The market for conversational AI is expected to grow to more than $15 billion by 2024, from $4.2 billion in 2019. And for good reason — the technology is helping enterprises find new value and capabilities.
In the enterprise, businesses are leveraging conversational AI for both customer-facing and internal use. According to IBM, companies spend $1.3 trillion to answer 265 billion customer service calls each year — but deploying smart AI to address the most routine cases can cut costs by 30% and lower call center employee attrition. Thus the call center is a natural priority for deploying conversational AI, although that’s far from the only use case.
Conversational AI usually combines machine learning (ML), which allows computer systems to solve problems without explicit instructions by reading patterns and making inferences, and natural language understanding (NLU), which lets the AI parse human speech. That power can do anything, from offering bank customers financial advice to updating travelers at busy airports, with the right tools.
Google created an enterprise version of its popular Dialogflow platform to allow businesses to create their AI-powered conversational interfaces for custom purposes. And Salesforce launched its powerful Service Cloud Voice in November 2019, along with a slew of other improvements and new tools for voice-powered AI. Smaller companies focus on verticals, like Ojo Labs and its real estate chatbots or Clinc, which partnered with Ford to enable voice commands in connected cars. Babylon Health and Ada Health, meanwhile, are providing conversational Ai services to the health care industry.
Beyond customer-facing applications, enterprise is deploying conversational AI internally as well. Jane.ai offers tools to search through a company’s entire knowledge base — from email apps to cloud drives — to locate legal contracts, schedule appointments, and even ask where in the office the first aid supplies are kept. Wade & Wendy assists HR departments with recruiting and developing talent.
Conversational AI continues to play a central role in helping companies engage customers and deliver experiences that are more personalized, contextualized, frictionless, and efficient. VB Transform is excited to host our second annual Conversational AI Summit, taking over the main stage at Transform 2020 this July 15-16 in San Francisco.
Join today’s leading executives as we explore how the latest trends in NLP, NLU, voice, and text are changing the business and driving results.