A recent report by explodingtopics predicts that the global chatbot market will reach $46.6 billion by 2029, up from $15.6 billion at the end of this year.
According to the report, the average return on investment for every dollar spent on developing chatbot programs is expected to be $8, especially since they contribute to a 67% increase in sales for the companies that use them.
The report noted that the average time to resolve customer issues using chatbot applications is 6 minutes and 25 seconds, and that more than 987 million people worldwide use them daily.
The average cost of developing a chatbot ranges from $5,000 to $50,000, varying based on the sector and use case.
The report indicates that North America accounts for 30.7% of revenues, followed by the Asia-Pacific region with 28.45%, and Europe in third place with 25.34%.
Latin American countries hold the fourth position in chatbot application revenues with 9.52%, and finally, the Middle East and Africa markets with 5.97%.
The report listed the primary uses of smart chat applications: answering customer inquiries (35%), followed by writing or editing to complete a task (23%), then brainstorming ideas for a work or study assignment (17%), and finally, summarizing a long text (14%).
