According to Gartner, the Conversation AI market size is expected to grow from $6 billion in 2019 to $22.6 billion by 2024, at a CAGR of 30.2%, between 2019-2024. So what is Conversation AI? The benefits that it brings as well as the challenges of implementing it in the enterprise.
What is Conversation AI?
Conversation AI is a type of artificial intelligence (AI) that allows you to have conversations with digital assistants. This can be done through voice or text, but it’s usually done via voice. It works by using machine learning algorithms that allow the program to learn from its users’ responses, so it becomes more accurate over time. In other words, as you use the app more often and provide feedback on how well it understands what you’re saying or asking for in each situation, it gets better at understanding what kind of information would be helpful for you in certain situations.
The Benefits of Conversation AI
Increase efficiency and reduce costs:
Firstly, it can help you to improve the efficiency of your business by automating repetitive tasks, such as answering simple questions or providing product information. This will free up your employees’ time so they can focus on more important tasks. It also means that fewer people are needed to run an operation, which reduces costs for both you and your customers.
Improved customer service and customer experience:
Conversation AI has the potential to revolutionise how we interact with businesses by making it easier than ever before for customers to get answers from their favourite brands in a natural way without having to wait on hold or fill out forms! With chatbots at their disposal 24/7 (or whenever they’re open), people can easily find answers without feeling pressured into buying something else while they’re still waiting on hold (which is often not helpful anyway). Plus there’s no need for pesky phone calls anymore!
The Challenges of Conversation AI
It is important for preparing careful planning and implementation, as well as ongoing maintenance. The cost of the initial implementation can be significant, particularly if you are building your own system from scratch instead of using a pre-built solution.
The training process for conversation agents is also time-consuming–and expensive when done by humans rather than machines (though machine learning technology has been shown to be effective at this). And once your bot is deployed in production, there may be regular updates required based on changes in user needs or industry regulations (e.g., GDPR).
The Future of Conversation AI
Technology has a lot of potentials to help people and businesses, but there are some challenges ahead. One challenge is integration with other AI technologies. For example, suppose you want to use a chatbot for customer service purposes. In that case, you’ll need an interface that allows users to access other features like payment processing or inventory management systems through the same interface as their conversation with your bot (e.g., via voice commands). This means that developers need to work together so that all these applications can talk to each other seamlessly–and this will require a lot of collaboration between different companies’ engineers who specialize in different areas of computer science (e.g., natural language processing vs machine learning vs speech recognition).
Tips for Implementing Conversation AI
- Understand the needs of your business.
- Research the technology and vendors.
- Create a plan for implementation.
Best Practices for Using Conversation AI
- Keep it simple and straightforward.
- Be consistent with terminology and style.
- Monitor customer feedback and adjust accordingly.
Conversation AI is a powerful technology that can benefit businesses in many ways. However, there are challenges to consider when implementing it. It is important to understand best practices for using Conversation AI and how they can help you get the most out of this technology.