Data science

The Global Chatbot Market is Predicted to Reach US$19,570 Million by 2027

The global chatbot market is predicted to grow from US$2.9 billion in 2020 to US$19,570 million by 2027, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The factors driving the growth of the chatbot market include growth in need for 24/7 customer support at a lower operational cost, increase in focus on customer engagement through various channels, and advancements in technology coupled with rising customer demand for self-service operations, thus offering a competitive advantage to businesses.

The global chatbot market is expected to display growth during the Covid-19 pandemic. The growth is attributed to the increasing usage of chatbots by various industries like healthcare, banking and insurance, and retail. These industries require chatbots for answering and managing the burden of customer queries. In addition, chatbots help in setting up stable remote work conditions for several organizations. Apart from this, new product launches such as WHO Facebook messenger are likely to create opportunities in the market.

The demand for chatbot solutions and services is expected to increase due to the increasing demand for enhancing customer experience and building personalized relationships with prospects. Several verticals would deploy a diverse array of chatbot solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer viewing experiences.

Chatbots are being used by leading health systems to facilitate a fully conversational discovery of their services and enable seamless scheduling for their patients. With similar ease, providers are now able to track specialists and set up referrals through a single conversation with the help of conversational AI agents.

The reduction in operational costs, better customer experiences, resolution of customer queries, enhanced visibility into processes and operations, and improved real-time decision-making are key business and operational priorities that are expected to drive the adoption of chatbots.

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