Chatbot revenue is on the upswing
7, a company that develops chatbots for messaging apps and web sites, is expecting a significant uptick in revenue over the next 12 months, according to Reuters.
The company projects its revenue to grow between 30% and 35% in the upcoming financial year, reaching up to $400 million by March 2018, CEO PV Kannan said.
Improvements in AI have enabled chatbot makers to create more effective automated responses.
This helps generate sales and boost user satisfaction. This, in turn, is driving up investments in chatbot companies, according to ROKO Labs research shared with BI Intelligence. Investments in the nascent chatbot industry grew 229% between 2015 and 2016. In comparison, investments in the much more mature app industry during the same period grew 66% YoY.