With messaging apps on the rise, chatbots are all the hype now. Chatbots are artificial intelligence systems that interact with users via messaging, text, or speech.
Many are deployed on chatbot platforms such as Facebook Messenger, WhatsApp, WeChat, Slack, or text messages. Facebook’s expansion with Facebook Messenger has been giving businesses the opportunity to better reach their target audience through different APIs, and chatbots are becoming a necessity in certain industries.
Despite the complexity of artificial intelligence used to pick content and context from conversations with users, there are a number of platforms and frameworks available to build a sophisticated chatbot. The ease and accessibility to build a customizable bot alongside the increased usage of messaging apps only proves the growth and strength that will push the chatbot industry forward. As the industry matures, the underlying AI technology continues to develop and grow more sophisticated.
Chatbot Market Stats & Size Data
According to a recent report by Grand View Research, the global chatbot market is expected to reach $1.23 billion by 2025, a compounded annual growth rate (CAGR) of 24.3%. Projections show growth over the forecasted period as chatbots reduce operating costs for enterprises. Chatbots can work in segments such as marketing, payments and processing, and service, but when it comes to revenue, chatbot service has a majority of the market share. Within the global chatbot market, approximately 45% of end users prefer chatbots as the primary mode of communication for customer service inquires.
In a survey by Oracle of chief marketing officers, chief strategy officers, senior marketers, and senior sales executives from France, the Netherlands, South Africa, and the UK, 80% of the respondents said they already used chatbots or planned to use them by 2020. Forty-two percent of participants are embracing automation technologies, 48% are already using automation technologies, and 40% Read More Here