How big is the Chatbot Market?

The Chatbot Market size is expected to reach USD 7.01 billion in 2024 and grow at a CAGR of 24.32% to reach USD 20.81 billion by 2029. Read More

What is the current Chatbot Market size?

In 2024, the Chatbot Market size is expected to reach USD 7.01 billion. Read More

Who are the key players in Chatbot Market?

IBM Corporation, Creative Virtual Ltd, Avaamo Inc., Egain Corporation and Nuance Communications Inc (Microsoft Corp) are the major companies operating in the Chatbot Market. Read More

Which is the fastest growing region in Chatbot Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Chatbot Market?

In 2024, the North America accounts for the largest market share in Chatbot Market. Read More

What years does this Chatbot Market cover, and what was the market size in 2023?

In 2023, the Chatbot Market size was estimated at USD 5.31 billion. The report covers the Chatbot Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chatbot Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Chatbot Market - Statistics, Size & Industry Trends

Chatbot Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global AI Chatbot Market is Expanding Due To Increasing Demand for Messaging Bot Applications and Businesses' Growing Adoption of Consumer Analytics. These AI Assistants, or Bots, Function As Digital Assistants, Using AI and Natural Language Processing To Understand and Respond To Human Needs. Automated Chatbots Integrated With Messaging Applications Enhance User Experience and Generate Higher Returns for Businesses. They Also Provide 24/7 Customer Support, Managing Large Volumes of Requests Simultaneously. The Conversational AI Market, Segmented by End-User Vertical and Geography, Shows Significant Growth in the Retail Sector and the Asia-Pacific Region.

Chatbot Industry Overview

The chatbot market is highly competitive, owing to the presence of many small and large players. This fragmentation is due to the relative ease of developing chatbot applications using open-source frameworks, APIs, and development platforms. As a result, numerous small-scale vendors have entered the market, contributing to its fragmentation. Some prominent players in the market are IBM Corporation, eGain Corporation, Nuance Communications, Creative Virtual Ltd, and Avaamo Inc.

April 2023 - Zendesk partnered with OpenAI, a prominent America-based AI research laboratory. The firm would provide its users with AI-supported solutions to simplify ticket-generating activities for CX and customer service employees. Zendesk and OpenAI are working together to improve the capabilities of Zendesk's foundation models, which are proprietary, by integrating them with OpenAI's.
January 2023 - Kore.ai declared that the firm would introduce RetailAssist, a conversational sales assistant solution for the retail sector, at the National Federation of Retailers exhibition (NRF 2023) in New York City. RetailAssist helps retail and e-commerce businesses modernize, scale, and transform operations by developing expertise in self-service automation, customization, omnichannel fulfillment, and 24/7 pre-/post-sales service and support.