Exploring the Abilities of Conversational AI and Its Technology Components

Today, advances in automation, artificial intelligence (AI) and natural language processing (NLP) make it possible to design cost-efficient digital experiences. Now, where information can be purposeful, simple, and natural, customer conversations with organizations increasingly resemble conversations with employees in-person. According to Deloitte report, embellished with such innovative capabilities a programmatic and intelligent way of offering a conversational experience to mimic conversations with real people, through digital and telecommunication technologies, informed by rich data sets and intents, providing customers with informal, engaging experiences that mirror everyday language, digitally enabled products, platforms, and experiences relating to communication, sales and service consultations, as well as other customer services, is what we call Conversational AI. The Conversational AI market size is expected to grow from US$ 4.2 billion in 2019 to 15.7 billion by 2024, at a CAGR of 30.2%, during 2019-2024. Using conversational AI, organizations can provide personalized and differentiated experiences that build relationships with their customers. Each interaction can feel like a 1:1 conversation that is context-aware and informed by past interactions.