Chatbot Market | Growth, trends, and forecast
Today, the chances are high that most websites you visit, will have a chatbot integrated on its UX. Although it didn’t come easy, the chatbot technology has taken considerable time and effort to penetrate its existence into diverse industries such as healthcare, education, automobile, hospitality, etc.In fact, the sales and marketing departments of various companies haven’t been able to stop talking about the potential of chatbots in lead generation. As a result, chatbots have given a substantial boost to business sales and also given liberty to the customers to find what they’re looking for without being forced to browse through a menu.
Some numbers to show support towards chatbots
- In 2018 alone, we have seen chatbots become smarter and more intelligent. Chatbots have evolved to behave more like humans.
- By 2020, which is less than 2 months from now, 80% of global businesses will trust chatbot technology for managing clerical and repetitive tasks.
- Gartner Research says that by 2021, 50% of enterprise companies will invest more on chatbots and chatbot technology rather than on mobile applications.
- Facebook claims that more than 50% of their 2 billion messenger users are more likely to choose a business that can message.
- According to Hubspot, 47% of consumers would buy items from a chatbot and 57% of consumers are interested in chatbots for faster service.
- Juniper Research predicts that by the year 2020 chatbots will save businesses 70% customer transaction.
- Chatbots can cut operational costs by up to 30%.
- 85% of customer interaction will be handled without human agents by 2021.
- 50% of businesses plan to spend more on chatbots than on mobile apps.
- 64% of internet users say 24-hour service is the best feature of chatbots.
- 37% of people use a customer service bot to get a quick answer in an emergency.
- There were over 300,000 chatbots on Facebook in 2018.
More business opportunities with business chatbots
With close to 70% of survey respondents saying that they wouldn’t mind talking to a robot to resolve their queries, the future of chatbots seems quite bright. Big brands are now realising the opportunities that come with joining the space. For example, a Facebook Messenger bot will help you make hotel room reservations through their hotel chatbot, and will recommend the most competitive rates. The transaction is simple and cost-effective for both – the hotel as well as the customer. Next in line are multiple scenarios that are going to be a big hit in the chatbot market 2019-
- Chatbots will replace mobile apps as we can already see some level of saturation in the application market. In fact, more and more organisations are strictly shifting their focus to AI-powered workflows to run business strategies.
- AI-powered conversational UX is the next big thing for enterprise businesses. CUX is a newer version of UX design, and it’s expected to gain more significance in the next few years. Businesses are focusing on brand persona development, personalised content, and guided conversations to help users reach their goal faster. Overall, this helps keep up sales, search rankings, etc.
- Businesses are working towards creating an experience that goes beyond customer service. In fact, chatbots will help businesses cut costs by around $8 billion by 2022. We will see more of chatbots in the field of CRMs, online engagements, etc.
- People now use social media more than they stay on mobile apps. Today, with more than 100,000 Facebook Messenger bots being used over 200 countries we know where we’re headed in the future.
There are endless possibilities in the chatbot market
A combination of artificial intelligence, good-looking user interface, and well thought out integration is what makes a chatbot a big hit in the market.We’re looking at a future where your chatbot will help you pick a t-shirt or a dress that goes well with your footwear. Or if you’re preparing a grocery list for something you’ll be preparing for dinner then your chatbot will remind you in case you are forgetting something.
Moreover, chatbots have now become smart enough to talk, thanks to the voice technology in chatbot advancements. Digital voice assistants such as Siri, Google Home, Alexa, etc are anyway taking over and building an easier life for you. Isn’t it a perfect example of great and personalised customer experience?
Chatbots, artificial intelligence and voice-activated assistants are fuelling the fourth industrial revolution. It’s going to be a period of great change that will affect all industries. From a marketing, customer care and even operations perspective, there is enormous potential for businesses of all sizes to drastically reinvent themselves and incorporate chatbot technology.
Sounds interesting? Visit Engati to know more about chatbot technology and build a chatbot within 10 minutes!
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