Chatbots are increasingly prevalent, with 80% of businesses considering their implementation by 2020. These virtual assistants can offer 24/7 customer service, saving businesses up to 30% in customer support costs. Furthermore, chatbots can handle multiple customer queries simultaneously, a feat impossible for human customer service representatives.
Yet, chatbots are not without their drawbacks. They can’t understand complex queries or emotions, meaning they can’t provide the personal touch that many customers value. Additionally, they are vulnerable to hacking, which could expose sensitive customer data.
Despite these drawbacks, the chatbot market is predicted to reach $1.23 billion by 2025, driven by advancements in artificial intelligence. The healthcare sector is expected to see the most significant growth, with chatbots providing medical advice and booking appointments.
In conclusion, chatbots offer considerable benefits to businesses, including cost savings and round-the-clock customer service. However, their inability to understand complex queries and emotions, as well as their vulnerability to hacking, present significant challenges. Future growth in the chatbot market is expected, particularly in the healthcare sector.
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