According to the market research insights, the Chatbot market is predicted to exceed USD 1.34 billion by 2024, at a growing CAGR of 52.8 percent. The Artificial Intelligence-powered solution has opened new ways for businesses to engage customers globally and enables them to scrutinize and measure interactions with consumers, prioritizing their requirements, and optimizing customer experiences.
The Chatbot market is largely driven by the rapid explosion of messaging platforms like Facebook messenger, Slack, WeChat, etc, which have in-built Chatbots. These platforms are the popular hubs for e-commerce and consumer interactions. Moreover, the technological advancement in the field of AI, Natural Language Processing (NLP), inference engine, mobile platform compatibility, Cloud-based implementation, and single search point is also expected to fuel the market growth. Owing to its 24/7 availability, government agencies also are relying on Chatbots to improve customer experience. The Mississippi Department of Information Technology, for instance, has been utilizing this technology, named Missi, to answer the queries related to taxes and hunting licenses of 100 citizens every day.
As the overall industries looking to enhance their customer engagement capability by leveraging Chatbots, the customer service applications show strong interests in the technology as this intelligent digital assistant are always accessible to crack customer queries in a cheap and efficient manner. Chatbots assist businesses to save customer service expenses of more than 30 percent by moving up response times and freeing up workers for more challenging work. Nearly 56 percent of the companies utilizing the technology and several businesses in multimedia space is now planning to invest in Chatbots in the near future.