The last few years have witnessed an exponential rise in the Chatbot market where the market size is expected to exceed USD 1.34 billion by 2024. More than 40% of large business and conglomerates are estimated to implement chatbot usage by the end of this year.
The primary function of a chatbot is to provide lightning speed information at the drop of a hat. Technically, they’re auto-programmed to deal with inquiries and tasks which are predictable, and chatbots can answer them at par with human intelligence. We’ve witnessed these chatbots in the form of virtual assistance on websites and applications. With continuous interactions, algorithms are built in such a way which ‘help’ these bots to learn from past results, which in turn makes the communication efficient and simplifies the customer services. With a surge in chatbot usage over the last few years, it’s natural to assume that the current year will be an even greater year for chatbots.
Natural Language Programming (NLP)
As long as we don’t consider Rajnikanth’s movie – Robot, most of the human-like robots are missing one crucial element- A soul. Although most of the robots have names, human faces, are better at communicating better than humans, it is never exactly the same. Natural language programming is going to become the trendsetter for 2019 making chatbots more intelligent and equipped with ‘humanistic’ technology. In the digitization era, business will be looking more towards natural and personal means of marketing. Chatbots can be their cost-effective strategy.
The way we humans communicate, it’s almost next to impossible to replicate the same. Even the most intelligent of animals can’t communicate the way we do. There have been times where we humans have been able to detect a ‘tone’ of a person in a text. Style of writing, usage of grammar, punctuation, and a lot of other variables help us to understand the feelings of other people. This is what is called ‘sentiment analysis’. It is a psychological study of human nature, but the same can be learned by chatbots too. In 2019, we can expect Chatbots to expand their horizon and ‘feelings’ considerably.
Data suggests that over 50% of consumers prefer using online chat function before dialing the customer service agent. The only downside to humans manned customer service centers is that they work during official hours. Humans need rest, but chatbots don’t. They don’t need holidays, sleep, vacation and can operate and function round the clock 24/7. According to IBM, close to 80% of customer queries can be managed by a chatbot. 365 days of help and service bolstered by the use of chatbots will be another trend for this year.
Technology is advancing rapidly and is getting smarter by the day. Chatbots have unlimited data storage and are error-prone because machines don’t make mistakes. The entire premise of machine learning rests on the idea that machines learn through experience, of course with algorithms working in hindsight. For instance, Netflix collects data and browses shows based as per the user’s taste. The learning process creates a valuable ecosystem between the business and their consumers. Chatbots will curate more functional, personalized and unique experiences for everyone.
How many languages can a human speak or learn? Four, five, ten? The advanced generation bots are set to dazzle the world will multi-lingual features. This will help small business in gaining a global exposure, assist in operations crossing language barriers. The possibility of chatbots speaking infinite languages is a real thing, with impeccable fluency.
Chatbots have now become an integral part of our virtual life. A large number of users are realizing the benefits of chatbots from either side of the interface by simplifying things. Chatbots have the power to revolutionize the way we live and the way any business operates. The future of work will be a mix of human and machine intelligence working in tandem towards a common goal.