Intelligent virtual assistants mimic human conversations.
A recent report by ResearchandMarkets shows that the global market for conversational AI is expected to grow from $48 in 2020 at an average annual growth rate of 21.8 percent to reach $13.9 billion by 2025. Chatbot technology is based on natural language processing (NLP) to mimic human conversation. Intelligent chatbots used for customer service can lead to cost reductions of up to 90 percent, saving businesses millions.
What is a chatbot with artificial intelligence?
Chatbot systems have recently become much more sophisticated thanks to significant advances in artificial intelligence (AI). Using massive amounts of data and cheaper processing power, AI and related technologies such as machine learning are helping to significantly improve chatbots’ understanding and decision-making.
In particular, developers are using natural language processing (NLP) or natural language understanding (NLU) to create bots that can better understand human speech (or printed text). These technologies also make it possible to better discern the intent behind what someone is saying and respond more intelligently.
Is the value of conversational AI is its ability to provide personalized communication. It can be taught multilingualism and even provide support. Intelligent conversational chatbots can, for example, help older people cope with loneliness.
When chatbots are connected to technologies such as NLU, they can learn more sophisticated ways to mimic human conversation, such as maintaining context, managing dialogue, and adjusting responses based on what’s happening in the conversation.
Artificial intelligence-based chatbots can also be trained to actively learn from any interaction with a customer. For example, such systems can be trained to recognize customer frustration.
Artificial intelligence is an outstanding technology that plays a key role in helping industries and offices improve their work processes. With innovation trends looming in 2021, AI will remain an integral part of business and industry.
Innovation is endless and technologies such as artificial intelligence (AI) are revolutionizing the world. Artificial intelligence has shown promising trends over the years and is impacting virtually every industry.