Over the course of the last one decade, the Artificial Intelligence (AI) chatbot segment has registered an unprecedented growth. Having been valued at USD 0.84 Bn, the industry is expected to reach the valuation of USD 4.9 Bn by 2032, growing at a CAGR of 19.29 per cent from 2023 to 2032, a recent study by Precedence Research estimates. In light of these figures, it wouldn’t be an exaggeration if we say that it’s going to be an exuberant decade for the AI chatbot space.
As the chatbot space and the AI technology at large continues to evolve and expand, we can expect a great many new trends to emerge this year and rule the segment. “The most prominent trend which we may see flourish this year, in my opinion, would be the rise of specialised chatbots targeted towards specific sectors. Most organizations across sectors look at AI chatbots as quick solution providers, and this trend will continue to grow in the months to come. A prime example of the same can be seen in the case of Uber, with the company allowing customers to hail taxi rides through WhatsApp chatbot,” says Harsha Solanki, Managing Director – India, Bangladesh, Nepal, and Sri Lanka, Infobip.
There has been a steady rise in the usage of conversational chatbots on part of organizations. Delivering personalization is emerging as a key use case scenario for the AI chatbot technology. Since most customers today are looking for personalized experiences, providing them with the same can be conveniently enabled with help from conversational AI. Conversational technology platforms are utilizing chatbot tech to aid businesses in streamlining engagement with customers, clients, and prospects.
Through the use of automated, personalized, real-time conversations across a variety of messaging channels, intent-based chatbots prove to be extremely useful. “They are effective in keeping the existing and prospective customers engaged with the brand through their use of natural language processing (NLP) to figure out the intent of the person. Once the intent is established, such chatbots can curate solution-oriented responses for the queries, thereby replicating the normal conversational experience between two humans,” adds Solanki.
With the advent of advancements in new age technologies such as facial emotion recognition, eye-tracking, and real time video interaction analysis, we can also expect AI chatbots to display enhanced emotional intelligence in the time to come. There have been immense developments in terms of creating digital avatars that project emotions, which is making AI chatbots indistinguishable from human operators by the day. The usage of AI-generated avatars is becoming increasingly popular, with leading platforms such as Instagram, Facebook and Snapchat adopting them to create a personalized experience for the users.
The application of AI chatbots in the voice assistant domain is no alien concept. “The likes of Alexa, Siri and Cortana are becoming an intrinsic part of our daily lives. Voice assistants are deemed by the majority as an increasingly helpful tool that makes daily chores more convenient. The trend is only going to grow in the time to come. Industry figures reflect a strong period of growth, with digital voice assistants poised to reach 8.4 billion units by next year,” believes Solanki. The figure amply highlights the growth that the AI chatbot technology is all set to chart this year.
In addition to this, we may also witness a steep rise in innovation pertaining to conversational AI-powered search. “AI chatbots have already proved their merit in assisting customers navigate and find what they are looking for in the shortest time possible on a brand’s digital platform rather than having to scroll multiple pages. The evolution of Google’s search technology is an early example of AI’s efficacy in improving search results. The usage of AI chatbots as an integral part of the search bars and reporting systems will continue to grow and evolve in the coming months,” signs off Solanki.
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