Prebuilt Chatbot vs AI Conversational Chatbot: Market Trends and Economic Forecasts

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There is no doubt that conversational AI chatbots are bigger than ever and a lot of people are investing money in them. But that doesn’t mean that GPT Chat alternatives are losing their market share.

According to a report by Finances Online , the global conversational AI market is set to grow from nearly $5 billion in 2020 to around $14 billion by 2025. Moreover, the global chatbot market, which includes conversational AI chatbots, is projected to grow from $18 billion in 2020 to a whopping $102 billion by 2026! That’s a mind-boggling compound annual growth rate of nearly 35%.

The chatbot industry is forecast to grow from $20 billion to $102 billion by 2026.
Prebuilt Chatbot vs AI Conversational Chatbot: Both Chatbots Are Predicted to Grow Exponentially in the Next Five Years
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GPT chat alternatives, such as pre-built chatbots, are responsible for a good part of this market growth. According to Finances Online’s report, 70% of customers have indicated having good experiences with chatbots and 13% of them canadian cto cio email database have purchased expensive products through a chatbot at least once.

If you want your customers to be able to purchase directly through a chatbot, you'll need more than just a conversational AI chatbot. While a conversational AI chatbot will understand what the customer wants and point them in the right direction, if you have a pre-built chatbot with a search function and an ordering system, your customers will be able to make purchases directly without even needing a redirect. And that's not the only reason why you should use a pre-built chatbot for your business.

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Pre-built chatbot vs AI conversational chatbot: Usability and functionalities
It is unfair to call pre-built chatbots alternatives to GPT Chat. Because pre-built chatbots can do much more in a minute than GPT Chat can in 10. Take lead generation as an example.

Most businesses use chatbots – conversational AI or otherwise – to help generate more leads for their business. The drawback to having a conversational AI chatbot for this purpose is that there are millions, if not more, ways for users to interact with your AI bot.

With a pre-built, scripted chatbot, you can script the start of the conversation in a way that helps you gauge what a potential client is really looking for. For example, if you work for a real estate agency, you can start the flow by asking if they are looking to buy or sell, and then ask about their budget or where they are looking to buy (or sell) from to give you a head start when approaching that client. This way, you will always be one step ahead of your potential real estate clients !