Customer Experience

Chatbots Marketplace to be worth $3,172 million by 2021

The smart advisors/chatbot marketplace will grow by 2021 to $ 3,172 million in value from $ 703 million in 2016, based on MarketsandMarkets.

This represents a compound annual growth rate of 35.2 percent between 2016 and 2021.

The research highlights a number of factors which will drive this demand. As well as the rising penetration of sites and applications, other drivers are a growing demand for customer involvement, the desire and the widespread adoption of cloud-based technology.

Software is likely to be the most significant market share in the market.

Progression such as multilingual interfaces, natural language processors , cellular platform capability and multichannel capabilities will make this technology much more manageable and applicable in a array of contexts.

Smart advisors will see growth and will have the highest rate of expansion between 2016-21. In the standpoint of marketers, smart advisers give an insight into consumer behavior, interactions and location in real-time, enabling targeted communications.

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