2021 looks bright for both business firms and chatbots for big things are in store for the chatbot service industry. As chatbots continue to dominate the eCommerce, food service, real estate, banking & finance, travel & hospitality, and healthcare sectors with tremendous impact on customer service, marketing, and sales, here are 5 predictions to look out for and make the most of this year:
#1: By 2021, more than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development. (Gartner)
Aside from being relatively cheaper, chatbots prove to be more convenient, accessible, and streamlined than apps. Anyone on a messaging app such as Messenger and Viber can use a chatbot and get information or avail of a service instantly. With well-known local (Huawei and McDonald’s Philippines) and international brands (Marriott International, UBank, etc.) already in the game, it’s only a matter of time before your competitors beat you to it.
#2: Chatbots will experience exponential market growth throughout the forecast period of 2016-2023. (Creedence Research)
According to the report, the ongoing enhancement of chatbot capabilities is what compelled and will keep driving enterprises in adopting chatbot technology into their operations and strategy, while the popularity of online channels and the need to improve customer relationship through customer engagement will contribute to the anticipated exponential growth of chatbots until 2023.
#3: Companies will save $8 billion by 2022 through the use of chatbots, particularly in the banking and healthcare industries. (Juniper Research)
Chatbots in banking and healthcare will be able to deliver $8 billion in cost savings by reducing the average time a customer makes an inquiry down to 4 minutes, as compared to when a call center handles the inquiry. Juniper Research also predicts the success rate of bot interactions for banking growing from 20% last 2017 to a whopping 93% in 2022.
#4: 47% of organizations are expected to implement chatbots for customer support services. (Linchpin)
Chatbots can understand and answer inquiries and concerns through natural language processing (NLP) and provide 24/7 assistance, which makes them the best at delivering excellent customer service so it’s no wonder that more chatbots will take over the customer support of more businesses this year.
#5: 85% of customer interactions will be handled without human agents by 2021. (Gartner)
Even before COVID-19 happened, it has already been predicted that customers will rely heavily on chatbot support to communicate and transact with businesses, and now that online is our primary mode of communication, chatbots will become even more crucial in the new normal setup.
The future is here and now, and it’s yours for the taking. Book a bot demo today and see how a chatbot can grow your business tomorrow!
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