From all the buzz surrounding chatbots right now, it may seem like they’re new to the market - but really they’ve been around for a few years.
Their technology, however, is getting better and better every day.
With the improvement of tools, it’s easier for marketers to handle and create chatbots, and more consumers are used to interacting with them.
Chatbots are going to change the game for marketing in the next few years, and it’s important to understand everything that goes into this market before you’re left behind.
To help you stay ahead of the curve, 16Best.net collected stats from a variety of sources for this infographic.
For instance, it shares that in 2015, the market size for chatbots worldwide was $113M, and the expected growth by 2025 should reach $1.23B (with a compounded annual growth rate of 24.3%.)
Also, according to some experts, chatbots will become indistinguishable from human chat by 2029 based on technology improvement speed and platform development. That is HUGE.
Let’s dive into the history, what you need to know about chatbot trends and some real-world examples.
To give some context of where we’ve come from, here are the highlights:
Businesses’ trust in chatbots is growing year over year as more are experimenting with it for various applications. Based on the data collected:
As time goes on, companies are increasingly using chatbots to boost sales - and it’s mostly because consumers are more trusting of chatbots.
Overall, chatbot usage by customers has been steadily increasing. 40% don’t care whether a chatbot or a real human
47% of customers would buy items from a chatbot (HubSpot, 2017.) Specifically, 26-36-year-olds are willing to spend up to $675.89 via a chatbot interaction, and 37-47-year-olds are willing to spend $496.45 via a chatbot interaction.
Within the banking and healthcare sectors, the average time saving per chatbot inquiry compared with traditional call centers is 4+ minutes, and monetarily, chatbots are expected to save companies $.50 - $.70 per each interaction by 2022.
Overall, it is expected that $8 Billion will be saved in banking and healthcare by 2022.
Let’s take a look at a few examples of companies getting measurable results with chatbots:
Some of the data available from this infographic is about a year to a year and a half old - but what this does is paint a picture for the successes big companies have seen while paving the way for smaller businesses to create measurable changes with less effort.
Some of the biggest things to take away from this emerging technology is:
Check out the entire infographic from 16best.net below: