The chatbot market in the Asia Pacific region is expected to grow at a compound annual growth rate of around 31% between 2018 and 2024, faster than any other region, according to market research, as more organizations embrace chatbots for broader customer service activities. Companies see chatbots as useful tools to help acquire and maintain new customers, and that can provide high-quality, 24-hour support even when human support agents are not available. Firms that have automated first-level support queries using chatbots can enable their support agents to focus on more complex support queries without affecting customer experience and at a cheaper cost.
According to research, the use of chatbots will save companies an estimated USD8bn by 2022. The research indicated that chatbots can help firms, particularly during a shortage in staff, to manage large volumes of customer requests in a short time, but firms have to train chatbots to answer more like humans so that customers feel at ease. Analysts said chatbots can be a great investment for companies looking to improve their customer relationship management functions, but they should first understand their clients’ preferences before adopting such technology.