The chatbot market has made waves over the years in the AI market as the industry is relatively new and it has become a spectacle for many. It is estimated that the chatbot market was worth around $2.8 billion in 2020 and is expected to grow to $18.4 billion by 2028, at a compound annual growth rate (CAGR) of 25.5%. This rapid growth can be attributed to the increasing demand for chatbots in a variety of industries, including customer service, healthcare, education, and finance.