The chatbot market is estimated to reach at USD 1.25 bn. by 2025 growing at a healthy CAGR of 24.3 % from 2017 to 2025; says the findings of a research report by Grand View Research, Inc. Chatbots are interactive software programs that interact with humans using textual conversation methods. These bots are created using a set of rules or the Artificial Intelligence (AI) technology and are incorporated with messaging services, which makes them a helpful interactive tool for the users in different sectors. A chatbot, without any human interaction, can generate leads for a business and can also carry out particular routine tasks. Chatbots find many applications in various industries including healthcare, retail, travel and tourism, Banking, Financial Services, and Insurance (BFSI), and others.
In the recent past, Microsoft announced the trial of its new AI-based chatbot designed particularly for the healthcare industry. The new chatbot system aims at enhancing the quality of care while reducing the overall costs by offering patients with a relevant and required piece of information based on their individual health concerns. The new system is part of the company’s Healthcare NExT initiative project to enhance health outcomes using advanced technologies like cloud computing and AI. Various pharmacies, insurance providers, and healthcare providers are Microsoft’s partners in this project. The new bot system assists patients find available doctors and schedule convenient appointments. It also provides patients with all the details about insurance coverage and also helps decide when to visit or consult a healthcare professional.
The global chatbot market is predicted to exhibit a substantial development over the next few years. The factors driving the growth of this market include recent advancements in the AI and Machine Learning (ML) technologies. Chatbots allow various businesses to reduce the overall costs of operations and this is also projected to spur the market expansion during the forecast years (2017-2025). In addition, constantly increasing adoption rates of customer service activities from different industries along with the rising awareness about the business advantages of using chatbots are also estimated to propel the overall market demand in near future. SRI International; Varo Money Inc.; Baidu, Inc.; WeChat; and Kik Messenger are some of the top companies in the global chatbot market.
In-Depth Research Report On Chatbot Market:
https://www.grandviewresearch.com/industry-analysis/chatbot-market
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