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Chatbots - Taking the Tech World by Storm

11-15-2018 04:57 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Analytics
Chatbot Market in BFSI

Chatbot Market in BFSI

Advancements in the subfields of machine learning (ML) such as deep learning and deep reinforcement learning have enhanced the artificial intelligence (AI) tasks such as natural language processing (NLP), automatic speech recognition (ASR), and text to speech synthesis (TTS), and more.

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One of the important objectives in AI has been to develop systems that carry out human-like conversations with users. And the progress made by AI has made the achievement of this goal possible. How? Well, through chatbots – a computer program that can carry out conversation with a user through messaging apps, chat windows, or by voice. The chatbot gives smart and relative responses using the same applications back to the user. Chatbots can be thought of having three parts – interface, intelligence, and integration. Interface lies between the user and the chatbot through a messaging app.

Intelligence helps the chatbot to grasp and solve customers’ issues as well as learn from each interaction. Integration refers to the incorporation of the chatbot with other systems and platforms so that the chatbot can gain access to information from different sources to perform more complex tasks. Chatbots have a wide range of applications. They help deal with many routine queries, make it easy and fast for customers to reach you, and provide a way for companies to understand how the rules of digital customer service change with changing AI era. They also help users with making information requests, payments, or ordering and making reservations.

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Chatbots are rapidly gaining popularity in the tech industry. The rise in messaging apps, advancements in AI and cognitive technologies, a wider reach for automation, the growing need for improving customer relationship management (CRM), benefits offered by chatbots over other customer support options, and surge in the integration of chatbots with social media is driving this trend. A report by Allied Market Research states that the global chatbot market is expected to garner $2,186 million by 2024, growing at a CAGR of 29.7% from 2018 to 2024.

To help businesses attain greater productivity and enriched user experience, a handful of technology companies are coming up with innovative chatbots. In October ’18, the multinational technology company, Oracle, introduced a chatbot called Digital Assistant that is AI-optimized to automate routine tasks., a company that specializes in Conversational Artificial Intelligence, unveiled its chatbot platform that enables organizations to add intelligent and conversational features to their customer engagement channels.
Oracle Unveils Personalized Digital Assistants to Automate Tasks
Oracle recently revealed its Oracle Digital Assistant, which helps employees make user engagement easier, and enhance their efficiency and productivity. The product uses AI to comprehend context, derive intent, and learn user behavior.Designed using Oracle cloud infrastructure, the assistant enables communication through the voice interface and supports messaging platforms such as Slack, Facebook Messenger, WeChat, and Alexa. With built-in analytics, the assistant lets companies keep track of usage to gain information about user behavior and app performance for analysis and self-enhancement. Sets its Chatbot Platform in Motion to Bolster Customer Engagement
The innovative chatbot platform by, which is based on artificial intelligence, features multilingual support, QuickPredict feature for keywords and alternative question suggestion, a dashboard for managing numerous chatbots, importing and editing, a live chat element, and real-time analytics and reporting support. The AI-enabled product performs real-time communications efficiently for businesses by managing the tedious and repetitive questions that are otherwise handled by human agents using various messaging platforms.

The QnA chatbot can be trained and deployed quickly and allows for automation of conversations with customers, re-engagement of bouncing traffic on businesses’ websites, and lead generation. Yoav Yanovski, the company's CEO says, “The new ‘Chatbot as a Service’ platform enables businesses to deploy AI-powered Chatbots for Customer engagement in a few steps, without the need to write any line of code, or to dig into archived data and conversations history to train the AI. Even with no exposure to programming, businesses can easily deploy a natural language processing (NLP) powered Digital Agent using our wizard, import & connect the business content and publish the Agent to a Website or Social Media channel with a single line of code.”

The advent of chatbot technology has redefined communication and services in businesses. As the industry grows, more competitors will make their entry in the market and growth will be exponential.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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