Chatbot Market Size, Emerging Technologies, Comprehensive Research Study

Jonytoal19 Apr, 2024Business

Research firm MarketsandMarkets expects the worldwide chatbot market to grow from $5.4 billion today to $15.5 billion by 2028 at a compound annual rate of 23.3 percent. The firm expects contact centers to hold the largest market share during the forecast period, noting that chatbots can handle many routine customer inquiries and free up human agents to deal with more complex issues. Chatbots, it said further, can handle the initial screening of customer inquiries, such as verifying account information or determining the nature of the customer's issue; handle frequently asked questions, such as billing inquiries, account changes, and product information; and provide 24/7 customer support.