Conversational AI Report: 2020

Surbo
Insights

Since the advent of Conversational AI, it has been a major success & in demand from almost all sorts of businesses across the globe. During the pandemic, the concept has been a blessing for businesses that had to work remotely & still managed to engage & sell products. Statistics show that there has been a shift in user preference from speaking to the customer care executive to chatting with them & get their query resolved at ease. This is where the concept of Conversational AI has tasted a lot of success across the globe & adoption rate has seen a J-curve even for automating Organisational processes internally.

A team at ValueFirst recently consolidated an insightful Conversational AI report collecting impactful statistics & a blend of their own expertise in the domain. The report speaks about the global trends related to conversational AI, elaborates on a deep understanding of the 3Cs (Conversational marketing, Conversational commerce, & Conversational contact center), technological advancements & future trends.

Here are some of the most interesting pointers that suggest that conversational AI is indeed the x-factor in modern-day communication:
• The Global chatbot market is more than $ 2.7Billion currently & is expected to reach $ 9.4Billion by 2024.
• By 2020, 80% of enterprises will look to use chatbots.
• USA, India, Germany, the UK, and Brazil are the top 5 Chatbot using countries.
• The chatbot market’s growth will accelerate even more in the 2016-2023 period.
• 56% of companies say conversational bots are driving disruption in their industry, and 43% report their competitors are already implementing the technology.
• 80% of consumers who have engaged with a chatbot report it as a positive customer experience
• The Beauty of Conversational AI is in its scalable use. Starting small, the solutions can be scaled and molded at any time & the higher it scales, the cheaper it gets.
• 57% of businesses claimed that chatbot delivers a large Return on Investment on minimal investment.
• Retail sales from chatbot-based interactions are forecast to almost double every year to $112 billion by 2023
• Healthcare chatbot interactions to reach 2.8 billion by 2023, as conversational AI becomes the future of healthcare
• In 2022, the banking industry could see the success rate of bot interactions reach over 90%.
• 88% of users are more likely to respond to a digital advertisement in their local language as compared to English.
• 91 % of shoppers want businesses to have stores on WhatsApp or other messaging platforms.
• 84% of the people want to be able to make a general inquiry via messaging.
• AI-derived business is projected to be valued at $3.9 trillion by 2022
• Chatbot automation translates to $23 billion in savings from annual salaries.
• Retail, banking, and healthcare will realize cost savings of $11 billion annually by 2023, up from an estimated $6 billion in 2018 because of chatbots.
• Chatbots are projected to save 2.5 billion hours for businesses and consumers from chatbots by 2023
• Chatbots are projected to save $0.70 per customer interaction
• People from 195 countries use online chat to start conversations on business websites.
• 75% to 90% Projected percentage of queries to be handled by bots by 2022.
• 70% of chatbots accessed will be retail-based by 2023
• 66% of Millennials versus 58% of Baby Boomers consider 24-hour service as the top benefit of using chatbots.
• 54% of customers say companies need to transform how they engage with them.

If you find this interesting & insightful, please read the full report: https://bit.ly/3d0weGo