A new report from Juniper Research has found that the adoption of chatbots across the retail, banking and healthcare sectors will realise business cost savings of $11 billion (€9.42 billion) annually by 2023, up from an estimated $6 billion (€5.14 billion) in 2018.
The research found that these cost savings will be derived from the reduced amount of time spent on customer service enquiries. Using chatbots, businesses will dramatically cut response and interaction times via phone and social channels. It forecast that consumers and businesses combined will save over 2.5 billion hours by 2023 in these sectors.
Retail to cash in on chatbot invasion
The new research, Chatbots: Banking, eCommerce, Retail & Healthcare 2018-2023, found that the retail sector will gain the most benefits from chatbot technology, with Juniper estimating that by 2023 over 70% of chatbots accessed will be retail-based.
It highlighted both customer service and eCommerce as key use cases, although cautioned that greater investment in chatbot functionality will be required to meet consumer expectations. In that context, Juniper forecasts that improvement in AI, as shown recently by Google’s Duplex, to create a more personable user experience would be fundamental in creating a ‘pull’ factor for chatbots.
Juniper cited benefits such as cost savings, up-selling, marketing and cart recovery as major retailer chatbot ‘push’ factors. Retailers will take advantage of these opportunities; propelling chatbot implementation and driving eCommerce transactions via chatbots to reach $112 billion (€95.96 billion) by 2023.
Chatbot integration future of apps
The research found that whilst messaging applications have been the first platforms on which chatbots flourished, chatbot-enabled apps in use will greatly increase as many retailers, financial institutions and healthcare providers integrate the technology into their dedicated apps.
By 2023, Juniper forecasts that over 50% of the chatbots accessed will be through discrete apps, with complete bot integration overturning the make up of current app functionality.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
For more market insights, download the free whitepaper: ‘How Chatbots will Transform the Retail Industry’.
Comment on this article below or via Twitter @IoTGN
July 4, 2018
Posted by: Zenobia Hegde
Medopad, a UK-headquartered health-tech company is expanding into the USA. The company will be taking up a new office in the heart of New York City at Johnson & Johnson’s (J&J’s) new JLABS office. As part of the USA launch, Medopad will hire top healthtech talent before the end of the year.
July 3, 2018
Posted by: Zenobia Hegde
Delta, a global provider in power and thermal management solutions, announced its Datacentre Infrastructure Solutions for cloud and edge data centres are on display at the world’s leading digital innovation tradeshow, CEBIT 2018, to serve as the very foundation of the digital economy — the focus of CEBIT 2018. (more…)
Posted by: Zenobia Hegde
Wearables are experiencing one of the longest gestational periods of any technology. For a long time, says Rufus Grig, CTO of Maintel, gadgets like Google Glass and the Apple Watch were perceived by many as being a bit “emperor’s new clothes”: intriguing conceptually, but disappointing functionally. (more…)
Posted by: Zenobia Hegde
Organisations in the US and APAC are increasingly choosing HokuApps’ Enterprise RAD model to build the right kind of enterprise-level app eyeing digital business transformation. (more…)
July 2, 2018
Posted by: Zenobia Hegde
CEVA, Inc., a licensor of signal processing platforms and artificial intelligence processors for smarter, connected devices, reports that BlueX Microelectronics, Hefei Co., Ltd. (BlueX) has licensed and deployed CEVA’s RivieraWaves Bluetooth low energy technology in its new BX2400 Bluetooth 5 compliant wireless integrated circuit (IC). (more…)
June 29, 2018
Posted by: Zenobia Hegde
Vasona Networks, Inc.®, which provides mobile edge solutions for better user experiences and network capital efficiency, announced a partnership effort with F5, which makes apps go faster, smarter and safer for the world’s service providers. The companies will work together to power virtual multi-access edge computing (MEC) deployments for mobile operators at scale. (more…)
June 27, 2018
Posted by: Zenobia Hegde
A new study from Juniper Research has found that the adoption of voice assistants such as Alexa and Google Assistant will be a key factor behind smart home growth, with 275 million voice assistant devices used to control smart homes by 2023. This is up from an estimated 25 million in 2018, a growth of 1,000%. (more…)
June 26, 2018
Posted by: Zenobia Hegde
Canonical and Intel® are have announced that Ubuntu 16.04 LTS is now certified on selected Intel® NUC Mini PCs and boards. This partnership will aid device manufacturer’s and their developers to a smoother path to the development and deployment of IoT devices. (more…)
June 25, 2018
Posted by: Zenobia Hegde
IBM announced it has acquired Oniqua Holdings Pty Ltd., a global innovator in Maintenance Repair and Operations (MRO) Inventory Optimisation solutions and services focused on mining, oil & gas, transportation, utilities, manufacturing and other asset-intensive industries. (more…)
Posted by: Zenobia Hegde