Best Chatbot Development Trends for 2020

Published: February 27, 2020Updated: May 04, 2022
3 min to read
Best Chatbot Development Trends for 2020

Chatbots are becoming more and more common across all sectors with forecasters saying that by 2020 around 80% of businesses will use them. If you have yet to adopt this technology you should consider hiring a development company who can help you leverage this amazing tech.

Some industries get more benefits from chatbots than others. Some of the key areas where chatbots have been particularly effective include:

  • Real Estate
  • E-Commerce — customer service and sales
  • Travel and Leisure
  • Education
  • HR
  • Healthcare
  • Finance

Different types of chatbots are useful in different settings, for example:

  • Rule-based chatbots — most used in telecommunications, banking and healthcare settings.
  • Voice assistants — preferred by the food industry, banking and retail sectors.

As we head into 2020 some of the upcoming developments to be aware of include:

Cost reduction to businesses — particularly in customer support teams. It is anticipated that around 85% of customer interactions will be conducted via a chatbot, leading to an approximately 30% decrease in customer service costs. This would mean savings of around $8billion.

Increased revenue — Chatbots are easy to integrate into social media accounts and it has been shown that the customers who interact with businesses in this way will spend 20-40% more than those who do not.

Better lead generation — proactive chatbots open the lines of communication, capture customer information and more.

Maintain customer engagement — many chatbots feature AI and ML and can provide customized responses and recommendation increasing brand loyalty.

The top trends for 2020

Better voice recognition — following from the success of smart speakers like Alexa, voice assistants are more popular so wider adoption is likely in 2020.

They’ll be smarter — rule-based bots have served well but it is more likely that AI-based chatbots will start to take over the market to satisfy customer requirements and improve business interactions.

More chatbots in the financial sector — 43% of online banking customers have said they would like to use a chatbot and they are already a success in the insurance sector. Expect to see more chatbots arriving in the financial sector next year.

Better data analysis — AI chatbots will increase in numbers as companies leverage their ability to provide both great customer interaction and data mining and analysis.

More Chatbots in call centers — In 2020 we will see more chatbots than ever being used in automated call centers. Chatbots can take in information, and then either deal with the issue or forward the customer to a human for more help. Thus, they are likely to be the future of customer care across multiple sectors.

If you’re looking for a company that provides System Integration Services and other software development services contact us.

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