The chatbot market was valued at USD 17.17 billion in 2020 and is projected to reach USD 102.29 billion by 2026, which, in other words, it is a 34.75% rise in CAGR over the forecast period (2021-2026).
“According to some estimates, by 2025 95% of all customer interactions will be powered by chatbots”, reports DuckCreek technologies on their blog.
“Utilizing AI and machine learning, chatbots can interact with customers seamlessly, saving everyone within an organization time – and ultimately saving insurance companies money. A bot can walk a customer through a policy application or claims process, reserving human intervention for more complex cases,” the blog continues.
As chatbots help reduce operational costs and increase customer experience for global enterprises, their market size is likely to increase gradually, thus giving an impetus to Chatbot marketing, online payments, customer service, and similar segments.