The market for intelligent virtual assistants was valued at $3.44 billion in 2019 and is projected to reach $44.25 billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027, according to a study by Allied Market Research.
Chatbots and voice-enabled assistants are utilized in a variety of industries and use cases due to the quick digitization of business, the increase in smart device penetration, the increased need for automation in customer services, as well as the changing employee expectations.
Intelligent virtual assistants (IVA) have completely changed the way people do business. They can now do everything from information searches to booking reservations at restaurants and hotels to listening to music and shopping for products. They can also answer customer questions and handle routine HR and IT tasks while providing personalized alerts and recommendations.
Microsoft Cortana, Google Home, Apple Siri, and Amazon Alexa are just a few of the AI-enabled chatbots and voice assistants that are available today. They are integrated into every platform and gadget, including websites, social networking apps, smartphones, portable speakers, smartwatches, and tablets. In order to survive and prosper in the market, companies must embrace this shift.
Challenges Facing Customers And Staff
- Having to repeat themselves to various support representatives most frustrates 33% of respondents.
- Long hold times and wait times are considered to be the most annoying aspects of a service experience by 60% of clients.
- A negative experience causes 30% of customers to never use a brand again.
- The typical business professional uses four different programmes on a daily basis.
- Over three hours a day are spent by workers on chores that could be automated.
- Because of poor user experiences, 70 to 80 percent of business intelligence initiatives fail.
- An employee’s ability to quickly obtain HR information, such as maternity leave or other corporate policies, is valuable, according to 99% of poll respondents.
Statistics on the use of chatbots
- 3 out of 5 millennials have used chatbots at some point in their lives, according to statistics on chatbot adoption.
- On Messenger, there are more than 300,000 active bots.
- On Facebook Messenger, there are almost 7 billion talks every day. Emails are opened less frequently than messages, which have a 30–40% CTR.
- Teams who employ chatbots to automate discussions have a 27% higher chance of exceeding customers’ increasing expectations.
Chatbot statistics for customer service:
- By 2023, 30% of customer service firms will use AI-enabled process orchestration and continuous intelligence to deliver proactive client services.
- Customer engagement encounters that are proactive will outweigh those that are reactive by 2025.
- By 2023, digital and web-based channels will provide more than 60% of all customer support interactions, up from 23% in 2019.
- By integrating AI into their multichannel customer engagement platforms by 2025, customer service firms will increase operational efficiency by 25%.
- Cost reductions from chatbot discussions will total $8 billion by 2022.
- 25% of client contacts by 2023 will be voice-based.
Employee Chatbot Statistics:
- 6.2 billion hours of worker productivity will be recovered by artificial intelligence globally in 2021, according to employee chatbot statistics.
- 70% of white-collar workers will engage in everyday conversational platform interaction by 2022.
- Support managers that employ chatbots with their teams are 30% more likely to see an improvement in customer satisfaction and 60% more likely to report faster resolution times.
- RPA chatbots are being used by businesses to automate a variety of repetitive jobs and back-office operations in HR, IT, and other areas. In 2022, spending on RPA software will reach $2.4 billion.
- Chatbots will be crucial in the future for guiding employees toward locating the information they require, according to 92% of HR teams.
How can kAIron assist?
Enterprises can quickly build and deploy chatbots for a variety of use cases, including customer service, contact center assistance, business intelligence, and HR, thanks to minimum coding requirements and a visual design interface. Our bots make the most of Microsoft’s AI, machine learning, and natural language processing capabilities to comprehend customer requests, recall context from previous discussions, and offer the appropriate level of support.
With support for several languages including French, German, English, etc., businesses may also appeal to a global client and employee audience.