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Chatbot Market to Grow by USD 9.6 Billion from 2025-2029, Benefits of Chatbot Solutions Boosting Revenue, AI Impact on Market Landscape – Technavio

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NEW YORK, Feb. 10, 2025 /PRNewswire/ — Report with market evolution powered by AI – The global chatbot market size is estimated to grow by USD 9.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  42.9%  during the forecast period. Several benefits associated with using chatbots solutions is driving market growth, with a trend towards integration of chatbots with communication channels. However, lack of awareness and standardization of chatbot services  poses a challenge. Key market players include 247.ai Inc., Acuvate, Aivo, Amazon.com Inc., Avaamo Inc., Botsify, Conversica Inc., Creative Virtual Ltd., eGain Corp., Google LLC, Inbenta Holdings Inc., International Business Machines Corp., Kore.ai Inc., Meta Platforms Inc., Microsoft Corp., OpenAI L.L.C., Oracle Corp., ServiceNow Inc., Teneo, and Zoom Video Communications Inc..

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Chatbot Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 42.9%

Market growth 2025-2029

USD 9631.4 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

31.1

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 37%

Key countries

US, China, UK, Canada, Brazil, Germany, Japan, India, Spain, and UAE

Key companies profiled

247.ai Inc., Acuvate, Aivo, Amazon.com Inc., Avaamo Inc., Botsify, Conversica Inc., Creative Virtual Ltd., eGain Corp., Google LLC, Inbenta Holdings Inc., International Business Machines Corp., Kore.ai Inc., Meta Platforms Inc., Microsoft Corp., OpenAI L.L.C., Oracle Corp., ServiceNow Inc., Teneo, and Zoom Video Communications Inc.

Market Driver

The chatbot market is experiencing significant growth with trends like Generative models and Natural Language Processing (NLP) taking center stage. OpenAI’s GPT-4 and AI advancements are driving the development of self-learning chatbots and LLMs. Chatbot solutions are being adopted by various industries including IT and ITeS, Telecom, Healthcare, and Financial organizations. Audio/voice bots and messaging facilities are becoming popular for customer service activities. NLP technology helps chatbots understand customer intent and prompt relevant answers. Open AI chatbot, standalone and website chatbots, and messenger applications are transforming customer experience touchpoints. AI and NLP software applications are enabling virtual assistants to provide instant service and actionable insights. Consumer analytics and recommendation algorithms are enhancing online shopping interaction and in-store purchases. Chatbot developers are focusing on integrating voice recognition and messaging services on social networking sites. Enterprises are leveraging chatbots for handling customer queries and leads, mobile alerts, updates, and nearby stores opening hours and contact information. Chatbot technology is revolutionizing customer service by providing correct information around the clock, reducing the workload on customer service employees, and improving overall customer experience. 

Chatbots have become an essential component of omnichannel communication strategies, enabling businesses to engage with customers on various platforms. Microsoft Bot Connector, a communication service, facilitates this integration by linking bots with channels like Skype, email, and more. The widespread use of the internet, digitalization, and mobile devices have transformed interactions between people and companies. For instance, Meta (Facebook)-owned messaging apps, Messenger and WhatsApp, send 60 billion messages daily, surpassing the number of global SMS messages. Facebook’s significant user base in the chatbot sector allows users to receive bank notifications from institutions like Bank of America and order food from businesses such as Burger King. 

