A new trend for the AI market.
The ability to have a man to machine natural conversation is one of the most fascinating aspects of recent years, as well as one of the most interesting goals in the field of artificial intelligence.
Today we are reaching a next turning point: we are rapidly getting used to “having Conversations” with multiple artificial tools.
For example, let’s say that we are driving, and we want to go to a specific destination? Well… We can simply ask the car to take us to our destination by using new voice recognition techniques. Note that we can express our intention by using natural language (AKA intent in conversational AI jargon): “Please go to this destination …”, “Take me to this address in Boston”, “Set navigation to another destination”… and so on and so for.
We have just mentioned an examples of Conversational AI (car navigator).
It should be noted that Conversational AI is applicable to many other specific vertical sectors, where the adoption of Narrow AI techniques is more effective than Generalized AI.
One of these is represented by the universe of virtual assistants for customer care. Until some time ago a prerogative of Chat-Bot, today much more articulated solutions are growing on the market allowing you to interact with customers through voice conversations (AKA VoiceBot) and more generally omni-channel conversations. They make use of virtual assistants, often alongside a human contact center operator. All this is possible thanks to the evolution of Natural Language Processing (AKA s NLP) and the latest Machine Learning techniques!
Is this some kid of fiction? Well… If we look at the estimates by some relevant sources, we are talking about a current reality.
In fact, the size of the Conversational AI market is expected to grow globally from 6.8 billion in 2021 to USD 18.4 billion Dollars by 2026. It means a compound annual growth rate (CAGR) of almost 22%.
Today we are used to dial the toll-free number of our bank, navigating through complex voice menus asking us to type 1 if we are already customers, 2 if we are not. In case we are customers, we are asked to enter our customer code… And so on! At the end of an exhausting sequence of menus and various submenus, we often struggle to talk to an operator and, if we succeed, we usually spend a lot of time trying to explain our problem.
Things are getting different: we will always call the toll-free number of our bank, however on the other side of the line there will be a conversational assistant with whom we will talk quite naturally without complex codes to type and illustrating our need, which will be taken care of much more effectively!
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