The year 2020 was a long, stress-full year for industries worldwide. The COVID-19 pandemic unveiled communication glitches and shed light on a rising need to solve the loop holes in customer and employee communications, speed up digital transformation, and pave way for improved customer experiences. The industrial world has observed an exponential increase in the demand for chatbots and voice or speech bot solutions, and the focus on integrating conversational AI with Robotic Process Automation (RPA) is rising.
Conversational AI is a type of artificial intelligence that enables real-time human-like conversation amongst a human and a computer. Although the notion of conversational AI has been introduced decades ago, it wasn’t something that was extensively used in the industries. However, since the past 3 years, the awareness about conversational AI has boosted extensively.
As companies from different industrial verticals are undergoing communication issues, Conversational Automation is proving to be a vital part of customer service, thus making it a trending concept to take a note of. Conversational AI chatbots, also known as virtual agents/virtual assistants, improve reach, responsiveness, and personalisation of the customer experience. AI-based conversational chatbots offer enhanced customer service automation.
Today’s consumers are greatly fueling the need for businesses to improve their customer service. Hence, businesses are greatly opting to implement conversational AI to resolve their communication challenges. This innovative technology is helping businesses as well as consumers worldwide in interacting in a smarter and more effective manner.
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Why is Conversational AI becoming so Essential Nowadays?
Businesses have started using conversational AI in sales, marketing, and support to engage alongside the entire customer journey. One of the highly prevalent and effective application of conversational AI is in the customer service industry for enhancing customer experience.
As conversational AI does not depend on manually written scripts, it allows companies to automate extremely personalized customer service solutions. The application of this exceptional technology helps in making every communication unique and pertinent, and also reduces the efforts and resolution time. Thus, with the implementation of this technology, customers are likely to report greater levels of satisfaction.
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Recent Trends in the Conversational AI Industry
With time, there have been several developments in the conversational AI sector. Market players are significantly investing in in-depth research for boosting the efficiency of this wonderful technology. As per a report by Research Dive, the global conversational AI market is expected to collect a revenue of $13,291.3 million by 2028, owing to the rising demand for this technology among industries worldwide.
Some of the leading players of the conversational AI market are Google, Microsoft, IBM, AWS, Oracle, SAP, Artificial Solutions Holding ASH AB, Baidu, Inc., Conversica Inc., Haptik., and others. Market players are focused on developing strategies such as partnerships, product development, mergers and acquisitions, and collaborations to achieve a foremost position in the global market. For instance,
In November 2021, Google, a leading technology company focused on offering Internet-related services and products, launched Bot-in-a-Box to nudge along conversational AI. This new feature from Google Cloud will help in making it easy for businesses to implement chatbots using prevailing customer FAQs.In September 2021, Kore.ai, a leading conversational AI software firm, launched SmartAssist, the first ever AI-native end-to-end Contact Center as-a-Service [CCaaS] solution of the world.
In October 2021, Jio Platforms' Haptik, an Indian enterprise conversational AI platform, launched a new Enterprise CX Platform to facilitate Conversational AI solutions in less than seven days.
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Impact of the COVID-19 Pandemic on the Global Conversational AI Market
The sudden outburst of the coronavirus pandemic has negatively impacted the global conversational AI sector. During the pandemic, the customer service sector was amongst the highly affected industries in 2020. But, with the upsurge in the adoption of advanced technologies, the market is projected to observe augmented growth after the pandemic relaxes. As the pandemic is slowly relaxing, businesses are adopting a more tactical approach for enduring processes, and enabling flexibility as well as scalability in their operations. This is expected to upsurge the demand for advanced technologies like conversational AI in the coming years.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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