What is Conversational AI?
Conversational AI is a type of artificial intelligence that enables consumers to interact with computer applications the way they would with other humans. Conversational AI has primarily taken the form of advanced chatbots, or AI chatbots that contrast with conventional chatbots.
How does it work?
Think of conversational AI as a digital 'brain' that powers a virtual agent or chatbot. It contains a variety of technologies that work together to enable efficient, automated communication via text and speech by understanding customer intention, interpreting their language and context, and responding in a human-like manner.
What is the Difference between a Chatbot and Conversational AI?
Conversational AI is all about the tools and programming that allow a computer to represent and carry out conversational experiences with people. A chatbot is a program that can (but doesn't always) use conversational AI. It's the program that communicates with people flowing a predefined conversational pathway which can change depending on the answers provided.
Why is Conversational AI Important?
Because conversational AI doesn't rely on manually written scripts, it enables companies to automate highly personalized customer service solutions at scale. This makes every interaction feel unique and relevant, while also reducing effort and resolution time.
How big is the Conversational AI market?
The global conversational AI market size is expected to reach USD 41.39 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2022 to 2030.
Where is it Used?
Conversational AI continues to evolve, making itself indispensable to various industries such as healthcare, real estate, online marketplaces, finance, customer support, retail, and more. And the conversational AI applications keep increasing with time, allowing human agents' lives to be easier and able to focus on special interactions rather than common interactions with customers.
How do you Implement Conversational AI?
By partnering with an external conversational AI agency and your in-house developers, support, sales and marketing teams, the processes of designing and implementing a conversational AI solution for your business would take place over a number of design workshops and development stages.
