{"id":75375,"date":"2024-06-13T12:48:54","date_gmt":"2024-06-13T10:48:54","guid":{"rendered":"https:\/\/intellias.com\/?post_type=blog&p=75375"},"modified":"2024-07-16T11:42:24","modified_gmt":"2024-07-16T09:42:24","slug":"7-conversational-ai-trends-to-watch-in-2024","status":"publish","type":"blog","link":"https:\/\/intellias.com\/7-conversational-ai-trends\/","title":{"rendered":"7 Conversational AI Trends to Watch in 2024"},"content":{"rendered":"
When did the first chatbot (i.e., conversational AI) launch?<\/em><\/p>\n Believe it or not, the world\u2019s first autonomous chatbot, ELIZA<\/a>, was unleashed as a virtual psychotherapist in the mid-1960s! Despite being built on primitive Natural Language Processing (NLP), unsuspecting users were convinced they were talking to a real person.<\/p>\n We\u2019re lightyears beyond ELIZA now. The introduction of generative AI<\/a> (GenAI) has fueled the rapid transformation of conversational artificial intelligence (AI). Gone are the days of rigid, rules-based chatbots dependent on pre-programmed responses and decision trees.<\/p>\n Today\u2019s conversational AI can better understand natural language and intent, making interactions feel more human-like than ever before. These advancements in conversational AI are inseparable from the GenAI revolution, which includes major breakthroughs in NLP, machine learning<\/a> (ML), and large language models (LLM).<\/p>\n Thanks to these breakthroughs and positive reactions from both the companies deploying conversational AI and the people interacting with it, the market is anticipated to grow from $9.9B in 2023 to over $57B<\/a> USD in 2032, a CAGR of 21.9%.<\/p>\n In this post, we will explore the latest conversational AI trends and how they improve the customer experience, save businesses money, and much more.<\/p>\n Fuel your business growth with an AI copilot platform rolled out by Intellias <\/p>\n Many companies\u2014including Google, Amazon, Walmart, and more\u2014already integrate conversational AI into the customer experience. The benefits are clear. Intelligent chatbots<\/a> available to customers 24\/7 can provide support and troubleshoot problems for faster resolution times and a more convenient experience.<\/p>\n Additionally, conversational AI can personalize interactions by remembering past preferences and tailoring responses accordingly. By handling multiple customers simultaneously, conversational AI can significantly reduce wait times, improving the customer experience.<\/p>\n The friendliness and efficiency of conversational chatbots can significantly enhance customer satisfaction by providing instant, accurate, and personalized support across channels. Conversational AI can answer customer questions in nanoseconds \u2014 much more efficiently than humans. A study<\/a> by MIT Technology Review found that 90% of companies reported faster complaint resolution and improved customer satisfaction after implementing conversational AI.<\/p>\n Chatbots can handle many routine inquiries, freeing human agents for more complex issues. This reduces labor costs and allows businesses to streamline their customer service operations. According to Gartner<\/a>, integrating conversational AI in customer service will cut labor costs by $80 billion by 2026. Beyond customer service, conversational AI can automate HR tasks, such as answering employee questions and assisting with onboarding.\n
Benefits of adopting conversational AI<\/h2>\n
Enhanced customer experience<\/h3>\n
Improved customer satisfaction<\/h3>\n
Increased efficiency and cost savings<\/h3>\n
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