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Chatbot Market Scope, Future Prospects and Competitive Analysis 2021 to 2027

Chatbot Market 2022 is expected to witness astounding growth by exhibiting a CAGR of 22.5% between 2020 and 2027. Additionally, the market was worth USD 396.2 million in 2019 and is projected to reach USD 1,953.3 million by 2027. Fortune Business Insights, publish this information in its latest report, titled

A chatbot is a type of computer program that is a simulated interpretation of human conversation using voice or text assistance or sometimes both. In addition to this, it involves the adoption of technology such as artificial intelligence (AI) that can be used through several interactive applications. Back in the 1960s, Joseph Weizenbaum, a professor at MIT, developed the world’s first-ever chatbot, Eliza that answered a few basic questions. However, with the evolution of technology of chatbot market 2022, a remarkable development in conversational bots is witnessed today and is highly adopted by large businesses to gain competitive edge and maintain efficient customer interaction.

What does the Report Include?

The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the chatbot market 2022 between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Drivers and Restraints:

Technological Innovation to Augur Growth

Emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping the companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market 2022 growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.

List of the Companies Operating in the Market:

  • Amazon Web Services, Inc. (US)

  • Google LLC (US)

  • IBM Corporation (US)

  • Microsoft Corporation (US)

  • SAP SE (Germany)

  • Yellow Messenger (India)

  • Labiba for Artificial Intelligence LLC (Dubai)

  • Gupshup (US)

  • SmartBots (US)

  • Aivo (Argentina)

Competitive Landscape:

Orbita Raises USD 9 Million for its Conversational AI Chatbot Platform Surging Demand

In May 2020, Orbita, a Boston-based healthcare conversational AI-powered chatbot solutions provider, announced that it has raised over USD 9 million in a Series a funding that was led by the Philips Health Technology Ventures and HealthX Ventures. According to the company, its powerful platform effectively helps the clinical companies to create and manage HIPAA-compliant virtual assistance to the consumers, while increasing engagement and effectively reducing the cost of care. Adoption of strategies such as product expansion offerings, novel product launches, and collaboration by the companies will bode well for the global market during the forecast period.

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  • Bharat Jagtap
  • Dec 30 2021
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