8 Trends on Chatbots

Alex Castle

28 May 2018

8 Trends on Chatbots

Chatbots are becoming industry-standard, especially with their application as tools to assist customer service organizations. The growth of chatbots in the market is constantly driven by the need to engage seamlessly with customers. This has also paved way for new trends, which are discussed below.

  • Global chatbot market

The value of chatbot market worldwide is predicted to reach $1.23 billion by 2025, with compounded annual growth rate (CAGR) accounting to 24.3%.

  • Chatbots to replace apps

Chatbots can potentially replace apps, taking into account the improving processing power, and improvements in AI which has led to improved abilities in interpreting natural language. Chatbots can surpass apps with convenience as they are cloud-based and require no manual updates.

  • Blended AI

Blended AI is one of the most popular trends in the chatbot realm. Organizations that use AI-powered bots for customer service generally automate first-level queries and rely on live agents for solving complicated issues or if several inaccuracies occur. Organizations conduct this process seamlessly in the background without the users having the knowledge of it.

  • Call deflation

A growing number of enterprises realize the potential of chatbots to save costs. Chatbots can be used as a standardized medium of connecting with businesses as they use rich multimedia and hyperlinks to transfer information.

This, in turn, reduces the complexity of segregating first-level queries for customers. A number of organizations use AI-powered chatbots to resolve first-level query and to deflect calls.

  • Conversational commerce

Going through the hassle of registering accounts and payment security system is one of the biggest reasons for customers to abandon shopping carts. To address this loophole, organizations can deploy chatbots to assist quick purchasing and provide personalized recommendations by researching specific customer requests.

Chatbots can also perform instant identification verification by connecting to customer data to present customers with targeted options.

  • Chatbots to replace the search window

Specialized chatbots in different domains can replace the long list of users’ search result with only the relevant and high priority results. Music search engines such as Spotify retrieve information about songs, ticket prices, and concert dates by using chatbots.

  • Chatbot ecosystem

The existing chatbot ecosystem is robust but despite it, the overall ecosystem is quickly expanding. Some of the most popular platforms for chatbots include third-party chatbots, deployment channels, and enterprises that provide the technology to build native bots and chatbots.

  • Support for chatbots

Tech giants including Microsoft and Facebook have announced that leveraging chatbots is now a long-term strategic initiative for them. Microsoft has announced the Bot Framework while Facebook has announced their interest in bots in Facebook Messenger.

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