The global chatbot market was valued at USD 3.78 billion in 2021, and it is projected to register a CAGR of 30.29% over the forecast period 2022 - 2027. 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 global chatbot market is highly competitive, owing to the presence of many small and large players. The market is concentrated with the key players adopting strategies, such as product innovation, to stay ahead of the competition. Some of the players in the market are IBM Corporation,eGain Corporation, Nuance Communications, Creative Virtual Ltd, and Avaamo Inc., among others.
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