Big things are happening in the chatbot and AI ecosystem starting in 2023 and in the coming years. Since the 2020 pandemic, the use of chatbots has rapidly increased, which helped businesses automate tasks and serve customers more efficiently. Now, post-pandemic, chatbots continue to dominate sectors such as finance, travel, healthcare, and e-commerce. Here’s a definitive guide on the top AI chatbot trends and predictions in 2023:
The Chatbot Market Size Will Grow Over 6 Times Through 2025
Statista predicts that the chatbot market will grow at a rate of 25% and reach around $1.25 billion in value by 2025, over six times the amount of $190.8 million in 2016. This means that the global adoption of chatbots will double in 2023, unlocking more use cases for chatbots and opening up new channels and opportunities for integrations.
Chatbots Will Automate Call Centers and Save $11 Billion in Customer Service Costs
This year, businesses will be able to save over 2.5 billion customer service hours and up to $11 billion in annual costs as forecasted by Juniper Research. This is due to the rise of chatbots in retail, banking, and healthcare sectors as they help businesses reduce the amount of time spent on customer inquiries and cut response times down to a minimum.
Moreover, fully-automated call centers may no longer be a pipe dream as major advancements in AI – especially in the fields of sentiment analysis, natural language processing, and multilingual NLU – will make chatbots more human-like and will drive businesses to opt for automation solutions in 2023.
Retail Will Benefit the Most from Chatbots
Juniper Research has also found that the retail sector will be the one to benefit the most from AI chatbot technology, estimating that over 70% of chatbots will be retail-based in 2023. E-commerce and customer service will be the key use cases while cost savings, upselling, and marketing are the advantages that will urge retailers to implement chatbots and utilize them for e-commerce transactions.
Chatbots Will Make Way for More Seamless Shopping Experiences
With online shopping culture being more rampant, businesses face the challenge of providing customers with a fast, easy, and convenient shopping experience. Chatbots offer the ultimate solution through seamless and personalized transactions driven by guided conversations and intuitive interactions. Improvements in chatbot payment gateway integrations are also expected in the coming years.
Companies Will Leverage Chatbots More for Predicting Customer Behavior
Chatbots can collect customer data ranging from basic personal information to customer activity and produce helpful insights that capture the behavior of customers at every touchpoint. This year, as chatbots become the go-to solution for customer service and e-commerce, more businesses will realize their capacity for customer analytics and use them to engage with and learn more about their customers.
Chatbot Apps Will Increase
Lastly, according to the same study by Juniper Research, there will be more chatbot-enabled apps in 2023, with retailers, financial institutions, and healthcare providers moving on from deploying chatbots in messaging platforms to integrating chatbots into their apps. As the app market gets more and more saturated, organizations will focus on AI-powered workflows and incorporate AI chatbot technology into their business strategy.
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