Call Center Management Featured Article
Chatbot Market Continues Rapid Growth
Chatbot systems are common on nearly any business They use conversational AI technology to simulate a conversation with a user through messaging apps, websites, mobile apps or the telephone. If a product or service issue arises during the day, chatbots are a way for a customer resolve those issues without having to wait to speak to a human representative.
A customer could be at work when they find out about an issue with their phone service. Without disturbing the people around them, they are able to resolve that issue through the chatbot system by conversing with the AI technology – ideally avoiding the need to deal directly with a live agent.
In a recent report by Straits Research, the chatbot market growth is expected to reach $3.62 billion by 2030. The market was worth $526 million in 2021.
One factor that is contributing to the growth of the chatbot market is the significant decrease in operating costs experienced by businesses. The chatbot will automate a portion of the customer service and sales processes, and the enterprise can reduce its operating expenses.
Business-to-consumer and business-to-business settings are implementing chatbot virtual assistants, resulting in a decrease in overhead costs, more efficient use of the time of support staff, and the ability for businesses to provide customer service outside of regular business hours.
Other factors driving the future demand and growth of chatbots include the advancements of AI and other approaches to machine learning. People love using instant messaging tools because it enables them to be engaged using a preferred and non-invasive communications channel.
Application-to-person (A2P) messages can automate tasks such as booking hospital appointments, or placing orders for online shopping sites with a click of a message, keeping customers engaged while cutting down their shopping time. Because automated customer service provides immediate solutions, people will become more accustomed to automated customer service than most companies’ email or interactive voice response services.
The chatbot market has grown rapidly and will continue to do so as long as businesses continue to find ways to improve and engage customer interactions while requiring less intervention from human employees.
Edited by Erik Linask