Chatbot Market Share, Size, Growth, Opportunities Forecast 2027

A report titled "Chatbot Market Size by Offering, Bot Communication (Text, Audio, & Video), Type, Business Function (Sales & Marketing, Contact Centers), Channel Integration, Vertical (Retail & eCommerce, Healthcare & Life Sciences), and Region - Global Forecast to 2028" by MarketsandMarkets estimates that the global chatbot market will grow from $5.4 billion in 2023 to $15.5 billion by 2028, with a growth rate of 23.3% per year during this period.

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Contact Centers Expected to Lead Market Share:

Chatbots are especially useful in contact centers as they can handle routine customer queries, allowing human agents to focus on more complex issues. For example, chatbots can verify account details, answer common questions, and provide 24/7 support. The contact center segment is expected to grow the fastest during the forecast period.

Mobile Apps Expected to Dominate:

Chatbots in mobile apps are designed to interact with users through apps like WhatsApp, Facebook Messenger, and Telegram. They can help with tasks such as filling out forms, answering FAQs, and offering personalized recommendations. The mobile app segment is expected to hold the largest market share during the forecast period.

Menu-Based Chatbots to Lead:

Menu-based chatbots guide users through a conversation by offering a series of options or prompts. These are commonly used in situations with limited choices, like ordering food, scheduling appointments, or answering FAQs. This segment is expected to lead the market during the forecast period.

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Asia Pacific to Experience Fastest Growth:

The Asia Pacific region is expected to grow the fastest during the forecast period, driven by the increasing demand for personalized search experiences. Chatbots in this region can help businesses improve customer service and engagement by providing 24/7 support and personalized recommendations, while also reducing the workload on customer support teams.

Key Players in the Market:

Major companies in the global chatbot market include Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, OpenAI, Salesforce, Meta, and many others from various countries including the US, Germany, China, India, Sweden, Spain, and the UK.

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