Million)
1.2. Market Snapshot: Global AI based Chatbot Market
1.3. Market Dynamics
1.4. Global AI based Chatbot Market, by Segment, 2018
1.4.1. Global AI based Chatbot Market, by Solution Type, 2018, (USD Million)
1.4.2. Global AI based Chatbot Market, by Application, 2018, (USD Million)
1.4.3. Global AI based Chatbot Market, by End Use Industry, 2018, (USD Million)
1.4.4. Global AI based Chatbot Market, by Region, 2018 (USD Million)
1.5. Premium Insights
1.5.1. AI based Chatbot Market In Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global AI based Chatbot Market: Regional Life Cycle Analysis
Chapter 2 Market Dynamics
2.1. Market Overview
2.2. Market Drivers
2.2.1. Extensive applications in multiple industry verticals
2.2.2. Technological advancement in terms of cloud computing
2.3. Market Restraints
2.3.1. High initial cost associated with the manufacturing and plant establishment
2.3.2. Lack of awareness for the product in the global market
2.4. Market Opportunities
2.4.1. Rapidly growing banking and finance industry in developing economies
2.4.2. Need for real-time customer support
2.5. Industry Value Chain Analysis
2.6. Pricing Analysis
2.7. Porter’s Five Forces Analysis
Chapter 3 Global AI based Chatbot Market, by Solution Type
3.1. Market Overview, by Solution Type
3.1.1. Global AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
3.1.2. Incremental Opportunity, by Solution Type, 2018
3.2. Text
3.2.1. Global AI based Chatbot Market, by Text, 2016-2026, (USD Million)
3.3. Voice
3.3.1. Global AI based Chatbot Market, by Voice, 2016-2026, (USD Million)
3.4. Hybrid
3.4.1. Global AI based Chatbot Market, by Hybrid, 2016-2026, (USD Million)
Chapter 4 Global AI based Chatbot Market, by Application
4.1. Market Overview, by Application
4.1.1. Global AI based Chatbot Market, by Application, 2016-2026 (USD Million)
4.1.2. Incremental Opportunity, by Application, 2018
4.2. Customer Service
4.2.1. Global AI based Chatbot Market, by Customer Service, 2016-2026, (USD Million)
4.3. Social Media
4.3.1. Global AI based Chatbot Market, by Social Media, 2016-2026, (USD Million)
4.4. Payment/Order Processing
4.4.1. Global AI based Chatbot Market, by Payment/Order Processing, 2016-2026, (USD Million)
4.5. Marketing
4.5.1. Global AI based Chatbot Market, by Marketing, 2016-2026, (USD Million)
Chapter 5 Global AI based Chatbot Market, by End Use Industry
5.1. Market Overview, by End Use Industry
5.1.1. Global AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
5.1.2. Incremental Opportunity, by End Use Industry, 2018
5.2. Banking & Finance Industry
5.2.1. Global AI based Chatbot Market, by Banking & Finance Industry, 2016-2026, (USD Million)
5.3. Media and Entertainment
5.3.1. Global AI based Chatbot Market, by Media and Entertainment, 2016-2026, (USD Million)
5.4. Healthcare
5.4.1. Global AI based Chatbot Market, by Healthcare, 2016-2026, (USD Million)
5.5. E-commerce
5.5.1. Global AI based Chatbot Market, by E-commerce, 2016-2026, (USD Million)
5.6. Retail
5.6.1. Global AI based Chatbot Market, by Retail, 2016-2026, (USD Million)
5.7. Travel and Tourism
5.7.1. Global AI based Chatbot Market, by Travel and Tourism, 2016-2026, (USD Million)
5.8. Others
5.8.1. Global AI based Chatbot Market, by Others, 2016-2026, (USD Million)
Chapter 6 Global AI based Chatbot Market, by Region
6.1. Market Overview, by Region
6.1.1. Global AI based Chatbot Market, by Region, 2016-2026, (USD Million)
6.2. Attractive Investment Opportunity, by Region, 2018
6.3. North America AI based Chatbot Market
6.3.1. North America AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
6.3.2. North America AI based Chatbot Market, by Application, 2018, (USD Million)
6.3.3. North America AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
6.3.4. United States AI based Chatbot Market, 2016-2026 (USD Million)
6.3.5. Canada AI based Chatbot Market, 2016-2026 (USD Million)
6.4. Europe AI based Chatbot Market
6.4.1. Europe AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
6.4.2. Europe AI based Chatbot Market, by Application, 2018, (USD Million)
6.4.3. Europe AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
6.4.4. United Kingdom AI based Chatbot Market, 2016-2026 (USD Million)
6.4.5. Germany AI based Chatbot Market, 2016-2026 (USD Million)
