Chatbots are convenient for providing customer service and support 24 hours a day, 7 days a week. They also free up phone lines and are far less expensive over the long run than hiring people to perform support. Using AI and natural language processing, chatbots are becoming better at understanding what customers want and providing the help they need. Companies also like chatbots because they can collect data about customer queries, response times, satisfaction, and so on. Many are deployed on chatbot platforms such as Facebook Messenger, WhatsApp, WeChat, Slack, or text messages. Facebook's expansion with Facebook Messenger has been giving businesses the opportunity to better reach their target audience through different APIs, and chatbots are becoming a necessity in certain industries.

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Despite the complexity of AI, machine learning (ML), and natural language processing (NLP), used to pick content and context from conversations with users, there are a number of platforms and solutions available to build a sophisticated chatbot. The ease and accessibility to build a customizable bot alongside the increased usage of messaging apps only proves the growth and strength that will push the chatbot industry forward. As the industry matures, the underlying AI technology continues to develop and grow more sophisticated.

Chatbot Market Stats: Size & Growth

As chatbots continue to reduce operating costs for enterprises, the market size will likely continue to swell. Chatbot marketing, payments, processing, and service are different segments chatbots can work in—but when it comes to chatbot revenue, service has a majority of the market share.

By 2024, Insider Intelligence predicts that consumer retail spend via chatbots worldwide will reach $142 billion—up from just $2.8 billion in 2019.

Today, consumers are demanding round-the-clock service for assistance in areas ranging from banking and finance, to health and wellness. As a result, companies are rapidly looking to develop chatbots and virtual assistants to answer questions customers may have at any time of day.