As per the latest report, the Chatbot Market is expected to go beyond USD 1.34 billion by 2024, with 31 percent of CAGR. The introduction of Chatbot has initiated new boundaries into the business world in terms of customer engagement and ease of interaction allowing the companies to connect with their customers worldwide.
Chatbot allows businesses to connect with their customers in two-way communication. It also enables them to inspect and gauge interactions with users, with taking their requirements into contemplation and optimizing customer experiences. Chatbots also help in improving customer retention rate by sending personalized messages and providing 24/7 availability and speeding up the market demand. The advancements in the field of Artificial Intelligence had benefitted the Chatbot industry as they have brought about a change from just being simple software with scripted answers to connect potential customers. This AI-powered technology has brought about a range of optimistic social impacts like improved customer interaction with firms, immediate access to public data, and online payment of tax and bills. The government agencies, in addition, are also depending on Chatbots to advance their customer experience. For example, The Mississippi Department of Information Technology has been utilizing a Chatbot, called Missi, to determine inquiries of 100 citizens daily relating to taxes and hunting licenses.
The quick developments in the field of NLP (Natural Language Processing) and Machine Learning have also directed to the development of AI-enabled Chatbots that can provide personalized responses. In 2018, for instance, the Indian railways decided to utilize AI-powered Chatbots for managing passenger inquiries. These Chatbots aid in enhancing voyager experience in an effective manner by offering advanced passenger safety, amenities, and better service delivery.