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The Chatbot Market Continues to Grow

The numbers show a CAGR of 35.2% up to 2021

Chatbot market Grows
The chatbot market continues to grow

We’ve known for some time now that AI and virtual assistants could have an important role to play in the future of contact centres and communication strategies. However, the latest numbers delivered by Reportsnreports could indicate that the space is growing even faster than we originally expected, with more companies than ever before turning towards automated structures as a way of better understanding consumer behaviour, and improving the path to purchase.

As both speed and context continue to play crucial roles in the future of customer experience (CX), the chatbot market size has started to grow significantly, from a value of around $703.3 million to an incredible $3,172 million, at a CAGR of around 25.2% according to the latest numbers. According to experts, this growth is thanks in part to a greater need to understand customer behaviour and respond to the growing adoption of cloud-based technology.

Chatbots for the Customer Experience Market

The report suggests that the websites segment will see the largest growth in smart advisor usage between the years of 2016 and 2021, as more companies struggle to create innovative websites for the marketplace. However, it highlights that organisations will need to think carefully about how they can implement emotion as a concept into their website, to increase sales and market share. A strong need to understand the context of customer interactions may be the key factor driving the growth of the chatbot market.

Additionally, the mobile segment should grow at the highest CAGR during the period forecast, thanks to the growth of mobile usage, and the development of BYOD in the workplace. There’s a fair chance that chatbots will have a part to play in almost any industry, including the health sector, where they could lead to better experiences with physicians, more comprehensive documentation in patient files, and stronger check-up reminder systems. The potential of the healthcare industry means that it may grow at a faster rate than other sectors.

What’s more, cloud deployment may have the largest chatbot market share in terms of deployment type, and it’s also expected to see the highest level of CAGR growth during the forecasted period. The smart adviser solution in the cloud-based market could help to reduce up-front costs and eliminate the maintenance of server problems. Large enterprise could have the most significant market share during this period, as customer retention and a demand for better revenue generation leads to the growth in chatbot technology adoption.

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Written by Rebekah Carter

Rebekah Carter

Hi I'm Rebekah, I have an unwavering passion for the technology sector, and I regularly stay up to date with the latest in UC and Cloud