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Chatbot market: Opportunities, key players, growth strategies and monetisation potential

Consumers across industries have become internet-savvy with the adoption of social media and rich text messaging services. This, as a chain reaction, has forced enterprises and brands to digitise their approach and offer their services across multiple channels. So, it is no surprise that there is an increase in demand for interactive and intuitive omnichannel chatbots.

Chatbot technology has come a long way with NLP, NLU and AI integration, helping them provide intuitive and accurate responses. However, for easy inclusivity and a better consumer experience, chatbots must evolve further to provide voice and emotion recognition.  

Juniper Research in its report evaluates and assesses the chatbot sector, its burgeoning market, potential monetisation and opportunities and key players, including Gupshup.

What to discover in this report?

  • In-depth chatbot market trends and deep-dive into monetisation strategies
  • Chatbot integration readiness, challenges and market constraints  
  • Comprehensive assessment and analysis of 15 chatbot development vendors
  • 5-year forecast for total revenue and advertisement and chatbot spends

The total number of chatbot messaging apps accessed globally will increase from 3.5 billion in 2022 to 9.5 billion by 2026. This growth of 169% will be driven by the increasing adoption of omnichannel retail strategies by eCommerce players and the rising integration of chatbots within messaging platforms

…, retail spend over chatbot messaging apps will account for over 50% of global chatbot retail spend by 2026. The rapid development of messaging app functionality will attract high-value online retailers to chatbot messaging apps over competing channels.

Elisha Sudlow-Poole • Research Analyst, Juniper Research, “CHATBOTS: SECTOR ANALYSIS, COMPETITOR LEADERBOARD & MARKET FORECASTS 2022-2026”, March 2022