The future of bots is one of the most exciting and rapidly evolving areas of technology today. Bots, or software programs that automate various tasks, are becoming increasingly prevalent in various industries, from customer service and e-commerce to healthcare and transportation. As the capabilities of these programs continue to expand, so too do the possibilities for how they can be used.
Gartner predicts that AI-powered customer experience will become mainstream in the next few years, with 47% of organizations investing in chatbots and 40% in virtual assistants for customer care. This is a clear indication that the use of AI in communication will become increasingly prevalent in the business world, as it enables machine learning and the ability to interpret automated business communications in a flexible manner.
Key chatbot statistics
Chatbot statistics reveal valuable insights into the trends and potential of the industry. Businesses can use these statistics to inform their strategy for implementing virtual assistants.
According to a Cognizant study, the conversational AI market is projected to reach $1.3 billion by 2025, with a CAGR of 24%. Additionally, Juniper Research estimates that eCommerce transactions through chatbots will reach $112 billion by 2023, while Gartner estimates that more than half of companies will invest more in chatbot development than traditional mobile app development.
CNBC has predicted that by 2024, 75-90% of customer inquiries will be handled by bots. Based on ServiceBell’s findings, the prevalent industries will be real estate, travel, education, healthcare, and finance benefit significantly from chatbots. Furthermore, Invespcro forecasts that chatbots have the potential to reduce customer support costs by up to 50%.
Chatbots: Future Outlook in 2023
Here are a few predictions and trends about the future of bots:
Bots will become more intelligent and human-like.
According to Global Market Insights, the chatbot market is expected to reach over $1.3 billion by 2024. This indicates that the use of chatbots in business communication is rapidly growing and is set to become a major force in the industry. With advancements in natural language processing (NLP) and machine learning (ML), bots will be able to understand and respond to human speech and text in more sophisticated ways. This will make them more effective at handling complex tasks and interacting with users in natural, human-like ways.
Bots will be used in more industries and applications.
As the cost of developing and deploying bots continues to decrease, they will be used in a wider range of industries and applications. For example, bots are already being used in healthcare to assist doctors and nurses in diagnosing and treating patients, and they are being used in transportation to help manage traffic and optimize routes for self-driving cars.
Bots will become more integrated with other technologies.
Bots will become more deeply integrated with other technologies, such as virtual and augmented reality (VR/AR), the Internet of Things (IoT), and blockchain. This will enable them to create more seamless and efficient experiences for users and to provide new services and capabilities.
Chatbots will revolutionize the way businesses communicate with customers, generate leads, and handle payments.
According to a survey by Chatbots Magazine, 67% of US millennials stated that they would be likely to purchase from brands that use chatbots. As the use of chatbots continues to grow, we can expect to see more businesses automating simple payments and allowing customers to pay directly through live chat or messaging apps such as Facebook Messenger. This process is convenient for customers and improves overall satisfaction. MasterCard has also developed a chatbot specifically for customer payments, which can assist with inquiries about account balances, setting payment reminders, and collecting final payments.
Bots will be used to automate more complex tasks.
As bots continue to become more intelligent, they will be able to handle more complex tasks, such as those that are currently performed by humans. This will have a significant impact on the workforce, and it will change the way many companies operate.
The customer experience (CX) will push chatbots adoption
As businesses strive to improve the customer experience (CX), the adoption of AI chatbots is on the rise. Chatbots allow businesses to interact with customers in new and innovative ways, particularly through the use of popular messaging applications. According to a study, a 1% improvement in CX can lead to an average revenue increase of $823 million over three years for a company with $1 billion in annual revenues. By selecting the right AI chatbot platform, businesses can automate various functions such as lead generation, frequently asked questions, and customer feedback to enhance CX.
Chatbots can significantly improve CX by providing instant responses within seconds, operating 24/7 to handle informational questions and reduce support tickets, and being easily scalable during peak hours to better engage customers. Ultimately, the decision to use chatbots for customer communication should be based on the overall CX goals of the business.
Bots are becoming more and more prevalent and useful, and they are expected to continue to evolve and grow in the future. We will see more and more bots in various industries and applications, providing new services and capabilities that can help us to live and work more efficiently. It will be interesting to see how these predictions will come true in the future.