Chatbots are the clever little software programs that are changing the face of digital customer service; taking on the previously human-only role of answering questions, guiding navigation, and soothing service issues via familiar chat platforms across a myriad of devices. Not quite AI, but wholly representative of the machine learning age we are heading into, chatbots are only going to get more sophisticated in the coming years. Here we are going to take a look at how chatbot technology might evolve over the next five years:
In the not so distant future, we will almost all have interacted with a chatbot (knowingly or otherwise) at some point as a wide variety of industries start to integrate chatbots into their customer service strategies. Gartner has reported that we can expect to see as many as 85% of all digital customer service interactions being handled by non-human representatives.
Chatbots don’t complain about doing the night-shift and are more than happy to deal with thousands of customer inquiries concurrently, so it’s easy to see why organizations will be investing more time and money into chatbot technology going forward.
We only have to glance at our own Google Analytics reports and look at the usage statistics to see that roughly 50% of all web traffic is coming via a mobile device; informing the design and marketing strategies of web and app development to ensure that potential customers receive an excellent user experience. What’s even more surprising is that Gartner also reports that companies are predicted to spend more money on chatbot development than they are on mobile apps in 2021.
In a separate report from Juniper Research, we can expect to see upwards of $8 billion in savings from chatbot use by 2022. Reducing the time and cost involved in employing human customer service representatives while additionally freeing up existing staff to get on with their core tasks makes chatbot use an extremely efficient cost-saving tool. As we identify more opportunities and deepen our understanding about how chatbots can increase your leads, we’ll find even more ways to make savings with chatbots.
Juniper also predicts that by 2023, the combined time saving for businesses and consumers by chatbot use could be as much as 2.5 billion hours. For all our human skills we are still not able to multitask as efficiently as a chatbot when it comes to customer services. Chatbots are not limited to a single conversation and can efficiently deal with many thousands of visitors at the same time. Consumers will equally save precious time by being able to access information, answers and solve issues far quicker without having to queue up for a human rep.
By 2024 we may see a whopping overall global market size of $1.2 billion for chatbots reports Global Market Insights. As their popularity increases, money and time continues to be saved and even more sophisticated chatbots start to open up new opportunities and uses we can’t imagine this industry slowing down anytime soon.