$600 billion. That’s a lot of cash. And it’s how much revenue digital virtual assistants and chatbots are expected to generate by 2020, according to a new report by Bill Meisel of TMA Associates and editor of LUI News.
The world of digital assistants and bots
The 268-page report “Specialized Digital Assistants and Bots: Vendor Guide and Market Study” on digital assistants discusses in detail the resources available to companies that wish to create a digital assistant. The report also overviews and categorizes more than 170 companies providing digital assistant solutions and highlights their particular contributions to language user interface (LUI) developments.
Some of the more interesting aspects of the report include the projections for the digital/virtual assistant market and the various segments that will dominate it in the coming years. In particular, the report provides separate estimates for digital assistants targeted at consumers and those used internally at companies to make the use of enterprise software more efficient. Meisel’s analysis projects the Enterprise segment to be about 17% of the market in 2016, dropping to 13% of the market in 2020 as consumer assistants expand rapidly.
“Digital assistants are increasingly becoming the new way companies and applications will interact with users, as the market estimates show,” Meisel said. “Every company must understand the options available to participate in this trend. The bulk of the report discusses 170 companies that can help them do so, with a guide to make efficient use of this information.”
Starting from scratch
Some of those available options are full-service vendors that can help companies go 0-to-60 on their virtual assistant/chatbot development. Not to toot our own horn, but one of the companies listed just happens to be Inbenta. “Full-service” can mean different things to different people in the digital assistant realm. To us, it means scaling expertise, tools, and ongoing support to help companies large and small compete in an evolving global economy.
From our chatbot development platform (shameless plug!) and seamless integrations with Facebook Messenger and Skype to our patented NLP technology and more than a decade of leadership in the industry, Inbenta empowers global organizations to leverage the latest bleeding-edge technologies to enhance customer support, e-commerce, and marketing activities that define and grow businesses.
By 2020, both consumer-facing and even internal digital assistants will generate more than a HALF TRILLION DOLLARS in revenue.