Few
years ago, when a person opened a company’s website, it was common to
chat with a customer care executive. Today, things have changed. It is
highly possible that when someone logs into a website, h/she will be
prodded by a chatbot asking if they need help. It does not end here.
Chatbots have evolved in the past few years, and are useful in handling
functions beyond customer care. These aspects show promise for growth in
the global chatbot market.
A
chatbot is a computer application or artificial intelligence that
indulges in conversation with the user via text or audio. They are
highly useful to tackle redundant business operations, helping manage
work efficiently.
Rise in Adoption of Automation Invokes Demand
Business
and companies across the globe are swiftly migrating to automation to
reduce cost and improve efficiency. As automation gains prominence, the
need for chatbots will also gain traction. It would be fine if chatbots
are accorded as automation. This adds significance to the global chatbot
market.
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The
primary role of chatbots is to take care of common issues and repeated
business processes. A computer program with the right inputs can easily
manage these tasks efficiently. Thus, the global chatbots market is
predicted to grow at a substantial rate in the future.
Booming E-Commerce Favors Growth
The
global chatbot market is highly influenced by the performance of
e-commerce market. A large number of e-commerce websites use chatbots to
attend to queries of customers. For instance, issues like delivery,
payment, reimbursement, product quality, service quality, and more can
be addressed to an extent by a chatbot. This way, customers are able to
get to the exact issue quickly and helps the company reduce the time of
grievance redressal. This is a key factor for growth in the global
chatbot market.
Sales and HR are Prominent Applications for Chatbots
With
advancing research, it has been established that chatbots are highly
useful in improving sales and HR functions. In sales, they can help
professionals maintain records of clients and can be available at a
click whenever needed. This is a notable trend in the global chatbot
market.
In
HR, chatbots helps simplify elaborate processes like hunting
candidates, scrutinizing them, and organizing interviews. Further, they
can also manage redundant queries from employees regarding leaves,
policies, salary, and other perks. As a result, this will drive growth
in the global chatbot market.
Use in Personal Life to Stoke Growth
One
of the major highlights of chatbots is the recent development of
products by leading tech companies. They are designed to ease personal
routine of people. For instance, one can grab the news of the day, get
weather updates, book movie or flight tickets, find restaurants and
more. They work on voice command, and are highly useful for people. The
rising fascination for such devices among people are stoking growth in
the global chatbot market. Further development in this device will
enable new features and add more applications to their kitty. This will
further augment growth in the global chatbot market.
High End Technological Infrastructure to Influence Growth in North America
U.S.
in North America is known for its well-developed technological
infrastructure. Most parts of the country are connected with internet,
making it easy for people to implement chatbots in their businesses and
personal lives. Further, a large presence of tech giants in the U.S. is
another favorable factor for the the global chatbot market.
Another
region that will remain crucial for the global chatbot market is
Europe. With almost equally developed technological infrastructure,
Europe is considered an important region for players in the global
chatbot market.
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