5 Global Market Outlook on ChatBot Development Trends

5 Global Market Outlook on ChatBot Development Trends

A chatbot is a software that uses artificial intelligence to converse with a customer across different platforms such as messaging apps, websites, mobile apps, or even over the phone. Companies have begun using chatbots as frontline customer service agents to answer general questions that may not need the help of an actual agent. This feature can then filter out if a customer’s questions are easily answerable or need the resolution of another person.

In some companies, chatbots are used as a marketing tool, such as collecting data, user engagement, and customer retention. For some products or services, customers may not want to spend too much time waiting for an available agent, and chatbots are often the extent of the service they need, especially if these are correctly programmed to give out the appropriate responses.

With the market expected to increase to 100 billion USD by 2024, more and more companies are beginning to explore chatbot development services. One of the most popular reasons for integrating a chatbot system into a business is the 24/7 accessibility at a lower cost. When the questions are answered via the chatbot, there is no need to escalate to an actual live agent, thus saving time and money for both the business owner and the consumer.

Chatbots can be used over various industries such as healthcare, real estate, e-commerce, travel, education, or banking and finance. With the recent pandemic that shook the world, healthcare workers have used chatbot development services to help patients with their symptoms and doctors have less physical interactions with them, thus reducing the risk of transmission. Outside the pandemic scare, chatbots are effective in better recording a patient’s symptoms and aiding in the appointment schedules, with an efficient system of handing to the doctors’ detailed information on the patient upon consultation.

The market is expected to rise even further especially in the Asia-Pacific region where demand has increased as small and medium-sized businesses have also begun discovering the benefits and have engaged chatbot development services. With the billions of smartphone users, chatbots are becoming a need for a business as it engages with more customers online. Another benefit is the way it can be programmed to be in different languages all at the same time, thus improving user engagement and retention for businesses.

Another popular reason for incorporating chatbots is the increased demand for user analytics for marketing and research. They can collect user data in a seamless and unobtrusive manner, thus helping business analytics in studying their products and services and how these can be further improved. For the sales industry, they can easily analyze which products are more marketable and profitable, at the same time seeing user feedback on these products.

As chatbots become more popular with businesses, the ease of payment is another feature that users get to enjoy. They no longer have to switch between banking apps just to send a payment for a particular product or service, as everything can be completed in a single conversation with the bots.

For small or mid-sized business owners interested in engaging chatbot development services, Integritas Solutions offers a free trial chatbot service that you can incorporate in your website. See for yourself why the global market is agreeing that chatbots are the future across all industries and markets.