6.4.6. France AI based Chatbot Market, 2016-2026 (USD Million)
6.4.7. Rest of Europe AI based Chatbot Market, 2016-2026 (USD Million)
6.5. Asia Pacific AI based Chatbot Market
6.5.1. Asia Pacific AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
6.5.2. Asia Pacific AI based Chatbot Market, by Application, 2018, (USD Million)
6.5.3. Asia Pacific AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
6.5.4. China AI based Chatbot Market, 2016-2026 (USD Million)
6.5.5. Japan AI based Chatbot Market, 2016-2026 (USD Million)
6.5.6. India AI based Chatbot Market, 2016-2026 (USD Million)
6.5.7. Rest of Asia Pacific AI based Chatbot Market, 2016-2026 (USD Million)
6.6. Latin America AI based Chatbot Market
6.6.1. Latin America AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
6.6.2. Latin America AI based Chatbot Market, by Application, 2018, (USD Million)
6.6.3. Latin America AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
6.6.4. Brazil AI based Chatbot Market, 2016-2026 (USD Million)
6.6.5. Mexico AI based Chatbot Market, 2016-2026 (USD Million)
6.6.6. Rest of Latin America AI based Chatbot Market, 2016-2026 (USD Million)
6.7. Middle East & Africa AI based Chatbot Market
6.7.1. Middle East & Africa AI based Chatbot Market, by Solution Type, 2016-2026 (USD Million)
6.7.2. Middle East & Africa AI based Chatbot Market, by Application, 2018, (USD Million)
6.7.3. Middle East & Africa AI based Chatbot Market, by End Use Industry, 2016-2026 (USD Million)
6.7.4. GCC AI based Chatbot Market, 2016-2026 (USD Million)
6.7.5. Rest of Middle East & Africa AI based Chatbot Market, 2016-2026 (USD Million)
Chapter 7 Competitive Intelligence
7.1. Top 5 Players Comparison
7.2. Market Positioning of Key Players, 2018
7.3. Market Players Mapping
7.3.1. By Solution Type
7.3.2. By Application
7.3.3. By End Use Industry
7.3.4. By Region
7.4. Strategies Adopted by Key Market Players
7.5. Recent Developments in the Market
7.5.1. Mergers & Acquisitions, Partnership, New Solution Type Developments
Chapter 8 Company Profiles
8.1. IBM Corporation
8.1.1. IBM Corporation Overview
8.1.2. IBM Corporation Portfolio
8.1.3. IBM Corporation Financial Overview
8.1.4. IBM Corporation News/Recent Developments
8.2. EGain Corporation
8.2.1. EGain Corporation Overview
8.2.2. EGain Corporation Portfolio
8.2.3. EGain Corporation Financial Overview
8.2.4. EGain Corporation News/Recent Developments
8.3. Nuance Communications
8.3.1. Nuance Communications Overview
8.3.2. Nuance Communications Portfolio
8.3.3. Nuance Communications Financial Overview
8.3.4. Nuance Communications News/Recent Developments
8.4. Creative Virtual Ltd.
8.4.1. Creative Virtual Ltd. Overview
8.4.2. Creative Virtual Ltd. Portfolio
8.4.3. Creative Virtual Ltd. Financial Overview
8.4.4. Creative Virtual Ltd. News/Recent Developments
8.5. Artificial Solutions Inc.
8.5.1. Artificial Solutions Inc. Overview
8.5.2. Artificial Solutions Inc. Portfolio
8.5.3. Artificial Solutions Inc. Financial Overview
8.5.4. Artificial Solutions Inc. News/Recent Developments
8.6. Next IT Corp
8.6.1. Next IT Corp Overview
8.6.2. Next IT Corp Portfolio
8.6.3. Next IT Corp Financial Overview
8.6.4. Next IT Corp News/Recent Developments
8.7. Botsify
8.7.1. Botsify Overview
8.7.2. Botsify Portfolio
8.7.3. Botsify Financial Overview
8.7.4. Botsify News/Recent Developments
8.8. Chatfuel
8.8.1. Chatfuel Overview
8.8.2. Chatfuel Portfolio
8.8.3. Chatfuel Financial Overview
8.8.4. Chatfuel News/Recent Developments
8.9. Bold360 AI
8.9.1. Bold360 AI Overview
8.9.2. Bold360 AI Portfolio
8.9.3. Bold360 AI Financial Overview
8.9.4. Bold360 AI News/Recent Developments
8.10. Amazon Web Services, Inc. (Amazon Lex)
8.10.1. Amazon Web Services, Inc. (Amazon Lex) Overview
8.10.2. Amazon Web Services, Inc. (Amazon Lex) Portfolio
8.10.3. Amazon Web Services, Inc. (Amazon Lex) Financial Overview
8.10.4. Amazon Web Services, Inc. (Amazon Lex) News/Recent Developments
Chapter 9 Preface
9.1. Data Triangulation
9.2. Research Methodology
9.2.1. Phase I – Secondary Research
9.2.2. Phase II – Primary Research
9.2.3. Phase III – Expert Panel Review
9.2.4. Approach Adopted
9.2.4.1. Top-Down Approach
9.2.4.2. Bottom-Up Approach
9.2.5. Supply- Demand side
9.2.6. Breakup of the Primary Profiles
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