Conversational AI systems and technologies are becoming more ubiquitous and are changing the way that we interact with technology daily. The use of Conversational AI has been growing at a significant rate and has been gaining favorable consumer acceptance.
According to research firm Markets and Markets, customer interactions with automated chatbots are steadily increasing. The global conversational AI market is expected to grow from $6.8 billion in 2021 to $18.4 billion by 2026, with a compound annual growth rate (CAGR) of 21.8% during this period. The major factors driving this growth are the increasing demand for AI-powered customer support services, development of omnichannel eCommerce for consumer marketing that encompasses and consolidates multiple customer touchpoints, and the increasing availability of development tools for virtual assistance and chatbots.
As it turns out, most customers prefer using bots for simple tasks. According to Salesforce, 78 percent of customers have increased their use of self-service during the pandemic. Also, 65 percent of customers report that they prefer using chatbots or virtual assistants for simple tasks that can be accomplished quicker and more efficiently than speaking to a person.