Global $3 Billion AI-Based Chatbot Industry Outlook Is Strong
Market research firm Mind Commerce expects that by 2025, the global artificial intelligence-enabled chatbot market will exceed $3 billion, the hybrid voice and text chatbot market will reach $534 million, and the market for conversational AI in telemarketing will reach $169.8 million.
In a new report, the firm maintained that conversational AI—also known as AI-enabled voice chat—will revolutionize CRM, providing a human-like experience that will completely replace human-based CRM in some industries.
Such technology, it said, will greatly improve telemarketing efficiency, but at the same time, it will become a major robocall issue.
AI-based chatbots, in the meantime, are poised to become the norm by 2025 as contact centers increase automation, it said.
AI chatbots are improving business-to-business, business-to-consumer, and consumer-to-business communications by allowing for the push and pull of the right information at the right time. Chatbots also provide benefits to customers, letting them interact on their own terms.
The research also found that that more than half of all customer queries could be managed today via AI-based chatbots.
"As the interface between humans and computers evolves from an operational interface (websites and traditional apps) to an increasingly more conversational interface, expectations about how humans communicate, consume content, use apps, and engage in commerce will change dramatically. This transformation is poised to impact virtually every aspect of marketing and sales operations for every industry vertical," the report stated.
The researchers expect prepaid wireless service provider customer care to be the first and best target for AI-based CRM. More specifically, carriers will look beyond AI-based chatbots and other online CRM automation tools toward conversational AI, which will become very important for both cost reduction and customer satisfaction. Conversational AI, they believe, will provide the best combination of human-like interaction and the full knowledge base of carrier service information.
Next-generation chatbots, they also contend, will leverage hybrid voice and text solutions to provide more seamless and human-like interactions, with fewer errors, improved opportunities for product and service upsell, and greater overall satisfaction.