Chatbot market size is set to exceed USD 1.34 billion by 2024 - ClickZ

In the trending era of artificial intelligence, chatbot market is witnessing extraordinary growth owing to the prevalence of messaging platforms, virtual assistants, and the efforts of various businesses to deliver prompt customer service. Built using AI and machine learning technologies, today's chatbots are characterized by the ability to respond differently to varied keywords, learn, and adapt their own responses to suit diverse situations. These features have proven to be ideal in leveraging the bots for real-time communications, handling customer enquiries, and other aspects of businesses to optimize overall customer satisfaction, pushing the global chatbot market revenue over USD 250 million in 2017. An undeniable fact regarding AI technology is the prolific speed of its evolution, which in the process is transforming the chatbot industry. From the basic rule-based chatbots programmed to handle uncomplicated customer queries to the cloud-based, advanced self-learning ones that can understand intent and modify their output, chatbots have been extensively adopted in segments such as ecommerce with continuous integration of business data and internal systems.