18 May
The Future of Chatbots: Top statistics to look for in 2021 and beyond
According to a study by Allied Market Research, the global intelligent virtual assistant market was pegged at $3.44 billion in 2019 and is expected to hit $44.25 billion by 2027, registering a CAGR of 37.7% from 2020 to 2027.
Owing to the rapid digitization of business, the rise in the penetration of smart devices, the high demand for automation in customer services coupled with the evolving employee expectations, chatbots and voice-enabled assistants are being used in a wide range of industries and use cases.
From searching for information, finding hotels and restaurants, listening to music, and shopping for products to solving customer queries, carrying out routine HR and IT tasks, and getting personalized alerts and recommendations, intelligent virtual assistants (IVA) have taken the entire business landscape by storm.
Today’s market is filled with AI-enabled chatbots and voice assistants, including Microsoft Cortana, Google Home, Apple Siri, and Amazon Alexa, embedded on every platform and device, such as websites, social media apps, smartphones, portable speakers, smartwatches, and tablets. Indeed, it’s time for organizations to jump on board with this transformation to survive and thrive in the market.
So, if you plan to implement chatbots/virtual assistants for your customers and employees, read on to learn about the latest industry trends and use cases, and top statistics to look out for in 2021.
Customer and employee challenges
- 33% are most frustrated by having to repeat themselves to multiple support reps. (HubSpot Research)
- 60% of customers feel that long holds and wait times are the most frustrating parts of a service experience. (Zendesk)
- 30% of customers will leave a brand and never come back because of a bad experience. (IDC)
- The average business worker uses 4 different applications for daily work.
- Employees spend over 3 hours a day on easily automatable tasks. (Business Standard)
- 70 to 80 percent of business intelligence initiatives end up failing due to bad user experience. (Gartner)
- In a survey, 99% of the respondents said it is valuable for employees to easily find HR information, such as maternity leave or other company policies. (ServiceNow HR Tech Conference and Expo)
Chatbot Adoption Statistics:
- 3 in 5 millennials have used chatbots at least once in their lives. (Outgrow)
- There are more than 300,000 active bots on Messenger. (Review42)
- About 7 billion conversations take place on Facebook Messenger every day. Messages are opened more often than emails, with a 30-40 percent CTR. (G2 Learn Hub)
- Teams that use chatbots to automate conversations are 27% more likely to meet rising customer expectations than those that don’t. (Tech Republic)
Customer Service Chatbot Statistics:
- By 2023, 30% of customer service organizations will deliver proactive customer services by using AI-enabled process orchestration and continuous intelligence. (Gartner)
- By 2025, proactive customer engagement interactions will outnumber reactive customer engagement interactions. (Gartner)
- By 2023, more than 60% of all customer service engagements will be delivered via digital and web-serve channels, up from 23% in 2019. (Gartner)
- By 2025, customer service organizations will elevate operational efficiency by 25% by embedding AI in their multichannel customer engagement platforms. (Gartner)
- Chatbot conversations will deliver $8 billion in cost savings by 2022. (Juniper Research)
- By 2023, 25% of the customer interactions will be via voice. (Gartner)
Employee Chatbot Statistics:
- In 2021, artificial intelligence will recover 6.2 billion hours of worker productivity globally. (Gartner)
- By 2022, 70% of white-collar workers will interact with conversational platforms on a daily basis. (Gartner)
- Support leaders whose teams use chatbots are 60% more likely to report an improvement in resolution times and 30% more likely to report an increase in customer satisfaction than those who do not. (Tech Republic)
- Organizations are increasingly using RPA chatbots to automate diverse, repeatable tasks and back-office operations in HR, IT, etc. RPA software spending will total $2.4 billion in 2022. (Gartner)
- 92% of HR teams agree that chatbots will be important in directing employees toward finding the information they need in the future. (ServiceNow HR Tech Conference and Expo)
- 90% of businesses report faster complaint resolution with chatbots. (MIT)
Chatbot Market Statistics: Outlook in 2021 and beyond
- The global chatbot market in BFSI is projected to reach $2,186 million by 2024, growing at a CAGR of 29.7% from 2018 to 2024. (Allied Market Research)
- The operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019, representing a whopping 862 million hours of time saved for banks. (Juniper Research)
- The retail sector will gain the most from chatbot technology. By 2023, 70% of chatbots accessed will be retail-based. (Juniper Research)
- The smart speaker market segment will grow at a CAGR of 40.3% until 2027. (Allied Market Research)
- Voice shopping is estimated to hit $40+ billion across the U.S. and U.K. by 2022. (Tech Crunch)
- By 2021, early adopters of the technology who have redesigned their websites to support voice search capability will increase revenue by 30%.
- By 2024, consumer retail spend via chatbots worldwide will reach $142 billion – up from just $2.8 billion in 2019. (Insider Intelligence)
- The Healthcare chatbots market is poised to value over $340 million by 2027 end with a CAGR of over 20.5% during the forecast period 2020 to 2027. (Future Wise)
- AI may automate more than 100,000 supportive roles in the legal sector within the next two decades. (Deloitte)
- 85% of travelers book travel activities via mobile. (Hotel Tech)
- 87% of users would interact with a travel chatbot if it could save them both time and money. (Hospitality Technology)
How can Acuvate help?
At Acuvate, we help clients deploy AI-enabled chatbots and virtual assistants with our enterprise bot-building platform called BotCore.
With minimalistic coding requirements and a visual design interface, enterprises can build and deploy chatbots for a wide range of use cases, including HR, IT, intranet, business intelligence, customer service, and contact center support, within a few weeks. Our bots leverage the best of Microsoft’s AI, machine learning, and natural language processing technology to understand what the user wants, learn from past conversations, retain context, and provide proper support.
Moreover, BotCore allows organizations to create an intelligent virtual assistant network by connecting multiple bots within your enterprise, supporting third-party app integration, and enabling built-in support for Power Virtual Agents, LUIS, and QnA Maker.
Enterprises can also cater to a global customer and employee audience with support for multiple languages like French, German, English, etc.
To know more about BotCore, please feel free to schedule a personalized consultation with our experts.
Abhishek is the AI & Automation Practice Head at Acuvate and brings with him 17+ years of strong expertise across the Microsoft stack. He has consulted with clients globally to provide solutions on technologies such as Cognitive Services, Azure, RPA, SharePoint & Office 365. He has worked with clients across multiple industry domains including Retail & FMCG, Government, BFSI, Manufacturing and Telecom.
Abhishek Shanbhag