Published by maria gbaf
Posted on November 9, 2021
4 min readLast updated: January 28, 2026
The chatbot market is set to grow at a 25% CAGR from 2021-2026, driven by AI and ML innovations and increased digitization across industries.
According to the latest report by IMARC Group, titled “Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global chatbot market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 25% during 2021-2026.
A chatbot represents an artificial intelligence (AI)-based computer program that is used for simulating human conversations to allow users to interact with digital devices effectively. It is built on a developer framework with cloud backup, analytics, database integrations, etc. Chatbots are majorly incorporated into messaging applications, websites, mobile applications, and other digital devices for interacting as digital assistants through text or text-to-speech functionalities. They offer numerous benefits, including enhanced efficiency of business operations, customer engagement, branding and advertisement, data privacy and compliance, payment processing, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The elevating levels of digitization across several industries, such as BFSI, telecommunication, healthcare, etc., and the rising requirement for high-quality customer care service are primarily driving the chatbot market. Furthermore, the increasing adoption of over-the-top (OTT) messaging and social networking applications is also augmenting the market growth. Besides this, continuous technological innovations, including the integration of predictive analytics, machine learning (ML), blockchain, etc., for the development of self-learning chatbots, are further catalyzing the product demand. Additionally, ongoing advancements in IT infrastructures and extensive R&D activities in the field of natural language processing (NLP) are projected to propel the global chatbot market over the forecasted period.
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Global Chatbot Market 2021-2026 Analysis and Segmentation:
Competitive Landscape with Key Player:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
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The article discusses the growth and trends in the global chatbot market from 2021 to 2026.
Key drivers include digitization, AI and ML innovations, and increased demand for customer service.
Key players include IBM, Nuance Communications, and LiveChat Inc.
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