![]() ![]() The vast possibilities in the market are underscored by the projection that it will expand at CAGR of 31.3% during 2020 – 2027.ĪI-based Chatbots Assisting Humans to Offer Convenience and Service In particular, e-commerce companies have been harnessing the chatbot technologies to make first-point contact. In the recent times of Covid-9, use of digital services to connect with customers and consumers are no more an option but have become more of a necessity, and businesses across the world are taking this to new level. The market effects of these trends have been stark in the e-commerce and insurance sector. ![]() ![]() All these trends have infused massive latent opportunities for technology companies in the chatbot market. A growing number of customers-more than half-prefer using messaging apps, and at least half of them would prefer making a purchase through messaging apps. Thus, the ubiquity of mobile devices presents a massive avenue for small and medium-scale enterprises to address customer queries swiftly, proactively, and cost-effectiveness. The use of smartphones continue to proliferate in emerging economies. Over the years, countries in developed as well as the developing world have seen the pervasive use of mobile devices. The level of customer experience that chatbots have delivered through mobile messaging apps is a compelling proposition. Programs incorporating cutting-edge natural-language processing (NLP) and machine learning (ML) have opened the chatbot market to new opportunities waiting to be explored. Messaging platforms powered by chatbot have risen in popularity for various customer reach programs. The swelling consumer proposition of mobile messaging apps for connecting with customers has been fueling the adoption of new technologies. Ubiquity of Mobile Devices Key Anchor for Small and Medium Enterprises ![]()
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