Chatbots revolutionized 2020 and will continue to do so in 2021 and beyond.
Feb 04 • 4 min read
"Hey, I'm your friendly bot! I'm right here if you need any help."
Heard it before?
Chatbots are everywhere - across industries, websites, applications- ready to assist a user, comfort them with quick solutions, guide them when stuck, nudge them to complete the transaction, basically help the user perform actions either via chat or speech.
Chatbots can be rule-based or powered by conversational AI
Rule-based chatbots are programmed to take definitive actions based on the keywords. They are static and are used to perform simple tasks of guiding a user in a specific direction.
Conversational AI chatbots use machine learning, natural language processing and other sophisticated AI technologies to understand the context of the communication between the user and the bot. Every interaction helps the bot to learn and find ways to serve the user better.
The new normal is changing the way we interact
Face-to-face interaction is a thing of the past. Phone calls are not very appreciable by people. Social media platforms are the preferred communication channel that people use to engage with brands. Moreover, businesses across industries are going a step further to be there for their customers any time of the day, offering them swift interaction with chatbots and voice assistants.
As technology is evolving, businesses are progressing, and so is customer behaviour. Nowadays, customers want only the best, and they want it now, and chatbots and voice assistants are the tools enabling businesses to meet customer expectations.
With the start of the new year and looking at 2020 trends, it will not be wrong to say that chatbots and voice assistants will rule 2021.
Key Chatbot Statistics To Know In 2021
Bots play an essential role in enhancing the customer experience. The chatbot statistics and trends show more and more industries are now integrating chatbots and voice assistants into their business processes.
Chatbot Statistics For Businesses
1. By 2024, the global chatbot market will reach a value of $1.3 billion.. (Global Market Insights)
2. By 2023, chatbots are projected to save 2.5 billion hours for businesses and consumers. (Juniper Research)
3. By 2022, chatbots will generate over $8 billion in global savings. (Juniper Research)
4. By 2022, banks could automate up to 90% of their interactions with chatbots. (Foye)
5. By 2021, $4.5 billion is expected to be invested in enterprise intelligent assistants. (Opus Research)
6. By 2021, 80% of businesses are projected to integrate some form of chatbot system. (Outgrow)
7. By 2021, over 50% of enterprise companies will spend more money each year on chatbots than mobile apps. (Gartner)
8. The industries profiting most from chatbots are finance, healthcare, education, travel, and real estate. (Chatbots Life)
9. There are currently more than 300,000 active chatbots on Facebook's Messenger. (Forbes)
10. The top 5 chatbot using countries are USA, India, Germany, the UK, and Brazil. (Chatbots Life)
11. Chatbots are projected to save $0.70 per customer interaction. (CNBC)
Chatbot Statistics For Users
1. 80% of consumers who have engaged with a chatbot report as a positive customer experience. (Uberall)
2. 69% of consumers prefer to use chatbots for the speed at which they can help communicate with a brand. (Salesforce)
3. Over 50% of customers expect a business to be available 24/7. (Oracle)
4. 35% of consumers want to see more companies using chatbots. (Opus Research)
5. 40% of millennials engage with bots daily. (Mobile Marketer)
6. 35% of consumers would like to see more businesses incorporating chatbots. (Ubisend)
7. 35% of people use chatbots to resolve a complaint or problem, or for getting detailed answers. (Drift)
8. Chatbots are popular among millennials and baby boomers. (Chatbots Magazine)
9. 47% of consumers are open to making a purchase using a chatbot. (HubSpot)
10. 58% of customers say emerging technologies such as chatbots and voice assistants have changed their expectations of companies. (Salesforce)
11. 54% of customers say companies need to transform how they engage with them. (Salesforce)
Chatbots Trends In 2021
Consumers today expect customer service to give them the information quickly, and the lack of it leaves a bad experience, it could even lead to losing a customer. Virtual chatbots help to offer real-time assistance when customers need it. Easy to connect with and communicate, chatbots are becoming the technological bridges between businesses and consumers.
1. Chatbots to be more human-like
2. Voice bots will take the centre stage
3. Chatbots will be integrated for streamlining business processes
4. Customer experience will drive chatbot adoption
5. Chatbots will find a place within apps
6. Chatbots will be more AI-driven
7. Businesses will get more customer insights with chatbots
8. There will be a rise in conversational bots
9. Virtual assistants might take the place of apps
10. Chatbots will automate payments
11. Chatbots will become an integral part of our everyday lives
Future Of Chatbots
For most businesses, having their chatbot was almost unthinkable. But with industries adopting chatbots and customers showing positive sentiments towards this adoption, the use of chatbots in business will evolve in the coming years.