1. Market Research
  2. > Advanced IT Market Trends
North America and Europe Chatbot Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

North America and Europe Chatbot Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • October 2021
  • 183 pages
  • ID: 6177386
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

North America and Europe Chatbot market was valued at USD 1,826.3 million in 2020, and it is expected to reach a market value of USD 11.149.7 million by 2026. to register a CAGR of 34.61% over the forecast period (2021 - 2026). Businesses are constantly seeking opportunities to connect with customers and ensure positive communication. Conversational chatbots are becoming companies’ priority with the increasing need to develop more prominent communication platforms. During the pandemic, many enterprises opted for chatbot implementation to automate customer services.

Key Highlights
Investing in automation solutions such as chatbots enables organizations to enhance customer service. Due to the rising use of messenger applications, the integration of chatbots into them has yielded a higher return on investment as approaching the customers on their preferred application improves user experience.
Chatbot also allows organizations with consumer analytics. Insight into customers’ behaviors can help businesses make changes to their sales, marketing, and product development strategies to boost customer acquisition, improve customer satisfaction, and continue growing the business.
Many enterprises still face troubles in understanding the need and method to use a chatbot. Low awareness regarding the benefits provided and the need for chatbots to enhance customer satisfaction and achieve consumer analytics are the reason for the same.
During the outbreak of the COVID-19 pandemic, the chatbot has been increasingly deployed by various organizations to respond to customer queries and other related information. As the different organization has adopted remote working due to lockdown imposed in states/countries, the company are heavily dependant on chatbots to reduce the burden of customer query due to minimal availability of customer service employees.

Key Market Trends

Increasing domination of messenger application is driving the market

Chatbots on messaging apps allow organizations and brands to personally engage at a high scale with people on the platforms where they’re already spending a lot of time. Moreover, chatbots can be connected to a variety of data sources via APIs to deliver information and services on demand. The potential for chatbots to improve customer experiences has companies investing in them as a new way of interacting with consumers.
The messaging app usage statistics of October 2020 show that WhatsApp has 2.0 billion users worldwide and Facebook Messenger 1.3, WeChat is just behind with 1 billion. Chatbots with the ability to reasonably mimic humans allow brands to more efficiently engage consumers on these growing messaging platforms.
Due to the rising use of messenger applications, integration of chatbots into them yield a higher return on investment as approaching the customers on their preferred application improves user experience. Moreover, messenger applications allow chatbots to save the user chat history for future purposes that enable chatbots to personalize the user experience and gain actionable insights about the user. Thus, due to easy integration and higher returns, usage of chatbots over messenger applications is expected to increase over the forecast period.

Italy expected to witness high growth rate

In Italy, chatbots are increasingly being used to reduce costs and improve operational efficiencies in a wide range of customer-facing industries, including retail, healthcare, banking, telecommunications, and utilities, with various innovations and funding activities.
The country is significantly witnessing increased demand for Healthcare and Hospitality, and further, the market is innovating chatbots considering the after pandemic travel situations. For instance, in February 2021, Hotelway announced a hospitality chatbot in Italy for Italian customers. The company is ready to capitalize market after travel resumes in Italy to cater to guests’ needs with the Hotelway chatbot.
The market vendors are actively launching chatbots for Italian customers on various platforms. For instance, in February 2021, The READ-IT announced the release of the chatbot’s Italian version. The chatbot asks a series of five different prompt questions and can be accessed through a web browser and the Telegram messenger service app. The chatbot was created by Dr. Alessio Antonini (KMi) of The Open University in collaboration with colleagues in English and Creative Writing (OU).
The country is witnessing increased adoption of chatbots for healthcare and museums during the forecasted period. According to the Osservatori Digital Innovation, in 403 respondents, 24% of the museums and other institutions polled in Italy stated that they planned to offer chatbots in the future. The country is witnessing an increasing demand for AI chatbots.

Competitive Landscape

The market is highly fragmented and competitive. The industry comprises several large and established players from the AI market and the smaller, local companies operating with smaller clientele.

January 2020: Google announced the creation of a new chatbot Meena, a 2.6 billion parameter end-to-end, conversational neural model that can conduct more sensible and specific conversations than existing state-of-the-art chatbots.
January 2021: Microsoft filed a patent that raises the intriguing possibility of digitally reincarnating people as a chatbot. Instead of using the conventional method of training chatbots using conversations and material from a wide sample of users, Microsoft’s patent - as spotted by Ubergizmo - raises the possibility of creating a chatbot from the output of a specific person.
September 2021: Personetics and KBC have partnered to improve digital consumer engagement and financial wellness. The two firms will collaborate to provide multilingual, proactive, data-driven solutions to boost consumer engagement on KBC’s mobile app while meeting customer needs.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

NLP in Healthcare and Life Sciences Market by Component, NLP Type, Application, Organization Size, End User And Region - Global Forecast to 2026

  • $ 7150
  • August 2021
  • 302 pages

The global NLP in healthcare and life sciences market size to grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. ...

  • World
  • North America
  • Healthcare
  • Artificial Intelligence
  • Industry analysis
  • Medical Technology Density
  • Health Provider Density

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on