NASSCOM report titled LET’s CHAT - AI-based Conversations discusses how the advancements in Artificial Intelligence are leading to adoption of Chatbots across different sectors and business functions. The reports provides insights on the start-up landscape, covering aspects such as investment scenario, M&A landscape, etc. The report also covers case studies from Chatbot providers and users, highlighting innovations and applications of chatbots.
- India is one of the most attractive Chatbot markets in the world in terms of total start-up funding, positioned third after the US and the Europe, respectively
- India features 150+ chatbot start-ups, 27 of these funded in last five years
Key Business Functions and Sectors
- Chatbots find highest adoption in Customer Service function, performing tasks such as handling queries and service requests, provide product information, answer FAQs, etc.
- BFSI is one of the early adopters and largest implementers of Chatbots, deployed primarily in customer-facing role
- The market is driven by increasing customer expectations, increasing proliferation of messaging apps, enterprises’ focus on improving productivity and reducing cost, increasing availability of data, among others
With technological advancements, future Chatbots are expected to be scalable, intelligent, cognitive and support multiple languages to provide personalized contextual responses