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Chatbots: Today and Tomorrow

Earlier we briefly described Web Development trends for 2018 and today we continue with Chatbots.

 

According to a recent report by Grand View Research, the global chatbot market is expected to reach $1.23 billion by 2025, a CAGR (Compound annual growth rate) of 24.3 %. Interestingly, these projections show growth over the forecasted period as chatbots have proven to reduce operating costs for enterprises. 

 

Today chatbots already work well as the solutions for better customer service and customer experience across industries for:

  • creating and tracking insurance claims
  • personal online banking
  • booking travel accommodations and flights
  • service support internally, on channels such as Slack and other management software

In the coming year, enterprises will adopt strategic and unique ways to use AI in their daily interactions and automate conversations for maximum efficiency. Here are top predictions for enterprise chatbots in 2018

1. Steady Adaptation of Chatbots

Being humans, we are always interested in everything new. A few years ago Chatbots were a brand new thing but today they are becoming a common thing for many industries helping to connect customers to businesses.

 

Oracle conducted a survey among marketing professionals on the implementation of Chatbots: more than 30% said that they already use Chatbots to provide their customer service. Many brands are planning to adopt Chatbots in the next 36 months.

 

As enterprises have already used Chatbots for a while, it is just a matter of time for small and mid-size businesses start implementing them in their daily services.

2.  Chatbots Becoming More Human-like

Businesses are trying to be closer to their customers and to provide them with faster and more comprehensive support. As for today the big problem with Chatbots is that many customers feel uncomfortable with them. Many people still prefer to talk to a real person because they believe that bot is unable to answer their questions properly.

 

So, in the coming year Chatbots will become more “human-like” to gain trust not only with millenials but with older people too.

3.  Voice Experiences Becoming Mainstream

In 2017 the era of “Smart Speakers” began. Big players such as Google and Amazon introduced their devices which rapidly gained their popularity. For instance, as Geek Wire reports, Amazon has already sold more than 20 million Echo devices. Furthermore, there are over 20 thousand skills on the Alexa Store at the moment.

 

Besides smart speakers, Google implements voice-assistants in their Android-devices, smartphones, tablets, smart TVs and wearables.

 

In 2018 voice-activated assistants will become a real trend as more and more companies are working on developing their own assistant.

4.  The Rise of Conversational Bots

So the area some of us are most excited about is conversational interfaces. Since Natural Language Processing is still not where it needs to be – more on the state of NLP later – companies have started experiment with interface-based Chatbots. This year, we saw a ton of new use-cases for CI. For example:

5.   Natural Language Understanding

One of the main selling points Facebook used to promote their own Chatbot is that it uses Natural Language Processing technology, which helps it to better understand users’ inquiries. But if you’re one of the people who’ve actually tried interacting with their Chatbot, you know that this is far from reality.

 

In an effort to get one step, some companies have started working on Natural Language Understanding. Simply put, this technology will allow users and machines interact more naturally. Therefore, companies are pouring money into the development of technologies like AI negotiation capabilities and reinforced learning to help machines get a better understanding of the human language and user requests.

 

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