Few years ago, when a person opened a company’s website, it was common to chat with a customer care executive. Today, things have changed. It is highly possible that when someone logs into a website, h/she will be prodded by a chatbot asking if they need help. It does not end here. Chatbots have evolved in the past few years, and are useful in handling functions beyond customer care. These aspects show promise for growth in the global chatbot market.
A chatbot is a computer application or artificial intelligence that indulges in conversation with the user via text or audio. They are highly useful to tackle redundant business operations, helping manage work efficiently.
Rise in Adoption of Automation Invokes Demand
Business and companies across the globe are swiftly migrating to automation to reduce cost and improve efficiency. As automation gains prominence, the need for chatbots will also gain traction. It would be fine if chatbots are accorded as automation. This adds significance to the global chatbot market.
The pimary role of chatbots is to take care of common issues and repeated business processes. A computer program with the right inputs can easily manage these tasks efficiently. Thus, the global chatbots market is predicted to grow at a substantial rate in the future.
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Booming E-Commerce Favors Growth
The global chatbot market is highly influenced by the performance of e-commerce market. A large number of e-commerce websites use chatbots to attend to queries of customers. For instance, issues like delivery, payment, reimbursement, product quality, service quality, and more can be addressed to an extent by a chatbot. This way, customers are able to get to the exact issue quickly and helps the company reduce the time of grievance redressal. This is a key factor for growth in the global chatbot market.
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Sales and HR are Prominent Applications for Chatbots
With advancing research, it has been established that chatbots are highly useful in improving sales and HR functions. In sales, they can help professionals maintain records of clients and can be available at a click whenever needed. This is a notable trend in the global chatbot market.
In HR, chatbots helps simplify elaborate processes like hunting candidates, scrutinizing them, and organizing interviews. Further, they can also manage redundant queries from employees regarding leaves, policies, salary, and other perks. As a result, this will drive growth in the global chatbot market.