36 Conversational AI Statistics for 2024

Did you know that 3 top reasons why US shoppers use a chatbot are to find out business hours (18%), get information about a product (17%), or ask for help with customer service (16%)?

This striking data point underscores consumers' growing reliance and trust in conversational AI in their shopping experiences.

As businesses adapt to the digital age, the integration of chatbots becomes increasingly pivotal in meeting consumer needs.

Thus, the following list will delve into 36 insightful statistics on conversational AI, shedding light on its transformative role in modern commerce and beyond.

Let's start!

36 Conversational AI Statistics You Should Know in 2024

1. Global Usage & Market Value of Conversational AI

The rapid advancement of technology in recent years has catapulted the usage of chatbots and artificial intelligence (AI) to the forefront of global digital interactions.

From e-commerce platforms in the USA to banking interfaces in India, chatbots are becoming ubiquitous, revolutionizing user experiences across industries.

In terms of market value, the AI industry is projected to be worth a staggering $500 billion by 2023, underscoring these digital tools' massive economic potential and influence.

Here are some additional key statistics on the usage and market value of conversational AI that you might find intriguing:

1. The top 5 countries that use chatbots are the USA, India, Germany, the UK, and Brazil.

2. The world market for AI will be worth more than $500 billion in 2023.

3. The world market for conversational AI is expected to reach $32.62 billion by 2030.

4. By 2024, the global market for conversational AI is projected to reach $22.6 billion, with a CAGR of 30.2%.

5. In 2020, the market for conversational AI was worth $5.72 billion.

2. Consumer Preferences & Behavior with Conversational AI

Consumer behavior is undergoing a transformative shift with the integration of chatbots in various online platforms.

A significant portion of today's users, especially millennials, prefer quick, efficient, and seamless interactions offered by chatbots when shopping or seeking information.

With around 40% of young individuals using chatbots daily, it's evident that these digital assistants are reshaping expectations and defining the future of customer engagement.

But, what do the numbers reveal? Let's dive in!

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6. 27% of adult customers in the US are open to buying basic goods through a chatbot.

7. 13% of US adults have bought high-priced items through a chatbot at least once.

8. 91.0% of adults who use a voice helper do so on a smartphone as of 2022.

9. Most US voice assistant users use the technology to browse and look for products.

10. 39% of US survey respondents are unlikely to trust AI voice aides to make phone calls for them.

11. 40% of young individuals use chatbots daily.

12. 67% of US millennials who use the internet would purchase a product or service from a brand utilizing a chatbot.

13. 70% of millennials report positive experiences with chatbots.

14. 60% of US customers aged 35-44 believe companies are too quick to replace human workers with chatbots.

15. Two-thirds of respondents find a travel chatbot helpful.

16. 84% of the people who interacted with GRT Hotels & Resorts' chatbot provided their contact information.

17. A 2019 survey found that about 40% of U.S. consumers have interacted with retail businesses through chatbots.

3. Benefits & Efficiency of Conversational AI in Business

Chatbots have emerged as a game-changing tool in the dynamic landscape of modern business, offering unparalleled efficiency and cost-effectiveness.

These digital agents not only enhance customer service by providing swift responses, but also drive operational efficiencies, translating to tangible savings and improved ROI.

As businesses globally witness sales boosts and time savings, the use of chatbots has become less of an option and more of a strategic necessity.

Let's revisit the statistics again.

18. 80% of customers say using chatbots to solve problems was a good experience.

19. Sales increased by an average of 67% when chatbots were used.

20. Conversational commerce agents' interactions have grown to 250% in several businesses since the pandemic.

21. 90% of companies that use chatbots for customer service save up to 4 minutes per question and only pay $0.70 per interaction.

22. According to MIT, around 90% of companies that use conversational AI tools can handle more calls and complaints faster.

23. 57% of businesses believe robots provide a high return on investment (ROI) with little work.

24. Depending on the number of customer channel interactions redirected to Conversational AI-enabled channels, businesses can save between 15% and 70% on costs.

25. By 2023, the retail, banking, and healthcare industries will save $11 billion annually on business costs.

26. Every time a robot is used, banks save an average of $0.60.

27. JP Morgan saved over 360,000 work hours using its COIN robot to review complex back-end contracts quickly.

28. In the US, 43% of people who use digital banking prefer to use a live chat or robot to solve a problem.

29. In a 2023 survey of professionals in the United States, 37% of individuals employed in advertising or marketing had utilized AI for tasks related to their work.

30. Even some recruiting companies, such as XOR, reported that their solution accelerates the hiring process by 33%, increases resume screening capacity by 85% within the same budget, and reduces the cost per hire by 50%.

4. Industry-specific Data and Insights about Conversational AI

The impact of chatbots transcends general business practices, delving deep into industry-specific applications with tailored benefits.

From the fashion sector to the finance realm, data-driven insights highlight the unique ways in which chatbots are revolutionizing operations and consumer interactions.

This section delves into these sector-specific nuances, showcasing how chatbots are becoming indispensable assets across diverse industries.

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31. In 2019, the world market for chatbots in banking, financial services, and insurance (BFSI) was worth $586 million.

32. By 2023, more than 70% of chatbots will be used in retail.

33. Retail sales involving chatbots are expected to grow by 98% annually and reach $112 billion by 2023.

34. 87% of users said they would use a trip chatbot if it could save them both time and money.

35. The top 5 industries that gain the most from chatbots are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%).

36. Clothing accounts for 22% of online sales assisted by robots, making it the top category, followed by health goods and furniture each at 9%, and electronics and jewelry both at 8%.

Conversational AI Insights: Next Steps and Actions

Being aware of the current trends, especially the significance of conversational AI, is essential.

But the real question is, given all this information, what's the next action?

From my experience with AI tools, those unfamiliar with its advantages should certainly explore them.

For those already using AI but not completely content or uncertain about its alignment with their needs, start discovering new alternatives.

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