Future Dynamics of Chatbots: Uncovering Key Statistics and Predictions Regarding Industry Evolution
It's clear that consumers and businesses alike are jumping aboard the chatbot train - and for good reason! With people spending countless hours on apps for everything from grocery shopping to healthcare, it's no wonder chatbots have gained immense popularity. So, what exactly are these whispering wonders? Chatbots are basically AI systems that engage with customers through voice command, text messaging, or a combo of both, often over the internet. These digital pals can respond to questions about travel plans, weather forecasts, and much more.
Looking at Facebook Messenger, you can see a prime example of a chatbot. Users chat with friends and family, but businesses can also reach out to their target audience. Other platforms like WeChat, WhatsApp, and more even have chatbots integrated on their systems.
Now how big is this chatbot market we're discussing? With these helpful AI systems reducing operating costs for businesses, the market size is set to skyrocket. Chatbots handle a slew of functions within an organization, such as marketing, payments, processing, and customer service. According to a report, global consumer retail spending via chatbots will reach $142 billion by 2024, up from a mere $2.8 billion in 2019.
With customers now demanding 24/7 service, businesses have no choice but to deploy chatbots and virtual agent customer service to handle customer queries around the clock. The recent COVID-19 pandemic has only further emphasized the need for digital services in fields such as healthcare. As more industries shift online, chatbots have become essential for them.
What about the people using these chatbots? It's all about convenience! According to a study, 40% of internet users around the globe prefer interacting with chatbots compared to virtual agents. Sixty-nine percent of consumers like fast answers to simple questions, while more than 50% expect a business to be open 24/7. In emergency situations, 37% of consumers expect a quick response, and 67% worldwide reported using a chatbot for customer service in 2016. The top-performing industries benefiting from chatbots include travel, real estate, healthcare, education, and finance.
With the chatbot market valued at USD 17.17 billion in 2020 and projected to reach USD 102.29 billion by 2026, it's clear that the future is chatbot-filled. Twenty-eight percent of top-performing companies are already using AI for marketing. Additionally, businesses and consumers alike are demanding better chatbot development, leading to an increased demand for these AI systems within multiple industries.
Chatbots have made strides in customer service, with $4.5 billion projected to be invested in enterprise intelligent assistants by 2024. Over 50% of enterprises plan to increase their investment in chatbots and chatbot development compared to traditional mobile app development.
In the healthcare sector, chatbots are booming, as healthcare providers are continuously integrating them to assist patients better. Leading healthcare facilities are using chatbots to help patients navigate oncology care and understand insurance benefits. By 2024, it is estimated that up to 73% of healthcare administration tasks would be automated by AI. The adoption of chatbots is expected to save the banking, healthcare, and retail sectors $11 billion annually by 2024.
The increase in chatbot usage has led to a vast number of startup tech companies trying their luck in various industries. Either built by third-party companies using AI technology or by native apps like Apple's Siri and Google Assistant, chatbots communicate with users via SMS, messaging apps, cloud networks, and emails.
In conclusion, the growing demand for round-the-clock digital experiences has fueled the demand for chatbots. With the massive global population and increasing smartphone user base, the chatbot market presents a highly promising consumer pool, particularly for applications like personal assistance. Major tech companies are already hard at work developing chatbots to make them standard for customer service.
Coding and technology are integral parts of the development and evolution of artificial-intelligence systems, such as chatbots. For instance, the surge in chatbot usage can be credited to the advancements in artificial-intelligence and its application in various sectors, like healthcare, finance, and customer service.
