Chatbot market worldwide 2016 and 2025
Size of the chatbot market worldwide, in 2016 and 2025 (in million U.S. dollars)
The size of the chatbot market is forecast to reach around 1.25 billion U.S. dollars in 2025, a great increase from the market size in 2016, which stood at 190.8 million U.S. dollars.
Chatbot
A chatbot, also known as a conversational bot or conversational artificial intelligence (AI) etc., is an AI software that can conduct a conversation in natural language via audio or text. Organizations make use of chatbot technology to save manpower, money and time. After-sales and customer service are the areas where most businesses implement conversational bots, followed by CRM, sales and marketing. On the receiving side, as of 2017, consumers had the highest level of acceptance for the use of chatbot in online retail industry, and the lowest level of acceptance for government services to make use of the AI technology.
Artificial Intelligence Market
The overall AI market is a much bigger pie than the chatbot market. The global AI software market had a market size of 9.51 billion U.S. dollars in 2018 and is forecast to grow to 118.6 billion U.S. dollars in 2025. The AI market includes a wide array of applications such as natural language processing, robotic process automation, and machine learning. Many of the biggest names in the tech industry, such as Microsoft, IBM, Google, and Samsung, have invested heavily into AI related research and development and have each submitted thousands of AI patent applications.
Size of the chatbot market worldwide, in 2016 and 2025 (in million U.S. dollars)
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