Market Research Report
AI-powered Chatbots Boosting the European CX Management Market, 2020
|AI-powered Chatbots Boosting the European CX Management Market, 2020|
Published: February 3, 2021
Frost & Sullivan
Content info: 60 Pages
Delivery time: 1-2 business days
Chatbots Enhance the Customer Experience and Give Businesses Extraordinary Scaling Opportunities
The chatbots market is one of the fastest-growing in the ICT industry. There are several effective uses for chatbots. Businesses are applying them, in particular, to enhance their customer services and improve customer experience (CX). Chatbots are deployed across different channels, including web chat, SMS, social media, mobile chat apps, among others. Europe may have been a bit behind the United States in deploying chatbots earlier but has certainly caught up now. The European chatbot industry is very competitive. New startups constantly emerge, and many vendors are updating or about to launch their bot-related products and services. Currently, there are different types of chatbot vendors operating in Europe: Chatbot framework vendors, chatbot vendors (entry-level and enterprise-level), system integrators, and resellers. Enterprise-level chatbot vendors still represent a small share of the market but are working in the innovation frontier, creating new use-cases and supporting the transformation of the conversational AI space.
The implementation of complex algorithms and new AI technologies on chatbots allow them to perform increasingly challenging tasks, and respond to and anticipate user requests based on real-time data such as user previous interactions, preferences, context, and available services. Chatbots are shifting from dealing with routine and simple tasks to engage with customers in complex conversations and ways. The implementation of chatbots brings several benefits to organizations, including the potential to increase ROI, revenue, cost savings, and improve CX. Chatbots are becoming a critical element for businesses' digital transformation roadmaps, and the emergence of new use cases enabled by advances in AI and user interfaces (UI) are assuring a bright future for this segment of the market.