Machine learning is the technology behind the development of chatbots which involves:
- A computer program that learns and evolves
- Natural language processing (NLP) to mimic human-generated text and language
Before the advent of the internet, face-to-face meetings and phone calls dominated the communication landscape. Years later, online forms, mobile apps, social media, and emails have taken over as modern forms of communication.
A multitude of industries employ chatbots that help visitors navigate through a website or answer their questions. Given the highly competitive market, customers have increased expectations from brands.
Incorporating chatbots help meet those expectations. Also, AI is constantly evolving, which means that chatbots will become more sophisticated in the future. Hence, we will discuss AI chatbot trends in 2021 that you should consider adopting in your strategy.
Let’s brush up on your knowledge of chatbot statistics 2021.
Key Chatbot Statistics
Before going into the chatbot statistics for 2021 and beyond, it’s essential to look at the state of the conversational AI market overall.
Conversational AI Market
Research suggests that the spending on will surpass $77 Bn by 2022. The forecast for 2019 was $35.8 Bn, which means that it will likely double by next year. A third of that spending will be incurred on software.
Besides, a significant chunk of software spending will go towards AI applications such as chatbots and personal assistants (nearly $14.1 billion).
Apart from that, the market is anticipated to experience a stellar growth at 30.5% CAGR (compound annual growth rate) between 2017-2022. In terms of market size, North America leads the global conversational AI market.
However, when it comes to CAGR, Asia Pacific (APAC) will experience the fastest growth during the forecast period. Besides, the adoption of conversational AI software is widespread in North America.
An increasing government spending, large number of chatbot companies, and rising investments in artificial intelligence and machine learning are responsible for the adoption.
Chatbot Forecasts & Predictions
Listed below are key chatbot forecasts and predictions, divided by year:
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