The Chatbots Market is Predict to reach USD 29.31 Billion by 2031, at a CAGR of 24.1%

Chatbots Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Chatbots Market size is expected to reach $29.31 billion by 2031, rising at a market growth of 24.1% CAGR during the forecast period.

The Solution segment registered the maximum revenue in the Global Chatbots Market by Offering in 2023, thereby, achieving a market value of $19.2 billion by 2031. This segment encompasses various software and platforms designed to build, deploy, and manage chatbots across different applications. Solutions include natural language processing (NLP) engines, AI-powered conversational interfaces, and integration tools that enable chatbots to function seamlessly within existing systems.

The Text segment is poised to grow at a CAGR of 23.7 % during the forecast period. This segment includes chatbots that primarily communicate through written text via messaging platforms, websites, or mobile applications. Text-based chatbots are widely used across various industries due to their simplicity, ease of implementation, and ability to efficiently handle a wide range of customer queries.

The Mobile Apps segment captured the maximum revenue in the Global Chatbots Market by Channel Integration in 2023, thereby, achieving a market value of $12.0 billion by 2031. This segment includes chatbots integrated into mobile applications, providing users with seamless and interactive experiences directly on their smartphones or tablets. Mobile app chatbots are commonly used in various applications such as banking, retail, healthcare, and entertainment, offering functionalities like customer support, information retrieval, and transaction processing.

The Menu-based segment is experiencing a CAGR of 23.2 % during the forecast period. Menu-based chatbots operate through predefined options or menus that guide the user through various choices to reach the desired outcome. These chatbots are commonly used for straightforward interactions, such as booking appointments, ordering products, or answering frequently asked questions.

The Contact Centers segment led the maximum revenue in the Global Chatbots Market by Business Function in 2023, thereby, achieving a market value of $7.9 billion by 2031. Chatbots in contact centers are primarily used to automate customer service interactions, handle routine inquiries, and assist human agents by pre-screening customer issues. These chatbots help improve efficiency, reduce response times, and lower operational costs by managing high volumes of customer queries.

The Retail & eCommerce segment is growing at a CAGR of 21.6 % during the forecast period. Chatbots in this segment enhance customer engagement, provide instant customer support, assist in product discovery, and streamline the purchasing process. They help retailers by offering personalized product recommendations, managing shopping carts, and handling common customer queries, improving the shopping experience and increasing sales conversions.

Full Report: https://www.kbvresearch.com/chatbots-market/

The North America region dominated the Global Chatbots Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10.2 billion by 2031. The Europe region is anticipated to grow at a CAGR of 23.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 25% during (2024 - 2031).

List of Key Companies Profiled

• Baidu, Inc.
• ServiceNow, Inc.
• Botsify
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• HubSpot, Inc.
• Oracle Corporation
• Google LLC (Alphabet Inc.)
• IBM Corporation
• Microsoft Corporation
• Salesforce, Inc.

Chatbots Market Report Segmentation

By Offering

• Solution
  • Standalone
  • Web-based
  • Messaging-based
  • Other Solution Type
• Services
  • Professional Services
  • Managed Services

By Bot Communication

• Text
• Audio/Voice
• Video

By Channel Integration

• Mobile Apps
• Email & Website
• Messaging Apps
• Telephone/ IVR

By Type

• Menu-based
• Linguistic-based
• Keyword Recognition-based
• Contextual
• Hybrid & Voicebots

By Business Function

• Contact Centers
• Sales & Marketing
• Information Technology Service Management (ITSM)
• Finance & Accounting
• HR
• Operations & Supply Chain

By Vertical

• Retail & eCommerce
• BFSI
• Communication
• Utilities
• Healthcare
• Travel & Hospitality
• Government
• Education
• Other Vertical

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Chatbots Market Size | Growth Report 2031

• January-2025
• 174 Pages

LAMEA Chatbots Market Size, Share | Growth Report 2031

• January-2025
• 199 Pages

Europe Chatbots Market Size, Share & Forecast Report | 2031

• January-2025
• 196 Pages

Asia Pacific Chatbots Market Size & Industry Forecast 2031

• January-2025
• 201 Pages