Artificial intelligence (AI) chatbots are becoming increasingly popular as businesses look for ways to improve customer service, automate tasks, and generate leads. The global chatbot market is expected to be worth $137.6 million this year and is projected to reach $239.2 million by 2025
Take a look at the current state of AI chatbots in this post with detailed insights into the market revenue, trends, and other facts.
We’ll let the numbers talk. lets get right into it:
Chatbot Statistics 2023 (Top Picks)
- The chatbot industry will be worth $137.6 million in 2023. It is predicted that its value will be $239.2 million by 2025.
- Using chatbots in businesses can save up to 2.5 billion hours as customer support representative handles 17 interactions every day on average.
- Chatbots are capable of completing 70% of conversations.
- 74% of customers prefer chatbots over a human corporate agent to solve their queries.
- Chatbots are more popular in the United Kingdom than in the United States.
- With a 24.9% growth, Chatbots are the most rapidly expanding brand communication medium.
- Chatbots will deal with up to 90% of healthcare and financial inquiries in 2023.
- The E-commerce sector is thriving with the incorporation of chatbots.
- Only 9% of customers consider that businesses must never adopt chatbots.
- There are over 3 million chatbots in use on Facebook Messenger alone.
Chatbot Market Revenue
It is estimated that the income generated by the chatbot sector is roughly $137.6 million as of 2023. It is further expected to generate $454.8 million in sales by 2027. If we take a look back at history, this figure was just $40.9 million in 2018.
Here is a table showing the growth in revenue of the chatbot market from 2018 to 2027:
| Year | Chatbot Market Revenue |
|---|---|
| 2018 | $40.9 million |
| 2019 | $51.7 million |
| 2020 | $65.5 million |
| 2021 | $83.4 million |
| 2022 | $106.6 million |
| 2023 | $137.6 million |
| 2024* | $179.9 million |
| 2025* | $239.2 million |
| 2026* | $325.3 million |
| 2027* | $454.8 million |
Chatbot eCommerce Statistics
- According to Chatbot Magazine, a study revealed that revenue could gain up to 15% by using a chatbot as a way to let customers through via a personal message who have abandoned their eCart without making a purchase.
- Invesp found that 34% prefer chatbots in eCommerce rather than other service-oriented places, including banks where an AI bot helps customers.
- In a survey, Kindly noticed that there was a 30% increase in order tracking wherein the chatbot used in eCommerce stores was helpful in providing a seamless user experience during the purchase of a product.
- Kahoot! A popular internet game reported 2+ billion players used chatbots to raise queries during the gameplay and received direct replies without delay.
- Juniper Research calculated that the eCommerce market would hit $112 in sales by using chatbots for multiple leveraging factors and notifications.
Chatbot Benefits Statistics
- Drift concluded that chatbots are exclusively designed for 24/7 support for customers of all geography regardless of the time zone difference.
- As a replacement for potential chat support workers, chatbots save up to 30% in businesses in total costs by diminishing chat support, according to IBM.
- Drift also found that almost 42% of potential customers used chatbots while buying products online for a seamless service without any doubts.
- Using chatbots only resulted in 80% consumer satisfaction since most chatbots are programmed to deliver accurate results, according to Kindly.
- Userlike put up a survey on chatbot service and found that the majority of the customers prefer chatbot over a human corporate agent to solve queries.
- Chatbot Marketing concludes that the response rate in high-quality chatbots is 80-90% giving seamless customer service compared to an agent.
Chatbot Business Statistics
- Juniper Research says that using chatbots in businesses saves 2.5 billion hours which means along with the profit in monetary value, time is also saved.
- $8 billion is estimated to be saved in 2023 by businesses and retail stores by reducing chat support costs.
- 55% of businesses gather more sales when chatbots are used, a study by Drift.
- In an extensive survey, Userlike found that only 9% want chatbots to be eliminated from businesses while the remaining crowd still prefers chatbots.
- A study by Drift revealed that 33% of the customers prefer chatbots over the phone call to make the reservations in hotel, restaurant, and resort bookings.
- MIT Technology strongly believes that 90% of complaints are tackled using chatbots instantly if the query is explained properly.
- 80% of organizations are searching for ways to implement chatbots into their service somehow, says CCW Digital.
Chatbot Customer Support Statistics
- Statista shows results that 64% of businesses trust chatbots to provide personalized customer support than regular customer service.
- Statista also revealed that 34% prefer communicating to a customer agent via chatbot protocol instead of phone or live interaction.
- Through several testing, NewVoiceMedia announced that most issues are not instantly resolved by chatbots and demand a customer support agent.
- 40% of customers prefer chatbot and customer support agents as long as their query is resolved and there are no delays in the feedback, says HubSpot.
- Business Insider quoted that 48% of the customers do not care if the customer support is an agent with personality or an AI-powered chatbot.
- Juniper Research claims that the insurance sector will save up to $1.3 billion in the upcoming years by incorporating chatbots for effective customer support.
Chatbot Market Statistics
- Gartner has an estimation that 70% of white-collar employees use chatbots to get done with daily tasks and projects efficiently without any lagging.
- According to SalesForce, 64% of employees report that they can focus on other aspects of their work while letting the chatbot do the customer support.
- Chatbot Magazine predicts that 67% of US Millennials will make a purchase if the market uses chatbots to smoothen user experience and suggest offers.
- Juniper Research claims that 75% of queries will be resolved by chatbots in 2023.
- Mobile Marketer shares that 40% of millennials talk to chatbots for deals, offers, and upcoming discounts on the desired store or a specific product.
