Chatbot Market: Customer Service Applications To Accelerate Business Growth

23-Jul-2018 | Zion Market Research

Rapidly changing business demands has necessitated the need for technological innovations, thereby resulting in the launching of new technologies such as AI. Today, firms are required to adapt to such changing technologies in order to sustain the tough competition and expand their business. The applications of computer-generated programs such as Chatbots are likely to help the organizations increase their operational efficiency.

Chatbots, which use AI to carry out interactions with the customers, can assist the online consumers aptly choose products & services that fulfill their demands. This new technology has the ability to answer frequently asked customer queries and offers effective after-sales service to its customers, thereby proving to be an effective CRM tool.

A study has found that nearly 40% of large organizations make use of the Chatbots. According to the researchers, approximately 46% from among these firms stated that they used Chatbots as natural language processing (NLP) tool for voice to text dictation.  Nearly 14% claimed that they utilized the technology as an effective customer service tool, while 10% from among the giant entities proclaimed Chatbots’ use for data analytics.

Escalating need for reducing customer waiting periods and offer them 24/7 service is likely to drive chatbot market trends over the coming years. Experts predict that the new product will not only help organizations brand their products & services, but will also help their business flourish by proposing new strategies & tactics. However, lack of awareness regarding the Chatbot services is likely to inhibit the growth of Chatbot market.

Etiqa, a leading online insurance firm of Singapore, has introduced its first chatbot referred as Trix for enhancing the buying experience of its insurance purchasers. Reportedly, the firm is making its insurance services available to the end-users via Google Assistant. People familiar with the new development have claimed that the chatbot will help in proficiently addressing the real-time requirements of the consumers through intuitive & personalized interactions with them.  

Browse Research Report for more Insights:https://www.zionmarketresearch.com/report/chatbot-market

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