Nearly 40% of internet users worldwide perfer interacting with chatbots than virtual agents, and with major industries including retail and healthcare turning to digital technology, chatbots will likely increase in popularity moving forward. As a result, companies are rapidly looking to develop chatbots and virtual assistants to answer questions cusomters may have at any time of day. Today, consumers are demanding round-the-clock service for assistance in areas ranging from banking and finance, to health and wellness. Chatbot marketing, payments, processing, and service are different segments chatbots can work in-but when it comes to chatbot revenue, service has a majority of the market share.īy 2024, Insider Intelligence predicts that consumer retail spend via chatbots worldwide will reach $142 billion-up from just $2.8 billion in 2019. Chatbot Market Stats: Size & GrowthĪs chatbots continue to reduce operating costs for enterprises, the market size will likely continue to swell. As the industry matures, the underlying AI technology continues to develop and grow more sophisticated. 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. 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.ĭespite the complexity of AI, machine learning (ML), and natural language processing (NLP), used to pick content and context from conversations with users, there are a number of platforms and solutions available to build a sophisticated chatbot. Many are deployed on chatbot platforms such as Facebook Messenger, WhatsApp, WeChat, Facebook Messenger has been giving businesses the opportunity to better reach their target audience.
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