Chatbots and their Rise
Types of Chatbots
Declarative chatbot
The dialog exchange is a scripted interaction between a company and its clients. They serve the same purpose as a FAQ page, only in an interactive format, by providing answers to the most commonly asked questions (FAQs) regarding a company’s products, services and personnel. Regular activities like requesting information, recording answers, etc., are likewise within their capabilities. The most common type found is the declarative bot.
Hybrid chatbot
A hybrid chatbot combines its functionality with human interaction. It will initiate an automatic chat conversation and attempt to resolve the user’s request as quickly and simply as possible. If it does not function as expected, a customer service representative can mediate at any moment or in the subject matter area where they are unable to solve the query.
Market Stats: Size & Growth
Increasing our perceptivity and making things easier, is the number one achievement of these types of bots. Large corporation such as- Amazon, Google and Apple, by launching their voice-recognition bots named- Alexa, Google assistant and Siri, have already made a leap in this industry.
From deciding the trades done on wall street to analyzing which ads are more likely to be clicked upon by users, they have led to increase efficiencies for both consumers and businesses.
They have several potential uses beyond simply producing money for their creators, including but not limited to the collection of data, the creation of leads and the promotion of a company’s brand.
TAM of Chatbot Sector
Current market in revenue
$832.6 million
CAGR
25.85%
Consumer And Chatbot Stats
A recent survey gave us the information that age group of 18-34, engage with chatbots almost frequently whereas age group of 35-54 do it occasionally. Age group of 55+ don’t actually like engaging with them.
As we can see that the usage of these is higher among males than females, with approximately 56% of males reported using them compared to 44% of females.
As we can see that males are 35% more likely to engage with types like:- voice- based, AI, etc., in comparison to females who are on 25% likely to engage.
Chatbot Applications
Chatbots have been with us since the 1900s and they’re here to stay. Below we’ll be discussing about various industries and how they plan to integrate them into various segments of their businesses. These are their 2 year traction plan.
Rise of Chatbots - Ruskin Felix Consulting LLC
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