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Artificial intelligence, commonly referred to as AI, is a branch of computer science concerned with building intelligent machines capable of performing tasks that would otherwise require human intelligence. Technology has been on an upward trajectory, and the Indian technology services industry is expected to reach $30-350 billion in annual revenue by 2025 if it can capitalize on the rapidly emerging business potential in cloud, artificial intelligence, cybersecurity and other emerging technologies. McKinsey report.
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Artificial intelligence is not limited to the world of science fiction. As a technology, AI-powered chatbots are revolutionizing business processes across multiple industries while impacting multiple aspects of people’s lives. In today’s always-on world, markets of all kinds are embracing artificial intelligence to be smart. In modern business, humans are not the only ones engaging buyers and providing after-sales support. AI-powered chatbots are becoming ubiquitous. Human psychological attributes are used to program realistic chatbots aligned with human empathy. Chatbots of the future can provide professional customer support and effectively market products. Imprints of human behavior are used to evolve artificial chatbots, and machine learning patterns enable chatbots to exhibit near-human-level interactions.
“We believe that while the technology is upgrading, a lot can be achieved even with current technology stacks and models. Much of it is not about ‘what’s there’ but ‘how to use it’. At Rezo.ai, we are There is a healthy split between first-level queries, complex use cases, and end-to-end solutions. A big driver for us is our focus on data engineering, not just AI modeling. Our USP is that We use data, the KPIs we look at, and the business insights we come up with,” said Rashi Gupta, co-founder of Rezo.ai.
The global chatbot market size was valued at USD 525.7 million in 2021 and is expected to grow at a CAGR of 25.7% from 2022 to 2030. The market is expected to be driven by the increasing adoption of customer service activities by businesses, reducing operating costs, several analysts said.
The impact of 5G
In early October, Prime Minister Narendra Modi gave the green light for the arrival of 5G. Reliance Jio and Bharti Airtel will soon offer next-generation telecom services in four and eight cities respectively. 5G will not only affect network coverage or high-speed internet, but also conversational AI.
5G will enable widespread access to video content, enabling brands to engage with users in a more interactive way. It will also provide the necessary bandwidth for the success of the metaverse while spreading the adoption of 3D humanoid digital avatars, enabling immersive customer experiences from shopping to gaming to virtual learning. Thanks to 5G’s lower latency, conversational AI-powered digital avatars will act as customers’ personal shopping assistants or stylists, assisting them on their virtual shopping journeys quickly and seamlessly. The technology will also give way to greater penetration of augmented reality and virtual reality, which can allow providers to connect with customers and provide them with immersive experiences.
“5G will accelerate the pace of digitization and significantly facilitate service and product innovation across industries. It will change the rules of the game and create enhanced user experiences across industries, from immersive mobile gaming to photo-realistic virtual try-ons to Increasing adoption of applications such as contactless payments and mobile wallets, said Rashid Khan, chief product officer and co-founder of Yellow.ai. Customer expectations for accessibility, personalization and faster solutions will only increase with the continued rollout of 5G. “
counter argument
There are new developments in this area. However, people want to look away from IVRs and chatbots for alternatives. The prevailing industry-wide opinion is strong evidence that the technology has failed to meet market expectations. The core problem statement is still fundamentally strong: people love personalization. There has been a shift now, and conversational AI is no longer seen as a way to reduce costs, but rather as a growth engine.
“This popular opinion has caught on because things are evolving and so is technology. 2-3 years ago, chatbots were the buzzword and IVR was the most innovative way to handle phone inquiries. Now it’s As people adjust to a fast-paced life, they expect their queries to be resolved instantly, and due to head-to-head competition, businesses need to take proactive steps to get closer to their customers,” said Sarvagya Mishra, Co-Founder, Superbot.
SLU, NLP, and ASR are technologies that are bound to evolve because they are the backbone of conversational AI. These technologies need to be upgraded to upgrade conversational AI agents. The technology is provided by third parties, and upgrading is a never-ending process that helps to get the maximum output from the technology.
A survey by Deloitte showed that about 88% of Indian businesses expect to increase AI investments in 2022 compared to last year.
“The applications and potential value-add of SLU, NLP, and ASR increase. Existing applications will be upgraded, but the main difference will be new opportunities that will emerge based on upgraded capabilities that will solve harder problems and be more deliver results fast,” said Nikhil Gupta, co-founder of LimeChat.
Chatbots are having an impact on every industry and area of operation – from optimizing manufacturing operations to inventory and supply chain management. The biggest impact is in the field of customer service, where conversational AI has revolutionized. Technological developments are leading the industry in new directions and new use cases. Conversational AI has already transformed modern business, and with the advent of 5G, newer avenues will be explored for conversational AI.
