End-user segments performance in the global chatbot market

The global chatbot market is expected to grow at a CAGR of 28.51% during the forecast period. The global chatbot market is segmented based on end-users into retail, BFSI, travel and hospitality (T&H), government, and others.`

Retail is the fastest-growing market segment for chatbots due to the growing adoption of e-commerce worldwide. Amazon, Flipkart, Alibaba, and Snapdeal are a few of the major e-commerce platforms. These retailers are implementing chatbots to provide an enhanced experience to their customers in online product searches. The use of chatbots enables customers to get their queries related to payment methods for a particular product quickly and effectively. In addition, it helps retail enterprises establish and maintain service levels for e-mail responses to sales inquiries and online customer transactions.

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One of the challenges faced by retailers relates to user experience. With the increasing use of smartphones and mobile banking apps, shoppers increasingly prefer to shop using their smartphones. Brands are looking to offer an efficient shopping experience to online customers. E-commerce and Internet companies such as Swiggy and Goibibo have launched chatbot features to serve their customers. Hence, the retail segment of the global chatbot market is expected to grow significantly during the forecast period.