Many of these chatbots are deployed on such social media platforms as WeChat, WhatsApp, Facebook Messenger, text messages and Slack among other platforms.
The market size for chatbots is expected to experience growth from €2.4 billion in the year 2019 to approximately €9.4 billion by the year 2024 at 29.7% at a compound annual growth rate. According to similar projections over the forecasted period indicate growth since these chatbots go a long way in reducing the operating costs for businesses.
That is why chatbots are now crucial in such segments as the service industry, marketing and processing and they take up a huge percentage of the market share.
Regardless of the service area, whether it is in finance, banking or any other field, consumers want round-the-clock service assistance. For this reason, more entreprises are tirelessly looking to develop virtual assistants and chatbots to ensure that their customer’s queries regardless of the time of day. That is why the market size is set to experience in a boom in the customer service segment between 2019 and 2026 at a 31.6% compound annual growth rate.
In a nutshell:
The industry has experienced tremendous growth and it is mostly associated with cognition and perception with the major industry players making huge leaps in voice recognition with products like Google Assistant, Alexa, and Siri.
Chatbots are now vital in revenue generation while serving as research bots and at the same time they are particularly useful in brand awareness and lead generation to save businesses a lot of money. That is why chatbots that are taking over can mimic human agents by driving a good conversational experience while actively addressing any requests posed by a customer.
The world is slowly leaning towards the direction of texting rather than calling. For this reason, many consumers would rather contact customer care via messaging rather than the conventional call.
Despite the fact that using chatbots as a marketing tool or a customer service agent is taking over, it is not quite enough yet.
There is a need for business entreprises to optimise chatbots to achieve the best results. These are just but of a few of the best practices to get you going.
Briefly, these are some of the most important benefits of using chatbots in marketing that you should be able to know as a marketer.
Even though the chatbot technology is relatively new, the future looks promising, especially with the rapid technological advances.
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