The global chatbot market is developing at a rapid rate in the last few years. The emergence of artificial intelligence has drastically changed the market scenario in the near future. The rise in the adoption of cloud-based technology is another factor propelling the global chatbot market in the coming few years. In 2015, the global chatbot market was worth US$113.0 mn and the market is estimated to reach a value of US$994.5 mn by the end of 2024, as per the report presented by Transparency Market Research. In addition, the market is likely to register a strong 27.80% CAGR between 2016 and 2024.
The rise in the penetration of mobile applications and websites and a significant rise in the demand for automation in the healthcare segment are projected to encourage the growth of the market in the coming year. The rise in the need to efficiently understand the consumer behavior is estimated to boost the demand for chatbots, thus supporting the market growth in the next few years. However, the high cost of deployment and the lack of awareness among consumers regarding the advantages of using chatbots are projected to curb the overall growth of the global chatbot market in the near future. Nevertheless, the rise in the number of social media platforms and the growing opportunities for players in start-ups are estimated to support the growth of the market in the near future.
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The leading players operating in the global chatbot market is projected to focus on innovations and technological advancements, which is likely to enhance the market growth in the next few years. With the rising growth prospects, several new players are projected to enter the market in order to enhance their market penetration in the coming years. Thanks to these factors, the competition among the key players is expected to rise significantly in the coming years.