Market Overview:
The global AI-based chatbots market is expected to grow at a CAGR of over 28% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for AI-based chatbots across various industry verticals, such as banking and finance, media and entertainment, healthcare, ecommerce, retail, travel and tourism, and others. Additionally, the growing demand for cloud-based AI-based chatbots is also contributing significantly to the growth of this market.
Product Definition:
Chatbots are computer programs that can mimic human conversation. They are commonly used to interact with customers on websites and in mobile apps. AI-based chatbots use artificial intelligence to make the chatbot experience more human-like. This includes features like natural language processing and machine learning, which allow the chatbot to understand complex questions and respond in a way that seems natural for a person.
AI-based chatbots offer several advantages over traditional chatbots. They can handle more complex conversations, which makes them better suited for customer service tasks or complicated inquiries. They also learn over time, so they get better at responding to questions and providing information as they talk to more people. This helps create a more personalized experience for each user, which is important given the growing trend of individualized customer service expectations.
Cloud-based:
Cloud-based is a software system that enables the remote storage of data and programs allowing users to access the stored information through various devices such as laptops, smartphones, and tablets. The technology provides benefits such as easy accessibility from anywhere in the world coupled with lower maintenance costs. It also helps organizations in reducing their IT infrastructure costs by moving applications to a cloud platform thereby increasing profitability margins.
On-premises:
On-premises is a term used for the software and hardware installation at the organization's headquarters. The on-premises solutions are customized by the organizations to meet their unique business needs. These solutions offer benefits such as easy maintenance of data privacy and security within an organization, which cannot be achieved through cloud deployment.
Application Insights:
The banking and finance industry accounted for the largest market share in 2017. The growing adoption of chatbots by banks, financial institutions, and payment processors to provide better customer services is expected to drive the segment growth over the forecast period. Furthermore, AI based chatbots are being used by banks to offer a personalized experience to customers as well as improve operational efficiency. For instance, UBS has deployed an AI-based bot on Facebook Messenger that helps users manage their accounts efficiently from anywhere in the world.
The media and entertainment industry is also expected to register significant growth over the forecast period owing to factors such as changing consumer behavior towards entertainment content; increasing preference for audio content; rising demand for video streaming services; rapid expansion of internet penetration globally coupled with rising usage of social media platforms like YouTube and Facebook which drives a large amount of traffic across various websites including gaming networks which results in increased advertising revenue generation thereby fueling segment growth over the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The growth of the regional market can be attributed to several factors such as increasing investments in artificial intelligence, growing adoption of cloud-based technologies, and rising demand for customer engagement. Moreover, presence of prominent chatbot developers and providers such as Microsoft Corporation; Google LLC; IBM Corporation; Facebook Inc.; and Amazon Web Services, Inc. has fueled the growth of this region significantly over the forecast period.
Asia Pacific is expected to emerge as a lucrative destination for AI based chatbots over the forecast period owing to increasing investments by governments in developing economies coupled with growing awareness among end users regarding advanced technologies like artificial intelligence (AI). Furthermore, availability of skilled labor at low cost along with high internet penetration rates are some other factors that have contributed significantly toward regional market growth during recent years.
Growth Factors:
- Increasing demand for customer service and support through chatbots
- Rising demand for AI-based chatbots to automate business processes
- Proliferation of messaging apps and increasing user base
- Growing need for conversational interfaces to interact with customers
- Advances in natural language processing (NLP) and machine learning
Scope Of The Report
Report Attributes
Report Details
Report Title
AI Based Chatbots Market Research Report
By Type
Cloud-based, On-premises
By Application
Banking & Finance Industry, Media & Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism, Others
By Companies
Amazon (US), Dialogflow (Google) (US), Bold360 AI (US), Chatfuel (US), Botsify (Germany), IBM Corporation (US), eGain Corporation (U.K.), Nuance Communications (US), Creative Virtual Ltd. (US), Artificial Solutions Inc. (US)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
178
Number of Tables & Figures
125
Customization Available
Yes, the report can be customized as per your need.
Global AI Based Chatbots Market Report Segments:
The global AI Based Chatbots market is segmented on the basis of:
Types
Cloud-based, On-premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Banking & Finance Industry, Media & Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Amazon (US)
- Dialogflow (Google) (US)
- Bold360 AI (US)
- Chatfuel (US)
- Botsify (Germany)
- IBM Corporation (US)
- eGain Corporation (U.K.)
