Growth Chatbot market

Chatbot market more attractive than ever

Research from ResearchandMarkets pointed out how the chatbot market is estimated to grow. The global market size is projected to grow with an estimated 29.7% by 2024. This means it is estimated for the market to reach 9.4 billion US dollars within the forecast period. In this blog you can find out more about the growing chatbot market.

The advancement in technology and the rising customer demand for self-services contribute to the estimations. The continuing pressure of costs in customer service contributes to companies wanting a sustainable and affordable solution.

These companies are choosing a software that allows them to offer 24/7 assistance, at lower operational costs. Retail and e-commerce invest the most in the software according to ResearchandMarkets.

Lower operational cost and 24/7 offerings

The driver for the estimated growth is the need for 24/7 availability in customer service. Customers are in demand of this, and companies want to offer it. A human customer service employee, however, is in need of sleep and holiday breaks. To offer 24/7 human assistance is a very high set goal. The operational costs are high and an employee willing to work on a nightly base is hard to find. A chatbot, however, is online 24/7 and has uniquely low operational costs. A chatbot also leads to process efficiency. The bot deals with repetitiveness and frequently asked questions.

Human nuances

A factor that is both a restraint for customers yet a challenge for marketeers and developers is the human nuances a chatbot can sometimes miss out on. To anthropomorphize which means adding human aspects to a technology is crucial for a chatbot in order to be approachable for its customers and visitors. Some may think a chatbot has a hard time understanding human nuances yet by training it this becomes more and more realizable.

From social media to social messaging

According to business insider the biggest five social messaging apps have surpassed the five biggest social media apps. Chatbots are thus automatically attractive for your customers since they already use the platforms you can integrate your chatbot on. Besides that, the user rates of messaging apps are also larger than the user rates of mobile apps. Messaging apps seem to be recently taking the lead on size, retention and user rates.

A challenge in awareness

Limited knowledge about the benefits of chatbots and AI powered technologies may be a challenge for spreading the technology globally. While in Europe the knowledge is growing steadily and spreading in a rapid paste, the knowledge in third world countries is of course lagging behind. Yet the European countries are on top of their game together with south-eastern Asia, which is the biggest investor in chatbots.

The chatbot market is currently at worth of 2.6 billion US dollars. The estimations of 2024 are more attractive than ever since the worth is expected to grow to 9.4 billion US dollars. Businesses have never seen a more attractive moment to invest in the market of AI and chatbots. With Watermelon’s all-in-one conversational platform, you stay ahead on the trend. Join the winning team in customer service with Watermelon.

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