The Future of Chatbots in 2022 and Beyond

The Future of Chatbots in 2022 and Beyond

Chatbots were quite popular even before 2020, but the immense growth in the chatbot industry is at its peak reported after 2020. They’re now shifting from option to necessity for business. The automated process is considered a more highly connected, information-dense world. An American computer scientist Fei-Fei Li has quoted that “As a technologist, I see how AI and the fourth industrial revolution will impact every aspect of people’s lives.” Many brands globally rely on AI chatbots for their 24/7 customer support, increasing sales, sending related updates, and recommending products.

Let’s take an insight on stats that predict and show how AI Chatbot will accelerate future growth

The chatbot will become the primary channel for marketing conversations According to CNBC 75-90% of queries are projected to be handled by bots by 2024.

The expected growth by 2025 While the global AI market was worth $4.8 billion in 2017, it’s going to increase almost twenty times by 2025 as it reaches almost $90 billion.

Chatbots can cut operational costs by up to 30%.

By 2022, chatbots and NLP will save companies about $8 billion per year in customer support costs.

Chatbot continue to manage the meaningful relationship According to Salesforce, 69% of consumers prefer to use chatbots for the speed at which they can communicate with a brand.

Conclusion In the upcoming years, chatbots will become even smarter and more capable. Chatbots will act more of like humans, they will predict human behaviour and respond accordingly. NLP helps in deep learning by understanding the context of communication. The Voice Bot nurtures the service more efficiently. The functionalities and adoption increment of chatbots raise the customer retention rate, which encourages the positive impact of AI services everywhere.