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Chatbot market to reach $1.25bn by 2025

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The global chatbot market is expected to reach $1.25bn by 2025, growing at a compound annual growth rate (CAGR) of 24.3 per cent, according to a new report by US-based market research firm, Grand View Research.

The chatbot industry is expected to witness significant growth over the forecast period as the technology increasingly enables enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market.

Enterprise opportunity

Large enterprise emerged as the biggest end-user segment in 2016 and is estimated to register a CAGR of 24.2 per cent over the forecast period. Increasingly, chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning.

The research also found that North America is expected to emerge as the major region for the chatbot market, with growth in this area attributed to the increasing deployment of chatbots in various business verticals.

On the other hand, the Asia Pacific market is projected to witness substantial growth—24.7 % from 2017 to 2025—owing to various technological developments across major economies.

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