- Nuance Communications (US)
- Creative Virtual Ltd. (US)
- Artificial Solutions Inc. (US)
Highlights of The AI Based Chatbots Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-based
- On-premises
- By Application:
- Banking & Finance Industry
- Media & Entertainment
- Healthcare
- E-commerce
- Retail
- Travel and Tourism
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the AI Based Chatbots Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A chatbot is a computer program that can carry out simple conversation with humans. AI-based chatbots are powered by artificial intelligence, which allows the chatbot to understand and respond to human conversations in a natural way.
Some of the major companies in the ai based chatbots market are Amazon (US), Dialogflow (Google) (US), Bold360 AI (US), Chatfuel (US), Botsify (Germany), IBM Corporation (US), eGain Corporation (U.K.), Nuance Communications (US), Creative Virtual Ltd. (US), Artificial Solutions Inc. (US).
The ai based chatbots market is expected to register a CAGR of 28%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 AI Based Chatbots Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 AI Based Chatbots Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 AI Based Chatbots Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the AI Based Chatbots Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global AI Based Chatbots Market Size & Forecast, 2018-2028
4.5.1 AI Based Chatbots Market Size and Y-o-Y Growth
4.5.2 AI Based Chatbots Market Absolute $ Opportunity
Chapter 5 Global AI Based Chatbots Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 AI Based Chatbots Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 On-premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global AI Based Chatbots Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 AI Based Chatbots Market Size Forecast by Applications
6.2.1 Banking & Finance Industry
6.2.2 Media & Entertainment
6.2.3 Healthcare
6.2.4 E-commerce
6.2.5 Retail
6.2.6 Travel and Tourism
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global AI Based Chatbots Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 AI Based Chatbots Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America AI Based Chatbots Analysis and Forecast
9.1 Introduction
9.2 North America AI Based Chatbots Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America AI Based Chatbots Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 On-premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America AI Based Chatbots Market Size Forecast by Applications
9.10.1 Banking & Finance Industry
9.10.2 Media & Entertainment
9.10.3 Healthcare
9.10.4 E-commerce
9.10.5 Retail
9.10.6 Travel and Tourism
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe AI Based Chatbots Analysis and Forecast
10.1 Introduction
10.2 Europe AI Based Chatbots Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe AI Based Chatbots Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 On-premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe AI Based Chatbots Market Size Forecast by Applications
10.10.1 Banking & Finance Industry
10.10.2 Media & Entertainment
10.10.3 Healthcare
10.10.4 E-commerce
10.10.5 Retail
10.10.6 Travel and Tourism
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific AI Based Chatbots Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific AI Based Chatbots Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific AI Based Chatbots Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 On-premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific AI Based Chatbots Market Size Forecast by Applications
11.10.1 Banking & Finance Industry
11.10.2 Media & Entertainment
11.10.3 Healthcare
11.10.4 E-commerce
11.10.5 Retail
11.10.6 Travel and Tourism
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America AI Based Chatbots Analysis and Forecast
12.1 Introduction
12.2 Latin America AI Based Chatbots Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America AI Based Chatbots Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 On-premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America AI Based Chatbots Market Size Forecast by Applications
12.10.1 Banking & Finance Industry
12.10.2 Media & Entertainment
12.10.3 Healthcare
12.10.4 E-commerce
12.10.5 Retail
12.10.6 Travel and Tourism
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) AI Based Chatbots Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) AI Based Chatbots Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) AI Based Chatbots Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 On-premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) AI Based Chatbots Market Size Forecast by Applications
13.10.1 Banking & Finance Industry
13.10.2 Media & Entertainment
13.10.3 Healthcare
13.10.4 E-commerce
13.10.5 Retail
13.10.6 Travel and Tourism
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 AI Based Chatbots Market: Competitive Dashboard
14.2 Global AI Based Chatbots Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Amazon (US)
14.3.2 Dialogflow (Google) (US)
14.3.3 Bold360 AI (US)
14.3.4 Chatfuel (US)
14.3.5 Botsify (Germany)
14.3.6 IBM Corporation (US)
14.3.7 eGain Corporation (U.K.)
14.3.8 Nuance Communications (US)
14.3.9 Creative Virtual Ltd. (US)
14.3.10 Artificial Solutions Inc. (US)
