20 Nov 2022| Artificial Intelligence
Growing Chatbot Market Statistics
As per oracle report, over 50% of customers expect a business to be open 24/7 for their support. It’s a huge amount of customer base; to solve this problem, many companies are adapting to integrate their business with Chatbot system. Yes chatbots can eliminate customer service cost by 30% (Invespcro report) and 80% of companies are expecting to integrate their business with chatbots by 2021 end (outgrow report)
As per the Venture Beat report, Facebook uses 300,000 chatbots in its system to serve its audience.
The future is entirely on chatbots. As per a report by BusinessInsider the Chatbot market had grown by $2.6 billion in 2019 and is expected to grow by $9.4 billion by 2024 at a compound annual growth rate.
Quick Takeaways from the Article:
Artificial intelligence is stepping towards drastic changes in the world of business, and many companies are adopting chatbots to convert hard work into smart work. Chatbots are transforming how businesses communicate with their customers.
ML (machine learning) systems are deciding the trades on Wall Street to forecast users click on particular ads; thus, they analyze the efficiency at both consumer and business end. In addition to this, chatbots are becoming a major reason to generate revenue. With its researching features, lead generation process, and brand awareness for its customer through AI-based automated programmed conversations Chatbots are turning out to be a boon.
Companies must analyze successful chatbots that give great conversational experience to their audience at par with a human agent. Chatbots should be able to answer the queries of the customers.
As per reports in 2019, Microsoft offered its chatbots to other firms earning a lot of goodwill in the health care industry. As per Business Insider intelligence reports, over 73% of health care tasks are going automated by AI and adoption of chatbots into the system can save up to $11 billion annually by next two years. The existing demand for chatbots is increasing rapidly. Businesses need to adapt to make it a part of their system to help their customers quickly and take their business onto a new level.
The chatbot Ecosystem is increasing day by day. As discussed in the above topics, technology is transforming the world to envision new routes and do monotonous jobs easily and help customers rapidly. Many tech companies are developing new variants of chatbots with the help of third party investors.
Bot building companies are exclusively putting their efforts into building AI technology to help businesses with their chatbots. For example, SIRI and Google Assistant can easily do day-to-day activities with an integrated AI system.
More companies are opting for integration of AI chatbots like LinkedIn, Starbucks, eBay and British airways. The important players in the chatbot industry, Facebook, Google, and Microsoft are investing huge amounts on chatbot technologies trying to develop it to serve the specific market targeted objectives of the company.
Chatbots are now seeing further developments as we move on to conversational AI bringing technologies to overcome the task of typing and move to a conversational communication. With technologies like NLP the customer service system is set to see a major revamp that will absolutely redefine the entire ecosystem of voice aided assistants.
New trends of chatbots are rising in the current digital world, and they are set to give business world a new avatar. Artificial intelligence has the most incredible power backing up the chatbots, enhancing customer servicing while engaging the audience in an effective way.
Businesses need to catch up with the trend and move on to up there support systems with a chatbot that can go a long way in closing queries efficiently and be cost effective.
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Tags: Technology Artificial Intelligence