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The Chatbot Industry: Exploring the Dynamic Future and Powerhouse Growth in 2020

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The Chatbot Industry: Exploring the Dynamic Future and Powerhouse Growth in 2020

2020 will mark the widespread use of chatbots in business. All analyzes converge to a similar conclusion,  The chatbot industry will reach an average annual growth rate of 30% and adoption will expand. However, we will not reach the level of optimism expected by ” , which estimated 4 years ago that 80% of companies will use such software tools in 2020).

According to analysts’ estimates, this year the leading industries in the adoption of the chatbot industry solutions will be:

• Health (among the most common applications are: reservations and confirmations of consultations, prescription prescriptions, reminder services for timely medication administration, treatment recommendations, monitoring of patients’ health)

• E-commerce (personalized recommendations, product searches, ordering and payment support);

• Finance (account information deliveries, installments, interest, payment terms, activity reports, support services for banking operations);

• Real estate (collecting information for generating personalized recommendations, validating offers, making reservations);

• Education (intelligent tutoring systems, assessments and, personalized recommendations, recruitment of new students)

• HR and recruitment (registration of candidates, conducting preliminary interviews, delivery of usual information, taking feedback from employees)

• Tourism (destination search services, personalized recommendations, reservations and confirmations, delivery of specific information, making payments, recording feedback).

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According to Accenture, the chatbot industry solutions developed based on rules and / or scripts are used mainly in Health (64%); Telecommunications (58%) and Finance (50%), while virtual assistants are “employed” mainly in banks (44%) and retail (35%). Regardless of industry, chatbots already have the upper hand in Customer Relations (95%) and are gaining ground in Sales and Marketing (55%) and Payment Processing (48%).

Based on these results, experts estimate that in 2020 approximately 85% of customer interactions will be managed with the help of chatbots, a usage scenario that allows to reduce support costs by up to 30%. There will also be a significant increase in chatbot solutions on social networks, where customers spend between 20 and 40% more time interacting with companies, with a particular focus on lead generation and increasing customer retention. . Another “side effect” of the popularity of chatbots will be visible at the level of call centers, which will increasingly use such solutions to automate the operational processes of receiving, sorting and directing calls,thus reducing the level of staff load and improving the level of satisfaction of applicants.

Among the main directions for the development of chatbot solutions in 2020 are:

• Improving voice recognition technologies – the success of Siri (Apple), Google Assistant, Cortana (Microsoft) and Alexa (Amazon) shows that there is a high demand for virtual assistant solutions capable of communicating audio, proof and increasing the number of providers. “Voice-powered chatbot” platforms.

However, an important barrier to the new generation of conversational chatbots will be the language barrier, which will generate a dependence on simultaneous translation services and / or applications;

• Increased intelligence – although they are in the majority, chatbots based on rules and / or scripts are starting to no longer cope with new business requirements, which require solutions with a greater degree of “autonomy”.

There are already several types of adaptive solutions (” Self-Learning Chatbot “) that use AI technologies to dynamically adapt to the demands of interlocutors and recognize patterns of behavior, and there is already talk of a future generation of emotional intelligence;

• Integration with electronic payment systems – chatbots currently provide support services for making payments, but experts believe that integrating solutions with e-payment applications will accelerate adoption rates, especially in the e-commerce, online banking, tourism and entertainment industry.

The chatbot industry is evolving dynamically, with innovations – both in terms of technology and scenarios and application areas – appearing practically every day. Keep up to date with relevant global and local information!