Is Conversational AI Going To Be A Game Changer In 2024?

Conversational AI may sound like a new term to you. However, if you actually understand what it is, then deciphering it is quite easy. As this is one aspect of technology, that we have all been exposed to in our daily lives. The motive of this article is to make the concept of conversational artificial intelligence (AI) totally understandable to you.

When you try to dig into our topic of discussion and its relevance in daily life, you come to understand that these conversational AI are the virtual chatbox, assistants, and helpdesk that have made our reachability to brands and companies even easier.

For example, you open your Swiggy application for raising the query on the location of your order. It is the virtual assistant that takes up the initial hand job. This gives you the exact location of the order, the contact number of the delivery person, and the expected time to deliver the order.

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Hence, instead of relying on a person to take the job upfront, it is the AI that does the job. If we look into the statistics, around 50 per cent of the companies globally are looking for investment in chatbots.

What Is Conversational AI?

Conversational artificial intelligence is the amalgamation of natural language processing and machine learning. This ensures machine output but in a more humane form. Initially, the input is translated by the natural language understanding and depending on that response is formulated.

In the later stages, feedback is expected from users to improve their experience in future. Some of the uses of this are made in the form of chatbots, virtual agents, digital assistants, and virtual support.

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Gearing Up The IT Revolution

When you were a child, you imagined a robot speaking in a particular tone or pitch as that was shown to you in the news, movies, etc. However, considering the way technology has evolved with machine language or natural language processing and the chatbots interact and sound like a human is uncanny. All thanks to one of the greatest technological revolutions in the form of conversational AI.

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It would not be wrong if we say that this new enhancement has been the critical component in gearing up the entire IT revolution. Building human-like conversation is the mainstream task of conversational artificial intelligence. Here are some of the use cases where it has been extensively used:

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• Online chat supports for e-commerce industry that includes shopping for clothing, merchandise, fashion accessories, beauty products, etc.
• Resolving customer disputes over recurring issues and generic questions that do not requires human intervention.
• Streamlining order-based queries from the shipping industry and food delivery companies.
• Engaging online queries over social media platforms so that the customer does not feel neglected. For example, if a shop is offline/closed during certain hours or days, the chatbot can take place of the human operator.
  It can send a customised message for queries from consumers about the unavailability. Besides, they make sure that these leads are taken care of once the operators resume.
• Automated speech recognition like Siri or Alexa can interact easily with users and convert speech to text as well to reduce human work on smart devices.
• Educational portals have virtual assistants who can help you generate tickets and solve queries regarding class recordings, attendance, resources, etc.

What Does The Statistics Say?

• The Allied Market Research predicts that the estimated market size of conversational AI is expected to grow to USD 32.62 billion by 2030.
• As per Insider Intelligence, in 2022 alone, around 3.5 billion chatbots were accessed worldwide.

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As per the statistics by Gartner,

• Currently, there are around 17 million contact centre agents around the world and the cost would reduce considerably when automated agents take their place.
• The average cost of conversational AI integration can range from USD 1000 to USD 2500 per agent.
• By 2026, one in ten interactions in the project will be automated.

How Does Conversational AI Work?

Through the use of natural language processing and machine learning, conversational AI tries to understand what the user demands are. As per their deciphering that is derived from a plethora of datasets and use cases fed into it, they generate results in the form of natural language understanding.

This ensures that human-like conversation is generated and machine-understandable language that is difficult for the human being is eliminated. Therefore the AI understands, gets the user intent, and produces the needful results.

Machine learning, speech-to-text and text-to-speech recognition, automatic speech recognition, and natural language understanding form a major part of conversational artificial intelligence.

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After the three stages shown in the diagram are implemented, there is reinforcement learning too. This ensures that the machine gets to learn more about the satisfaction of the user from the interaction. Therefore, it asks for the user’s feedback at the end.

How Is This Mechanism Providing An Edge?

Conversational AI is the harbinger of the new wave of change in the field of technology. As the positive impacts have spilt over to other sectors too, the long-lasting impact is to remain.

• Healthcare
  Accessing the best medical facility through the means of virtual assistants and
  chatbots is possible and one has to not depend on the human receptionist for help.
  This includes sending reports, claims processing, and another administrative task.
• Management of Human Resources
  Updating employee-related information, assessing and guiding new trainees, or adding candidate information to the database are some of the tasks managed by conversational artificial intelligence.
• Customer Service
  
  Maintaining the engagement of customers and automating the support that was usually lent by human manpower has now been taken up by the new AI evolution. Complain management, finding order status, making appointments, and generating invoices are no man’s tasks!
  

Summing Up

In the recent wave of increased dependency on automated chatbots, virtual assistants, and many other automatic helpdesks, conversational AI is something we can look forward to more expansion in the near future. Even though the market size for conversational artificial intelligence has already grown to a large extent, it will grow even more in times to come. Great conversational intelligence will help companies to engage their customers better and maintain healthy competition in the market.

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