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.
Chatbots predicted use in business
- In 2018 alone, we have seen AI chatbots become smarter and more intelligent. Chatbots have evolved to behave more like humans.
- By 2020, 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 Business 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 with its users.
- 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 2020 chatbots will save businesses 70% customer transactions.
- 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 24/7 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 business chatbots seems 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 2020-
- Soon 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 bots workflows to run business strategies as it proves to be more efficient.
- 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 in 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, conversational AI tools such as 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 for business, artificial intelligence, and voice-activated assistants that are fuelling the fourth industrial revolutions. From a marketing to customer care and even operations perspective, there is an enormous potential for businesses of all sizes to drastically reinvent themselves and incorporate the chatbot technology.Sounds interesting? Visit Engati to know more about chatbot technology and build a chatbot within 10 minutes!
Sound interesting? Register with Engati to explore business chatbot technology to optimize your business processes. Sign up today!
Engage and retain your customers using Engati. Try it for free!Set it up in 7 mins!
Engati powers 45,000+ chatbot & live chat solutions in 50+ languages across the world.
We aim to empower you to create the best customer experiences you could imagine.
So, are you ready to create unbelievably smooth experiences?