A report by Markets and Markets reveals that the chatbots market is set to be worth 3,172.0 It isn't too far fetched, at this point, to claim that bots just may be one of the most popular AI technologies today. However, despite their popularity and increasing awareness around the incredible benefits that chatbots can bring to businesses, there hasn't been nearly as much discussion around what chatbots can actually do for users. So while chatbots are touted as the next big thing across a variety of industries, businesses still do not know them for much beyond their ability to answer their customer's most basic FAQs. Before we delve into incredible new benefits that chatbots can bring to your users, let's first take a step back to understand chatbots and their functionality.
Back in August I shared some thoughts about the current situation of the chatbot industry. I was quite surprised by the amount of interest the post generated. Many readers contacted me in private and shared lots of exciting information from their Chatbot experience. As we are nearing the end of 2017, I would like to make a recap and share my personal opinion regarding how the chatbot industry will evolve in 2018. As I argued in the past, AI technologies are still in its infancy so in 2017 we haven't found any Chatbot that can pass the Turing test yet.
Chatbots are becoming more critical in organizations, from start-ups to huge corporations, where automation is growing increasingly important. In particular, artificial intelligence-based chatbots are simplifying human-to-machine interactions in a variety of fields, including contact centers and digital banking. Automated service is benefitting banks, especially with conversational chatbots, since individuals are prone to making errors and misreadings, or service is delayed and occasionally unpleasant. In contrast, AI chatbots can work around the clock; they also never get ill, bored, unproductive, or take any time off. Using chatbots in the digital banking and healthcare sectors might save more than $8 billion per year by 2022, according to Juniper's research.
Chat-driven programs, used through instant messengers, called chatbots, are a viable solution to enhance the whole business. Chatbots automate customer service through artificial intelligence, leaving the company more time to concentrate on other key business areas. Significant benefits of the method are multiple-languages and good user experiences. There is a lot of good feedback from the chatbot platform built by Kwork Innovations Ltd, and the chatbot is always tailored to suit your business needs.