One report suggests that the chatbot market will grow at a CAGR of nearly 35 percent from 2021 to 2026 to reach $102B — up from $17B in 2020 for a staggering 500 percent increase over six years, with the Asia Pacific region set to see the highest growth.
Not so long ago, chatbots were a curious, fringe customer support strategy, but with advances in artificial intelligence, machine learning, and natural language processing, they've become sophisticated and even mainstream. One report suggests that the chatbot market will grow at a CAGR of nearly 35 percent from 2021 to 2026 to reach $102B — up from $17B in 2020 for a staggering 500 percent increase over six years, with the Asia Pacific region set to see the highest growth. Meanwhile, consumer retail spend via chatbots is anticipated to skyrocket to $142B by 2024, up from $2.8B in 2019 — that's a 4,328 percent increase in five years. (Yes, you read that right.)