Chatbot Global Statistics
- Drift says that 87% of users give positive feedback on chatbots globally on different online stores with fewer bad reviews.
- The healthcare sector provided by 10% instantly after incorporating chatbots, says Chatbot Life.
- Usabilla revealed a shocking truth that 46% of the customers most likely prefer human customer agents even if chatbots saved enough time.
- Opus Research says that an investment of $4.5 billion was made for the incorporation of chatbots in various sectors for better customer support.
- The chatbot industry will hit a whopping $994 million by 2024, a study by ClickZ.
- At least 67% of the global population used chatbots for customer support, recorded by Invesp.
- PwC revealed that 27% of customers using customer support for help do not know if they had a conversation if a chatbot or an actual customer agent.
- According to Statista, chatbot revenue will hit $455 million globally by 2027 if there is continuous adoption of the use of chatbots.
- Facebook conducted a survey and found that 79% of users feel confident if they talked directly to the customer agent of the brand instead of a chatbot.
- A throwback at 2018 by Kindly revealed that there was $41 million in chatbot revenue which seemed to be less compared to the chatbot value today.
- In 2021, most brands focus on developing their chatbots better instead of the development of their mobile application, stated in a study by Gartner.
What US Citizens Think About Chatbot’s Impact On Jobs?
AI chatbots are increasingly used in the workplace and are automating many tasks currently done by humans, including customer service, data entry, and scheduling. While some jobs are being lost, new jobs for chatbot developers and trainers are being created. Chatbots are also freeing up human workers to focus on more strategic tasks.
Let us take a close look at some figures that demonstrate how AI chatbots are affecting the state of employment globally:
- 18% of respondents in the US thought that AI would lead to there being fewer jobs. In contrast, 25% of respondents aged between 30 to 44 years stated that AI would create more jobs.
Here is a table showing what citizens in the US think about AI and its impact on jobs:
| Age Group | AI Will Create More Jobs | AI Will Lessen The Number Of Jobs |
|---|---|---|
| 18 to 29 | 17% | 15% |
| 30 to 44 | 25% | 16% |
| 45 to 64 | 3% | 23% |
| Above 65 | 3% | 27% |
ChatGPT Statistics
ChatGPT has to be the #1 chatbot in the world. Since its launch, It is taking the world by storm. You can use it for regular chatting and for various purposes like rephrasing, grammar checking, playing games, copywriting, and so on.
Recently it rolled out access to GPT-4 technology to ChatGPT Plus users; now, the spectrum of possibilities has grown even more.
Here are some of the amazing statistics associated with the chatbot:
- ChatGPT has over 100 million users.
- ChatGPT surpassed 1 million users in less than a week of its official launch.
- ChatGPT’s parent company, OpenAI’s valuation, is reported to be $29 billion in 2023.
- Microsoft has invested $10 billion in OpenAI
- ChatGPT’s website gets over 1 billion visits every month on average.
- People all over the world are searching heavily for ChatGPT.
Also Read: Detailed ChatGPT Statistics
Google Bard Statistics
Google Bard is ChatGPT’s top competitor and is arguably the second most used Chatbot in the market. It implements the LaMDA (Language Models for Dialog Applications) conversation technology.
Let us take a look at some interesting facts and figures about Google Bard in this section.
- Google Bard has 30 million monthly active users in 2023.
- The number of Google Bard users is expected to cross 1 billion by the end of 2023
- It is trained on 1.56 trillion words, and 137 billion parameters.
- Most of Google Bard’s traffic comes from the united states (37.24%). Followed by India (9.56%), and Japan (6.67%)
- Bard’s official website had 140.6 million visits in June 2023.
- 76.74% of Bard’s traffic comes from direct sources.
- Youtube send the most traffic to Google Bard among all social media platforms.
- Google bard is available in over 180 countries.
Also Read: Detailed Google Bard Statistics
Latest Insights Into The Chatbot Industry (2023)
- What are some of the trends that you should be looking at in 2023? Let’s have a look.
As we already said, chatbots are getting smarter and will dominate the A.I. industry in 2023. Here are some of the latest trends that will govern how chatbots will function in the times to come.
- Voice-enabled chatbots will increase in 2023: Alexa, Siri, and other voice-activated assistants are altering how customers engage. Chatbots are currently utilizing these technologies, which will eventually enhance user experience and consumer satisfaction.
- Chatbots will receive more payments: In 2023, more businesses will use chatbots integrated with payment gateways like Paypal, Stripe, and Razorpay and give customers the option to pay directly.
- Chatbots for Post Sales engagement: So chatbot interaction during the purchase process is very common now, but in 2023, chatbots will help businesses re-engage customers even after the buying process is done.
- Chatbots for delivering real-time insights: Businesses will employ artificial intelligence in 2022 to create chatbots that can provide insights and informative content. This will make it easier for customers to learn about new specials, discounts, and promotions.
- More chatbots on Social Media: As marketers utilize chatbots to maintain an active presence on social media and foster a more personalised relationship with consumers, the usage of social media chatbots is anticipated to continue to grow in 2023.
Related Read:
Final Thoughts: Chatbot Statistics (2023)
Customer support is crucial and must be resolved at all costs.
Due to technological advancement and AI, most companies and businesses worldwide have incorporated chatbots for effective customer support services.
The above-listed are the statistical numbers of the usage of chatbots and how it has changed the CRM industry. Regardless of the company size, entrepreneurs prefer to install chatbots into their customer service to deal with visitors.
Entering into the second half of 2023, chatbot usage is only expected to grow. Make sure your business, no matter how small, has a chatbot installed on the platform of your choice.
