Description
Artificial Intelligence (AI) enabled chatbots are taking Customer Relationship Management (CRM) to a new level as business-to-business, business-to-consumer, and consumer-to-business communications is both automated and improved by way of push and pull of the right information at the right time. Chatbots also provide benefits to customers as both existing clients and prospects enjoy the freedom to interact on their own terms. Our research indicates that over 50% of customer queries may 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. For example, AI enabled voice chat, also known as conversational AI, provides a completely human-like experience and will completely replace human-based CRM in some industries.
Based on our primary and exclusive research into prepaid wireless service provider customer care, the author believes that prepaid wireless service providers (and some post-paid service MVNOs) will be the likely first and best target service areas for AI-based CRM. More specifically, carriers will look beyond AI based chatbots and other online CRM automation tools towards conversational AI, which will become very important for both cost reduction and customer satisfaction. This is because conversational AI will provide the best combination of human-like interaction, but with the full knowledge base of carrier service information.
Next generation chatbots will leverage hybrid voice and text solutions to provide an increasingly seamless and human-like communications experience. Conversational AI is continuing to evolve, eventually anticipated to provide a near perfect replacement for human CRM interaction, with fewer errors, and improved opportunities for product and service upsell to consumers as well as greater overall satisfaction.
This research provides an in-depth assessment of the chatbots market including global, regional, and country forecasts, by industry, application, and business model. The report also includes market sizing by Type (Text, Voice, and Hybrid), Use Case, Deployment Type, Value Chain Component, Market Segment (Consumer, Enterprise, Industrial, Government), Industry Vertical for years 2020 through 2025.
The report provides an analysis of the chatbot market across industry verticals with use cases in diverse sectors. It also provides an analysis of chatbot companies including their strategic initiatives, solutions, applications, and services. The report provides an assessment of emerging AI-based chatbot business models and associated economic impact on labor, investments, and ROI. It also evaluates the current state of chatbot developments and the role of machine learning and AI other technologies such as conversational AI.
