Since Facebook announced it was rebranding to Meta in its quest to become a leader in the race for the metaverse, companies everywhere have been wondering what's next for the online marketplace. While the metaverse will continue to buzz in 2022, new challenges arise as tech organizations begin to journey into uncharted territories.. Organizations across the global enterprise landscape have already placed large stakes into this virtual, universal opportunity. Even smaller companies are jumping on the digital bandwagon early, hoping to avoid missing out on immersive trade. A report by Emergen Research projects the metaverse market to reach over $800 billion by 2028. Without a doubt, the new wave of virtual reality (VR) and augmented reality (AR) is already here.
Despite market disruptions and unprecedented global events, the evolution of technology in every sector will continue because leaders worldwide actively develop solutions, overcome obstacles, and create new products. As this rate of advancement accelerates, technology will continue to be an essential component of success on any terms. Moreover, the leaders spearheading growth in this area also exercise best-in-class corporate practices, create healthy cultures, and achieve record-breaking revenues, concludes Dr Lebene Soga of Henley Business School. As the interplay between humans and technology develops, the prevalence of Artificial Intelligence (AI), intuitive interfaces, and predictive capabilities also grow. This asynchronous development has the net impact of making life easier, businesses more profitable, and infrastructure more enduring.
How will voice AI develop in 2022? More than 25 voice industry pros offer your predictions for the coming year. There will be more enterprise focus as a continuing trend of 2021, more custom assistants, and several new developments related to the metaverse. This past year was an important transition year for the voice AI market as Brandon Kaplan and Pete Erickson aptly highlight. Consumer applications and the general-purpose consumer assistants from the tech giants drove interest in the market for many years, but that changed in 2021 as enterprise use cases and customer, brand-owned assistants took center stage.
Per Ottosson is the CEO at Artificial Solutions, a leading company in Conversational AI. At the Mobile World Congress in Barcelona at the beginning of March, two conversational topics kept coming up: 5G and the metaverse. When I say metaverse, I'm not just talking about "Meta," Facebook's recent rebrand, but about the many different virtual worlds that companies are creating. The metaverse has been around for a long time. Just look at what Microsoft has been building over the past few years.
The Conversational AI space has made great strides in the underlying technologies, use cases, and adoption. We are moving past the days of basic question and answer experiences and simple decision trees. Chatbots, voice assistants, and Interactive Voice Response (IVR) solutions have advanced to incorporate sophisticated Natural Language Understanding (NLU) that not only understands a user's Intent, but enables the chatbot to respond appropriately in a way that satisfies the user. Conversational AI solutions are used across a wide variety of use cases and industries -- including customer service, appointment booking, triaging medical symptoms, signing up for an account, and more. The demand for conversational AI continues to grow as users prefer to communicate over digital channels. Businesses are developing chatbots, voice assistant, and IVR experiences to increase customer satisfaction, reduce operational costs, and achieve business goals.