Original article was published by ChatbotNews on Artificial Intelligence on Medium
Explore How Chatbot Adaptation is Affecting Various Industries Segments
Businesses are integrated chatbot technology in their business to improve their ideal customers’ overall experience and make them feel special all the time. Suppose you haven’t integrated this technology into your business operation. Then there will be nothing wrong with saying that you are losing various opportunities and falling behind in the competitive race.
The chatbot market size is forecasted to reach USD 2.6 billion in 2019 to 9.4 billion by the end 2024, and the CAGR (Compound Annual Growth Rate) is estimated to grow by 29.7% during the period. Key growth factors for chatbot market growth is advancement in technology with rising customer demand for outstanding services and all-time customer assistance at lower operational costs.
The global chatbot market covers major geographic regions, including Asia Pacific (APAC), North America, Middle East, Africa (MEA), Latin America, and Europe. North America is forecasted to hold a considerable market size during the forecasted period, while some of the APAC regions show drastic growth in the market, as it contains more than 50% of the population globally. Moreover, any technological shift heralded by AI is more likely to shape the future of the region.
Many Asian countries like Singapore, China, Japan, etc are leveraging information-intensive AI technologies; an AI-powered chatbot is one of the leading technology trends. Hence many regions and industries are showing great interest in modern technology like a chatbot.
Chatbots: Know How It Is Profiting Top Industries
One of the reports has predicted that more than 80% of businesses will adopt chatbot technology for enhancing their business operations by 2020. And according to another Grand View report, the Chatbot market is expected to jump in less than ten years and is estimated to reach $1.2 billion globally.
Some experts have predicted that the chatbot market will grow more than 24% by its compounded annual growth rate. Therefore businesses who want to leverage competitive benefits have to pay attention to adopting this latest trend for enhancing their business operation.
Many aspects can help your business to build a conversation interface for your business. You need to know what’s the current trend in the market, how it can benefit our business, will your customers prefer it, and much more. Many industries globally are leveraging competitive edges after adopting chatbot technology for their business, let’s explore to know what benefits they gain and how.
Every customer willing to purchase the property has unique requirements. And chatbots help real estate businesses to collect all the information about the requirements of the customers. It can help businesses to provide much better recommendations to the customers. Due to this technology, the manager’s tremendous amount of time is saved as they don’t have to answer all the doubts of the customers each, and everything the chatbot will do everything for them.
Online retailers use chatbot technology to streamline the overall sales process of customers. This technology helps customers search for products on the app developed by app development companies and help them make the payment for the same. It also facilitates customers to track the order in real-time to know where exactly their ordered product or service has reached.
Human Resource Space
Chatbots are undoubtedly digitizing in human resources processes. It is transforming the human resource space slowly, which was dominated by human employees primarily. A recent survey shows HR leaders have identified the potential of AI Chatbots in HR and invested more than 5 billion dollars in HR Tech in 2019 alone. Chatbots play a crucial part when it comes to attracting talent. It helps in turning job seekers from passive candidates into active ones.
Marketing & Advertising Space
Due to higher conversational abilities, chatbots are considered as the best way to interact with employees. All the available traits make AI-powered chatbots a perfect match for marketing and advertising space. Marketing bots are introduced already and used by companies like Bank of America, Pizza Hut, Sephora, and many more. It’s considered one of the cost-effective marketing methods and can be integrated with social media platforms like WhatsApp, Facebook, and many more.
Chatbots allow advertisers to sell their business products or services to a considerable audience that also without investing more penny on various marketing tactics. Potentially, online sales transactions take place through such engaging platforms. With an increase in tech-savvy people, marketing chatbots have also created a massive buzz in the market.
Increased use of chatbot technology has resulted in undertaking customized advertisements and reduction in irrelevant ones. Marketing chatbots provide businesses with genuine customers’ feedback. They can analyze the feedback pattern and help companies to improve their marketing strategies to make their business future proof.
Gartner’s report shows that by 2020, a huge customer base will use chatbot technology. By implementing chatbot technology in the field of customer service can result in cutting down business customer service costs by 30%; most importantly, it creates great efficiency.
Every business owner knows it well that a huge percentage of customers avoid purchasing from the brand once they experience bad service. But with automation, these issues can quickly be resolved. Smart AI chatbots can eliminate the waiting time and offer fantastic service to customers on their demand.
Media and Publishing
CNN launched a chatbot to provide highly personalized services and deliver content for their viewers and readers online. By adding chatbots to Facebook Messenger, users receive notifications tailored to their interests each day. Publishers can leverage technological advancement to engage a broad audience through the customized content related to a spotify clone, modern gadgets, latest launch products/services, etc.
The banking/financial industry is undoubtedly on the brink of disruption by chatbots, as the transactional nature of most banking provides a perfect use case for chatbot interfaces. Chatbots function in the best manner, especially because they are designed to handle a discrete task efficiently. Users can accomplish numerous tasks such as checking balance, transfer money, view the history of recent transactions, find the nearest ATM location, etc by getting their questions answered speeding through the Chatbot.
Staffing and Recruiting Chatbots
Staffing and recruiting chatbots help in finding the right talent and competitive edge for the business. Finding a talented candidate in a limited time frame and budget is one of the biggest challenges for recruiting teams. Bad hires can prove to be more costly for companies, while AI-driven voice assistants help to recruit staff to find the right candidate efficiently.
- Enhance Candidate Experience
- Source Job Profiles
Chatbot technology has become a more scalable and robust one; not a single industry will remain untouched from it. It helps save cost and time to a great extent, which can be utilized at other places.
Restaurant Delivery Business
Restaurant delivery business success completely lies in delighting customers. However, they can do so by integrating AI-powered chatbots into their business, helping them to deliver the best customer experience to food lovers than ever before. Many food industry giants such as KFC, Dominos, Pizza Hut, Starbucks, McDonald’s, and many more have already adopted AI-powered chatbots.
Chatbots provide 24/7 customer support; the ability to integrate the chatbot with social media makes bots a practical choice for businesses. Based on customer behavior, it becomes quite easier for restaurant businesses to study trends and deliver a seamless experience to end-users whenever they demand. Check which service can be offered by chatbots to the customers:
- Reserve tables and place orders
- Track status of orders
- Send personalized discounts
- Build availability on social media platforms.
Summing It Up
Industries like tours & travel, education, healthcare, finance, and many others are also starting to leverage chatbot technology benefits. And if you are thinking of implementing the same for your business, you need to consider various factors like improved technology, lower cost, and growing demand. And due to the growing demand of customers, the design and architecture of chatbot are also inevitably improving. The use of chatbot will pop up in the coming years as customers expect to have improved experience and service from all businesses.
Gaurav Kanabar is the Founder and CEO of Alphanso Tech, an India based IT Consulting company that provides video streaming platform development service and other app development services to individuals as per their specified demand.