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Chatbot revenue is on the upswing http://ift.tt/2oyd00w BII This story was delivered to BI Intelligence Apps and Platforms Briefing subscribers. To learn more and subscribe, please click here. [24]7, a company that develops chatbots for messaging apps and web sites, is expecting a significant uptick in revenue over the next 12 months, according to Reuters. The company projects its revenue to grow between 30% and 35% in the upcoming financial year, reaching up to $400 million by March 2018, CEO PV Kannan said. Improvements in AI have enabled chatbot makers to create more effective automated responses. This helps generate sales and boost user satisfaction. This, in turn, is driving up investments in chatbot companies, according to ROKO Labs research shared with BI Intelligence. Investments in the nascent chatbot industry grew 229% between 2015 and 2016. In comparison, investments in the much more mature app industry during the same period grew 66% YoY. Business-to-business (B2B) bots are proving especially attractive to investors, more so than consumer-facing bots. Although consumer-facing chatbots, like those found on Facebook Messenger, have received a bulk of media attention, businesses appear to see more initial value in bots targeting B2B interactions — such as an HR bot that can quickly retrieve internal data requests. Chatbots have the potential to help businesses significantly cut labor costs. While complete automation of the customer service workforce is not feasible — and in many cases, ineffective — automating customer management and sales positions in the US where possible through chatbots and other automation technologies could result in considerable savings.
Advancements in artificial intelligence, coupled with the proliferation of messaging apps, are fueling the development of chatbots — software programs that use messaging as the interface through which to carry out any number of tasks, from scheduling a meeting, to reporting weather, to helping users buy a pair of shoes. Foreseeing immense potential, businesses are starting to invest heavily in the burgeoning bot economy. A number of brands and publishers have already deployed bots on messaging and collaboration channels, including HP, 1-800-Flowers, and CNN. While the bot revolution is still in the early phase, many believe 2016 will be the year these conversational interactions take off. Laurie Beaver, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on chatbots that explores the growing and disruptive bot landscape by investigating what bots are, how businesses are leveraging them, and where they will have the biggest impact. The report outlines the burgeoning bot ecosystem by segment, looks at companies that offer bot-enabling technology, distribution channels, and some of the key third-party bots already on offer. The report also forecasts the potential annual savings that businesses could realize if chatbots replace some of their customer service and sales reps. Finally, it compares the potential of chatbot monetization on a platform like Facebook Messenger against the iOS App Store and Google Play store. Here are some of the key takeaways:
In full, the report:
To get your copy of this invaluable guide, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of chatbots. See Also:
Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 01:45AM
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