Conversational AI is one of the most rapidly growing technologies in the field of artificial intelligence, and it’s not hard to see why. With the ability to understand and respond to natural language, conversational AI has the potential to revolutionise the way businesses interact with their customers, making it easier for companies to provide fast, accurate, and personal support.
In recent years, we’ve seen a significant increase in the adoption of conversational AI across a wide range of industries. From customer service to e-commerce, companies are turning to conversational AI to streamline their interactions with customers, increase efficiency and enhance customer satisfaction.
Here are some key statistics that showcase the current state of conversational AI in 2020:
According to a survey by Gartner, 85% of customer interactions will be handled without a human agent by 2020.
The global conversational AI market size is expected to grow from $4.05 billion in 2020 to $9.98 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.
Chatbots are expected to save businesses over $8 billion annually by 2022.
The use of chatbots in customer service is projected to increase by over 150% in the next 2 years.
According to a study by Oracle, 80% of businesses plan to use chatbots by 2020.
These statistics clearly show that conversational AI has already begun to make a significant impact in the way businesses operate, and this trend is set to continue in the coming years.
However, it’s important to note that there are still challenges to overcome when it comes to conversational AI. The technology is still in its infancy, and businesses are still learning how to effectively integrate it into their operations. Additionally, there is a need for businesses to ensure that their conversational AI solution is able to understand and respond to a wide range of customer inquiries, and it must be able to handle conversations that require human-like nuances like empathy, and tone-matching in order to provide the best customer experience.
In conclusion, the state of conversational AI in 2020 is one of rapid growth and increasing adoption. Businesses that are able to effectively integrate this technology into their operations will be well-positioned to benefit from the many advantages it offers, such as increased efficiency, improved customer satisfaction, and cost savings. As the technology continues to evolve, we can expect to see even more businesses turning to conversational AI to streamline their interactions with customers.