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 Market Challenges

The chatbot market is experiencing significant growth due to advancements in AI technology, particularly generative models and Natural Language Processing (NLP). OpenAI’s ChatGPT and GPT-4 are leading the way with their advanced conversational experiences. However, challenges remain for chatbot developers, including integrating self-learning capabilities, supervised machine learning, and NLP technology to accurately understand and respond to customer intent. IT and ITeS, telecom, healthcare, financial organizations, grocery outlets, and other industries are adopting chatbot solutions to enhance customer service activities. Messaging facilities on platforms like WhatsApp, WeChat, Facebook Messenger, and messenger applications are driving this trend. Audio/voice bots and standalone chatbots are popular choices for enterprises looking to handle customer queries outside of working hours. Chatbot developers are also leveraging consumer analytics and recommendation algorithms to provide actionable insights and improve user experience. AI and NLP software applications are transforming virtual assistants into intelligent customer experience touchpoints, prompting relevant answers to user queries and providing instant service. Market requirements include integrating voice recognition, SMS, and APIs to create a seamless user experience. In the chatbot industry, AI language tools like ChatGPT are revolutionizing conversational experiences across various messaging channels and social networking sites. Organizations are using chatbots to generate leads, facilitate in-store purchases, and provide mobile alerts and updates. However, challenges remain, such as ensuring correct information and handling complex customer queries. Chatbot solutions must continue to evolve to meet market requirements and provide a positive user experience.The chatbot market faces significant challenges, including low awareness and standardization of chatbot services in developing countries like Brazil and India. These regions lack sufficient IT infrastructure and vendor penetration, resulting in limited knowledge about chatbot technology. Security concerns, such as privacy and data protection, also hinder market growth, raising valid concerns among potential users. These factors collectively restrict revenue generation in the global chatbot market.

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Segment Overview 

This chatbot market report extensively covers market segmentation by  

End-userRetailBFSIGovernmentTravel And HospitalityOthersProductSolutionsServicesGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

1.1 Retail- The retail industry is experiencing significant growth in the adoption of chatbots, particularly in the e-commerce sector. Major players like Amazon, Flipkart, Alibaba, and Snapdeal are integrating chatbots to improve customer experience during online product searches. These chatbots facilitate quick and effective resolution of payment-related queries, enhancing overall service levels. Retailers face the challenge of providing an efficient shopping experience on mobile platforms, as shoppers increasingly prefer mobile devices. Brands such as Swiggy and Goibibo have launched chatbot features to cater to this trend. AI-integrated chatbots offer immense potential in both e-commerce and brick-and-mortar stores. By analyzing customer purchase behavior and preferences, chatbots can provide personalized product recommendations. Integration into e-commerce platforms and availability 24/7 make chatbots an indispensable tool for retailers, driving market growth during the forecast period.

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Research Analysis

The chatbot market is experiencing significant growth due to advancements in generative models and natural language processing (NLP) technology. GPT-4, a new generation of language models, is revolutionizing the way chatbots understand and respond to user queries. Self-learning chatbots use AI technology to improve their responses based on user interactions, providing more accurate and prompt relevant answers. Messaging facilities have become the new customer service touchpoints for various industries, including financial organizations and grocery outlets. NLP software applications enable chatbots to understand user intent and provide personalized solutions. Open AI chatbots, such as ChatGPT, are leading the way in consumer analytics and virtual assistance, enhancing the overall customer experience. APIs allow for seamless integration of chatbots into existing systems, making them an essential tool for businesses looking to streamline their customer service activities.

Market Research Overview

The chatbot market is experiencing significant growth due to advancements in generative models and natural language processing (NLP) technology. GPT-4, the latest AI model, is revolutionizing chatbot solutions by enabling self-learning and understanding context. NLP technology is the backbone of these chatbots, allowing them to understand customer intent and prompt relevant answers. Chatbot solutions are not limited to text-based interactions. Audio/voice bots are gaining popularity, especially in IT and ITeS, telecom, healthcare, and financial organizations. Messaging facilities on messenger applications like WhatsApp, WeChat, and Facebook Messenger have become essential customer service touchpoints. AI and NLP software applications are transforming industries, from customer service activities in enterprises to grocery outlets and financial organizations. Consumer analytics provides actionable insights, enabling personalized recommendations and leads. Chatbot developers are creating standalone chatbots and website chatbots, integrating voice recognition and recommendation algorithms. Instant service through chatbots is becoming a must-have for online shopping interactions, product selections, and mobile alerts. Organizations are leveraging chatbots to handle customer queries, reducing the workload on customer service employees and improving customer experience. Messaging services and social networking sites are essential channels for these chatbots, providing 24/7 service and correct information to customers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRetailBFSIGovernmentTravel And HospitalityOthersProductSolutionsServicesGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Infiniti Research, Inc.

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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SOURCE Monk

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