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Analysis / Ecommerce

Latest Chatbot Market Stats: Healthcare Bots Worth $314.3 Million By 2023


Autumn marks the latest raft of statistics reports as the research firms push out the latest numbers to businesses. They give a sense of where the AI, virtual assistant and chatbot markets are headed, help drive adoption and nudge businesses to catch the next trends. Reading one or more of these reports will help give you a specific vertical or general market overview.

MarketsandMarkets’ latest report highlights rapid growth in the chatbot market when it comes to the booming health sector. Massive customer demand and a lack of specialist time mean bots will soon be a common feature for medical professionals, GP surgeries and hospitals.

Their detailed $5,650 report highlights the players, regional variations and segments across the healthcare market to show adoption, platforms being adopted and use cases. The current market value in terms of business at $122.0 million is expected to grow at a CAGR of 20.8% up to 2023.

Recent deals cited include BUPA partnering with Babylon to provide AI health services to corporate business clients, providing.24-hour health advice for customers. NAS partnered with Sensely to use their virtual health assistant technology to boost engagement and providing a more efficient communication channel among customers.

Chatbots Moving Beyond Hype

Gartner’s latest Hype Cycle on Digital Workplaces rates Chatbots as a leading technology hitting mainstream adoption within the next two to five years. They reckon that “Increasingly, behavior and event triggers will enhance virtual assistants,” said Van Baker, research vice president at Gartner. “App development leaders need to anticipate that their proliferation as more and more people and businesses move to conversational user interfaces.

Gartner expects chatbots will exhibit huge growth over the next few years. While less than 4% of organizations have already deployed conversational interfaces (including chatbots), 38 percent of organizations are planning to implement or actively experimenting with the technology, according to their recent research, which is likely dating fast.

A Focus On Growth And Smartness

Another fresh report, Global Chatbot Market 2018 Research, focuses on industry trends, supply, sales, demand, analysis and insights, if you ignore some dodgy English. It also studies the international Chatbot market competition environment, market driving components and trending aspects along with SWOT AND PESTEL analysis also integrated in the report.

Finally, Rising Dependency on Technology to Certainly Boost Chatbot Market from Transparency considers how chatbots can benefit digital marketing efforts among others. It cites, “The increasing dependency on technology and constant developments in the working of artificial intelligence (AI) has significantly boosted the demand for chatbot market.”

“Additionally, AI has also evolved the way chatbot responded from a simple answering machine into a smart communicative platform for customer interaction. The chatbot has greatly benefited business by growing enhancing their marketing strategy with the effective use of chatbots. Moreover, implementation of artificial intelligence in consumer electronics has also grown the customer base with the help of chatbots. Over the past few years, technological developments have enhanced the capacity of the many businesses using digital ways to boost their marketing strategy, as voice and messaging services have come into the mainstream usage. Thus, these factors are projected to rise the chatbot market globally during the forecast period.”

The Time Is Now For Chatbots

Whatever field your business is in, adopting chatbots and AI now will help give your company a competitive advantage over those who don’t. Even the summaries of these research pieces show that every market and type of company is getting involved in bots and AI. Simple to deploy yet smart, cloud-based services like SnatchBot can provide a global 24/7 footprint for any business to grow sales, provide support and help your business get to know its customers better.

There are plenty of real-world use cases to base your project on, a wide range of vendors offering rapidly maturing services, and great examples of successful projects. Size is not important either, cloud chatbot services can help startups stay lean and mean while still being able to service large numbers of clients, in the customer service, e-commerce, or marketing roles.

Larger businesses can use both customer and internal facing chatbots to streamline and make engagement more efficient, jobs aren’t being cut by chatbots, but people are being freed up to work on more valuable or serious tasks.

All any business needs to do for a successful chatbot is have a solid plan, a clear use case providing measurable results from the bot, and when deployed the conviction to grow the bot to be more useful to customers as the business expands.

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Chris writes about augmented and virtual reality, chatbots, digital business and where the miracle of technology will take us next.