The global chatbots market is anticipated to witness high growth during the prediction period as they allow enterprises to significantly decrease operating costs. In addition, the huge number of innovations in machine learning and artificial intelligence technologies are anticipated to improve the various features of chatbots that acts as one of the major driving factors contribute to the growth of the global chatbots market. The global chatbot market size is anticipated to reach nearly USD 15 billion by 2025, growing at a CAGR of nearly 30% during the forecast period 2018-2025. —
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Likewise, a huge increase has been seen in the various users of several messaging services that is anticipated to increase the number of users of the different social media platforms Moreover, there has been a high advancement in the NLP that has resulted in streamlined communications among human languages and computers.
In terms of regional landscape, North American market for chatbots is anticipated to emerge as one of the major region during the prediction period. Likewise, the growth of the region is owing to the growing adoption of chatbots in the number of business sectors. However, technologies such as IoT, artificial intelligence, as well as APIs are evolving as significant pace. Chatbots are hugely integrated with such technologies to provide improved operations, hence driving market demand. Furthermore, AI and audio speech-based chatbots are likely to account for the highest revenue into coming future.
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Key Segments of the Global Chatbot Market
Technology Overview, 2018-2025 (USD Billion)
Automated Speech Recognition
Natural Language Processing
Natural Language Generation
Platform Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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