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CHATBOTS EXPLAINED: Why businesses should be paying attention to the chatbot revolution

Advancements in artificial intelligence, coupled with the proliferation of messaging apps, are fueling the development of chatbots — software programs that use messaging as the interface through which to carry out any number of tasks, from scheduling a meeting, to reporting weather, to helping users buy a pair of shoes. 

Foreseeing immense potential, businesses are starting to invest heavily in the burgeoning bot economy. A number of brands and publishers have already deployed bots on messaging and collaboration channels, including HP, 1-800-Flowers, and CNN. While the bot revolution is still in the early phase, many believe 2016 will be the year these conversational interactions take off.

bii chatbot ecosystem
BI Intelligence

In a new report from BI Intelligence, we explore the growing and disruptive bot landscape by investigating what bots are, how businesses are leveraging them, and where they will have the biggest impact. We outline the burgeoning bot ecosystem by segment, look at companies that offer bot-enabling technology, distribution channels, and some of the key third-party bots already on offer. 

The report also forecasts the potential annual savings that businesses could realize if chatbots replace some of their customer service and sales reps. Finally, we compare the potential of chatbot monetization on a platform like Facebook Messenger against the iOS App Store and Google Play store.

Chatbots Explainer Report Cover
BI Intelligence

Here are some of the key takeaways:

  • AI has reached a stage in which chatbots can have increasingly engaging and human conversations, allowing businesses to leverage the inexpensive and wide-reaching technology to engage with more consumers.
  • Chatbots are particularly well suited for mobile — perhaps more so than apps. Messaging is at the heart of the mobile experience, as the rapid adoption of chat apps demonstrates.
  • The chatbot ecosystem is already robust, encompassing many different third-party chat bots, native bots, distribution channels, and enabling technology companies. 
  • Chatbots could be lucrative for messaging apps and the developers who build bots for these platforms, similar to how app stores have developed into moneymaking ecosystems.  

In full, the report:

  • Breaks down the pros and cons of chatbots.
  • Explains the different ways businesses can access, utilize, and distribute content via chatbots.
  • Forecasts the potential impact chatbots could have for businesses.
  • Looks at the potential barriers that could limit the growth, adoption, and use of chatbots.
  • And much more.

Interested in getting the full report? Here are several ways to access it:

  1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
  2. Access the Ultimate Digital Media Reports Bundle and save 92% today. You will gain immediate access to the Chatbots Explainer and 45 other in-depth research reports covering the most important topics impacting the digital media space. >> Bundle & Save Now
  3. Access the Ultimate Mobile, Apps & Platforms Reports Bundle and save 95% today. You will gain immediate access to the Chatbots Explainer and 75 other comprehensive research reports covering the most important topics impacting the mobile. >> Bundle & Save Now
  4. Purchase & download the full report from our research store. >> Purchase & Download Now

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On February 28, Axel Springer, Business Insider's parent company, joined 31 other media groups and filed a $2.3 billion suit against Google in Dutch court, alleging losses suffered due to the company's advertising practices.

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