What’s holding back the chatbot industry?

The chatbot industry was valued at about 17 billion USD in 2019 and is projected to reach over 100 billion USD by 2025 (Mordorintelligence, 2020). With a probable 34% cumulative annual growth rate, the industry shows promise in service automation. Besides, 65% of customers worldwide showed an inclination towards chat connectivity over customer call support (BotMyWork, 2020). However, the chatbot industry is facing significant challenges that are holding it back.