Growth Drivers in the Chatbots Ecosystem
The chatbot ecosystem is relatively robust, and the chatbot market’s current growth is due to a variety of technological advancements, including the integration of predictive analytics, blockchain, cloud computing, machine learning, and the development of self-learning chatbots. These learning abilities allow the chatbot to adapt to changing digital environments without the need to manually alter any code or algorithms, as it is able to learn from others’ actions, decisions and experiences.
The Key Role of AI
As chatbots use a number of different communication methods such as written text and speech, we believe that chatbot vendors will begin utilising multimodal AI. Machine learning algorithms have traditionally trained their models using one source of data. For example, a chatbot model that uses NLP is typically trained using textual content, whereas chatbots that use voice recognition are often trained using key word detection and voice cancellation. This type of machine learning uses a single AI model whereby the outcome is mapped to a specific source or data type. However, multimodal AI converges two or more streams on information which allows the chatbot to have a higher degree of accuracy across multiple communication mediums.
Omnichannel and the Importance of CPaaS Platforms
The use of chatbots in omnichannel retail requires the support of many omnichannel vendors, including both self-serving and third-party chatbot development vendors, CPaaS platforms, OTT apps, and online retail.
Having the support from CPaaS platforms is imperative to providing a successful omnichannel experience. As CPaaS platforms are able to support a multitude of communication platforms such as SMS, RCS, and OTT messaging, they are able to offer fallback options whereby the successful delivery of a messaging is assured by sending an SMS messaging to customers in the event that a particular messaging app is not installed on a user’s device. This is particularly useful with RCS messaging, as it is still a relatively immature global market.
eCommerce and the Omnichannel Retail Experience
The eCommerce market has become one of the fastest-growing markets in today’s climate and with this rise in user demand, it is essential for brands and enterprises to maintain an uninterrupted flow of services across multiple channels and at all times of day.
The rise in the eCommerce market means that a chatbot's ability to accept and process payments is key. However, the facilitation of payments over chatbots is still relatively unique, as many chatbot vendors do not have the means to process payments across its chatbot interface. In order for a chatbot to be able to process payments, these chatbot developers use the APIs of a payment system or bank. These payment systems include companies such as PayPal, Stripe and EasyPay.
This omnichannel retail experience is paramount to customer experience as it allows both brands and enterprises to offer the same quality of service across a variety of channels and ensure that all customers are served equally.
- Current Chatbots Market Outlook
- Forecast Summary
► Chatbots Market Research
Our latest research found:
- The total number of chatbot messaging apps accessed globally will increase from 3.5 billion in 2022 to 9.5 billion by 2026.
- This growth of 169% will be driven by the increasing adoption of omnichannel retail strategies by eCommerce players and the rising integration of chatbots within messaging platforms.
- Retail spend over chatbot messaging apps will account for over 50% of global chatbot retail spend by 2026.
- Total spend over chatbot messaging apps in China will surpass $21 billion by 2026, with applications such as WeChat providing a definitive framework for chatbots that is branded for each retailer.