The Global Chatbot Market size is estimated at USD 5.86 billion in 2023, and is expected to reach USD 21.08 billion by 2028, growing at a CAGR of 29.18% during the forecast period (2023-2028).
The chatbot market is witnessing growth due to increasing demand for messenger applications and the growing adoption of consumer analytics by various businesses globally. Vendors globally are making significant product innovations by integrating technologies such as AI and NLP to cater to customer needs and market requirements.
The chatbot market is highly competitive, owing to the presence of many small and large players. This fragmentation is due to the relative ease of developing chatbot applications using open-source frameworks, APIs, and development platforms. As a result, numerous small-scale vendors have entered the market, contributing to its fragmentation. Some prominent players in the market are IBM Corporation, eGain Corporation, Nuance Communications, Creative Virtual Ltd, and Avaamo Inc.
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