Conversational marketing in LimeChat

Abstract

In 2021, the revenue generated from the sales of platforms, installation, development, support, and maintenance of chatbots was $3.8bn with the retail segment holding the highest share of 27%. By 2027, the market is expected to grow to $US17.5bn with a CAGR of 30.3%. The increased demand for chatbots results from increasing demand for messenger applications and adoption of consumer analytics throughout the globe. Vendors are using AI & NLP to fulfil customer needs and market requirements. Marketing & sales team are always on the lookout to increase sales and improve the customer experience. As opposed to traditional customer service, chatbots are available 24x7, handle very high volume and process them without being overworked. Multiple industries are utilizing chatbots to engage their customers. Chatbots help in analysing vast amounts of data and gain insights about the business and customer relationships. Chatbots are also being utilized for social causes by governments to provide quick information to its citizens. Increasing demand for AI-powered customer care services along with foreign investments will support the future growth of chatbots.