Chatbot use by companies to result in savings of $8 billion annually: Report
From 2016 to 2021 the chatbot industry has been growing at a compound annual growth rate (CAGR) of 35%.
Key highlights:
- Chatbot market size is estimated to grow to $3 billion by 2021
- Over 40,000 chatbots currently exist, across multiple platforms
- Annual savings are expected from chatbot use is expected to be $8 billion
The use of chatbots by companies today to service customer needs and requirements has increased significantly. The chatbot market size is estimated to grow to $3 billion by 2021 from currently $700 million in 2016.
This is as the chatbot market is growing at over 30%, with many companies joining the chatbot innovation wave, said a Haptik report. Over 40,000 chatbots currently exist, across multiple platforms.
From 2016 to 2021 the chatbot industry has been growing at a compound annual growth rate (CAGR) of 35%. It further said that 80% of companies to launch their own chatbot by 2020.
Are 'chatbots' the future of online business?
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