Chatbot Market Growth
The chatbot market has been growing rapidly in recent years, driven by the increasing demand for artificial intelligence (AI) and natural language processing (NLP) technologies.
Chatbots are used in a wide range of applications, from customer service and support to healthcare and education. They have been an immense help to all kinds of businesses, helping them to expand and provide excellent customer care.
In the graph below, you can see just how much the size of the chatbot market revenue is forecast to reach by 2025, in comparison to 2016.
Chatbot Market Statistics
According to projections, the chatbot market is expected to grow significantly from its size of 190.8 million U.S. dollars in 2016, reaching an estimated 1.25 billion U.S. dollars by 2025.
With such big numbers at play, it’s no wonder that more and more businesses are investing in AI software. Thanks to conversational bots, companies not only save time and money, but can use manpower for other, more complex tasks.
The global AI market is, of course, much bigger than just the chatbot market. NLP, robotic process automation, and machine learning are just a few of the applications available in the AI market. The revenue from the AI market is also growing rapidly year by year, estimated to reach 126 billion U.S. dollars in 2025.
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Interesting Facts
According to the data, the most common areas for conversational bot implementation in organizations worldwide are as follows:
| Industry | Percentage |
|---|---|
| After-sales and Customer Service | 77% |
| CRM | 54% |
| Sales and Marketing | 40% |
| Audit, Finance and Accounts | 11% |
| HR | 8% |
| Finance | 8% |
| Supply Chain | 5% |
| R&D/Product Development | 3% |
| Manufacturing | 3% |
| ICT | 3% |
Customer service is the most common area for conversational bot implementation. Thanks to chatbots, companies can handle customer inquiries, provide support and help users find the information they need quickly and easily.
Conversational bots are also very popular in Customer Relationship Management (CRM) systems – they improve customer service, increase efficiency and reduce costs. They can be used to generate leads by engaging with potential customers on websites, social media platforms, and messaging apps. Human customer service representatives are freed up to handle more complex issues thanks to a reduced workload.
Sales and marketing is another important area in which chatbots are used. They can help companies generate leads, qualify prospects and provide personalized customer recommendations based on their preferences and previous interactions.
Conversational bot implementation is widespread among other industries as well. Bots can help anywhere from giving banking advice to being used in the healthcare industry, as well as providing educational feedback.
The chatbot market is changing and growing rapidly. For organizations to stay on track and continue to grow, it is essential to at least think about chatbot implementation.
Summary
Driven by increasing demand for AI and NLP technologies across industries, the chatbot market is expected to continue its growth trajectory in the next couple of years. With big numbers at play, the market will stay dominated by major players who invest in research and development to stay ahead of the competition.
Make sure not to stay behind, and find out about the latest AI software that can help your company out today.
Author
Dominika Kaminska
Show all posts from Dominika Kaminska
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