Functional messaging and speech-based platforms are fast becoming new norm in interactive consumer communications in various end-use industries. Conversational AI has unlocked new potential in automated communication through speech-based virtual assistants and chatbots—notably two way-interactions and at scale. Unlike traditional chatbots and IVR, conversational AI can automate any channel of communication with customers and employees. This means that conversational AI has enabled chatbots to struck interaction with customers—text and voice—using natural language. With more number of social events being organized using functional messaging apps, conversational AI will see new growth trajectories over the next few years.
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Personalized Customer Interactions at scale will bring Conversational AI to fore
The future drive for conversational AI will be fueled by the growing popularity of personalized customer interactions at scale. The drive for better interaction with large numbers of customers fuels this trend. Broadly, advances in AI will set the pace for innovations in AI-based human-computer interactions, creating new avenues in the market.
A significant part of initiatives for developing conversational AI-powered chatbots will be fueled by acquisitions. Netcore, an AI-based growth marketing platform, announced in April 2019 that it has acquired an AI-powered chatbot start-up Quinto.ai. This will give Netcore access to its 24×7 chatbot for applications such as automated product discovery, recommendations, and inside sales. Moreover, the conversational AI can be integrated with Facebook Messenger, WhatsApp, and Slack. The company will competitive gains with the acquisition, as more and more customers seek chatbots rather than humans to build relationship with an enterprise.
The global conversational AI will see new a prospect in the growing demand for enterprise-level platforms for training conversational AI. The focus of market players on delivering unique voice experiences will open a new avenue in the market. The growing number of use cases for conversational AI will unlock new values in the near future.
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