Chatbot Market Size

Chatbot Market size was over USD 7.57 billion in 2024 and is anticipated to reach USD 114.03 billion by the end of 2037, growing at around 23.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of chatbot is assessed at USD 8.97 billion.

The main purpose of chatbots, which use computer programs to mimic human responses, is to reduce the cost of hiring human customer service representatives. Financial institutions have recently begun experimenting with natural language processing, neural networks, and generative machine learning to automatically generate chat responses that can be spoken or written as text. Additionally, financial institutions are increasingly turning to chatbots as they offer a more cost-effective alternative to human customer support. For example, Bank chatbots will be used by more than 98 million users in 2022, representing more than 37% of the US population. By 2026, the number of users worldwide is expected to reach 110.9 million.

A practical and effective way to communicate with your customers is chatbot software. It acts as a resource for a variety of needs, including providing customer service and general information. The ideal chatbot software should have a dashboard that provides consumers with all the necessary details about the bot. This includes information about the bot's demographics, engagement, and performance. Additionally, you should provide easy-to-use tools to create new bots and monitor their activity. Additionally, it should provide comprehensive reporting on every possible topic, such as visitor engagement and sales conversion rates.