The smart advisors/chatbot market will grow in value from $703 million in 2016 to $3,172 million by 2021, according to MarketsandMarkets.
This represents a compound annual growth rate of 35.2% between 2016 and 2021.
The research highlights a number of factors that will drive this rising demand. As well as the increasing penetration of websites and mobile applications, other drivers are a growing demand for intelligent customer engagement, the desire to better understand consumer behaviour and the widespread adoption of cloud-based technology.
Chatbot software is likely to be the largest market share in the chatbots market.
Technological progression such as natural language processors, multilingual interfaces, mobile platform capability and multichannel capabilities are going to make this technology more manageable and applicable in a wider range of contexts.
Smart advisors will see large growth in the smartphone space, and will have the highest rate of growth between 2016-21. From the viewpoint of marketers, smart advisors provide an insight into customer behaviour, location and interactions in real-time, enabling targeted communications.