Chatbot Market To Grow Rapidly At A Cagr Of 5.7% By 2030

The Global Chatbot Market was valued at US$ 4.9 Billion in 2022 and is expected to reach US$ 7.7 Billion, exhibiting a CAGR of 5.7% during the forecast period (2023-2030). The enhanced capabilities of chatbots due to the advancements in artificial intelligence (AI) and natural language processing (NLP) technologies are major factors driving the chatbot market growth. Key players such as Anboto, Creative Virtual, eGain, Inbenta Technologies, and Nuance Communications are focused on research and development activities, and product innovation to gain a competitive edge in the market. North America region holds a dominant position in the chatbot market. Examples of recent chatbot launches include AIIMS and Dr Deepak Chopra’s chatbot to help prevent suicides, Gatwick Airport’s chatbot for flight updates, and HireXP’s Amara chatbot in India.