Estimated Evolution of Virtual Agents / Chatbots from 2024 to 2028
- Increased sophistication and personalization: Virtual agents will become increasingly sophisticated, able to understand and respond to complex customer queries and provide highly personalized experiences. (Source: Gartner)
- Integration with other technologies: Virtual agents will be integrated with other technologies, such as artificial intelligence (AI), machine learning (ML), and big data analytics, to further enhance their capabilities. (Source: Gartner)
- Expanded use cases: Virtual agents will be used in a wider range of use cases, including customer service, sales, marketing, and human resources. (Source: Gartner)
- Wider adoption across industries: Virtual agents will be adopted by businesses of all sizes and across all industries. (Source: Gartner)
- Increased investment in chatbot development: Businesses will invest more heavily in the development and deployment of virtual agents / chatbots. (Source: Gartner)
Estimated Impact of Virtual Agents / Chatbots on Businesses from 2024 to 2028
- Reduced costs: Virtual agents can help businesses reduce costs by automating customer service tasks, such as answering frequently asked questions and providing product information. (Source: Gartner)
- Improved customer satisfaction: Virtual agents can provide 24/7 support and respond to customer inquiries quickly and efficiently, which can improve customer satisfaction. (Source: Gartner)
- Increased sales: Virtual agents can help businesses increase sales by providing personalized recommendations and product information, and by automating the sales process. (Source: Gartner)
- Improved employee productivity: Virtual agents can help employees by freeing them up to focus on more complex tasks, such as problem-solving and creative thinking. (Source: Gartner)
- Enhanced customer engagement: Virtual agents can help businesses enhance customer engagement by providing personalized experiences and by interacting with customers on social media and other platforms. (Source: Gartner)
Estimated Value of Virtual Agents / Chatbots from 2024 to 2028
- The global market for virtual agents / chatbots is expected to reach $1.64 billion by 2023. (Source: Market Research Future)
- By 2025, 80% of businesses are expected to have a virtual agent / chatbot deployed or under development. (Source: Gartner)
- Virtual agents / Chatbots are expected to save businesses $8 billion in customer support costs by 2022. (Source: Juniper Research)
- Virtual agents / Chatbots are expected to generate $1.3 trillion in sales by 2025. (Source: Gartner)
- Virtual agents / Chatbots are expected to improve customer satisfaction by 20% by 2023. (Source: Oracle)
Hard Facts in Numbers of Dollars, Euros, etc.
- The average virtual agent / chatbot saves businesses $8,000 per year. (Source: IBM)
- For every dollar invested in a virtual agent / chatbot, businesses can expect a return of $5. (Source: Oracle)
- Virtual agents / Chatbots can handle up to 80% of customer inquiries. (Source: Gartner)
- Virtual agents / Chatbots can resolve up to 70% of customer issues without human intervention. (Source: Oracle)
- Virtual agents / Chatbots can increase website conversion rates by up to 30%. (Source: HubSpot)
- Virtual agents / Chatbots can increase customer engagement by up to 20%. (Source: Gartner)
- Virtual agents / Chatbots can reduce customer service response times by up to 50%. (Source: Oracle)
- Virtual agents / Chatbots can reduce customer churn by up to 15%. (Source: Gartner)
- Virtual agents / Chatbots can increase employee productivity by up to 20%. (Source: Oracle)
- Virtual agents / Chatbots can help businesses save up to $20 billion in customer support costs by 2025. (Source: Gartner)
So what are you waiting for?