Eleviant is to Elevate & Scale. Eleviant Tech symbolizes business transformation and reinforces our mission to help clients elevate and scale their business.
20 Chatbot Statistics You Need to Know for 2020
Artificial Intelligence is a hot topic in today’s marketplace. A.I. is integrated into our homes, our vehicles, the stores we visit, and even in the devices we use every day. Trending in the A.I. space are chatbots—communication assistants helping you with your messaging needs. Siri, Alexa, Watson, Vchat. Your chatbots have names and can do some amazing things.
In business, companies are always looking to create custom chatbots to help service their employees, customers, and prospects in some capacity. Now in 2020, the maturity of chatbot technology brings new insight into some powerful capabilities in the workforce. Here are 20 chatbot statistics to know for the year.
Key Chatbot Statistics to Know in 2020
- The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 29.7% during the forecast period. (Business Insider)
- The cloud deployment model will experience a growth rate of above 35% owing to the rapid adoption of cloud-based platforms, enabling users to easily configure chatbots. (Global Market Insights)
Statistics About Chatbot Users
- 40% of millennials claim to engage with bots on a daily basis (3Cinteractive)
- 27% of consumers were unsure if the last customer support interaction they had was with a real person or a chatbot (PwC)
- Around 40 percent of U.S.-based consumers state that they have used chatbots to engage with the retail industry. (Statista)
- Millennials are about twice as likely to use a chatbot that acts as a personal shopper compared to age groups older than them (Facebook)
- Globally, 48% of respondents said they preferred a chatbot that solved their issue over a chatbot that had a personality. (Business Insider)
- 86% of customers believe there should be an escalate to agent option when talking to a chatbot. (Aspect Consumer Experience Index)
- 63% of people are willing to trust chatbots with sensitive information. (Mindshare)
- 37% of American internet users would use a chatbot in case of an emergency (Survey Monkey Audience)
Statistics for Business Leaders
- 57 percent [of CIO/CTOs] agree that conversational bots can deliver a large return on investment for minimal effort (Accenture)
- Chatbot conversations are to deliver $8B in cost savings by 2022. (Juniper)
- By 2021, more than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development. (Gartner)
- MIT Technology Review Insights: 90% of businesses experience quicker complaint resolution after using chatbots (MIT)
- 58% of B2B companies use a chatbot on their website, as compared to 42% on B2C websites (Relay)
- The #1 department supported by businesses who use chatbot technology is IT, at 53% of organizations (Spiceworks)
- Chatbots are used by 24% of enterprises, and 15% for mid-sized and small businesses. (Spiceworks)
Statistics for Industries
- $0.70 is the average cost saved per chatbot interaction in 2022 for messaging-based banking chatbots. (Juniper)
- 56% of companies say conversational bots are driving disruption in their industry, and 43% report their competitors are already implementing the technology. (Accenture)
- 4 minutes is the average time saving per chatbot enquiry when compared with traditional call centers.
Bots are here to stay. Businesses are adopting them into their communication channels to augment existing employee duties as virtual assistants in customer service, sales, marketing, and even HR roles. With incredible cost savings for the company implementing chatbots in its pipeline, the end-user is now having an even harder time telling the difference between bots and human agents thanks to the ever-increasing power of artificial intelligence and machine learning.
Besides the variety of use cases and breadth of industries chatbot technology is touching, bots are integrating with existing software and hardware infrastructure to be available 24/7 in your pocket and on the go. It’s truly an amazing time to be alive and harness such tools at our fingertips.