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Insha Ramin
Insha Ramin

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Big Boom in Conversational AI global market!

Companies across various industries are quickly adopting conversational AI for business-specific purposes.

Let’s explore what industries use conversational AI and what real-world problems they solve with it.

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⚡What does Conversational AI mean?

It is a set of technologies that let a machine understand what is being said, evaluate what would be a contextually relevant response, and reply in a human-like manner.

It uses a large volume of data, machine learning, and natural language processing to help imitate human interactions, recognize speech and text inputs and translate their meanings across various languages.

⚡You may have probably heard of the terms 'Conversational AI' and 'chatbots' being thrown around.

Unfortunately, the two technologies are all too often confusing; the terms are used interchangeably. However, both of them are different!

Let's dig a little deeper:

  • Conversational AI has principle components that enable efficient, automated communication via text and speech by understanding customer intent, and responding in a human-like manner.

  • Whereas, in chatbots, you need to type the exact keyword required to receive the appropriate response. Unlike conversational AI they do not use NLP or dialog management or machine learning to improve over time.

  • The most common way to interact with chatbots is via text. For example, through messaging apps or chat interfaces.

  • Whereas some of the examples of Conversational AI are Amazon Alexa, Apple's Siri, and Google Home.

  • By using speech recognition, it understands the spoken language of your customers.

  • Natural language processing (NLP) helps it understand and analyze human language, be it written or spoken.

  • (NLU) helps it understand what the customers need to be done.

⚡To recognize human speech and be able to talk like a human a set of machine learning (ML), natural language processing (NLP), text-to-speech (TTS), speech-to-text (STT), and named entity recognition (NER) tools are used.

⚡Benefits of conversational AI

  • Increased productivity and effectiveness.
  • Lower operating costs
  • Increased customer satisfaction and experience
  • Increased employee satisfaction

Do you know lower operating costs Businesses spend over $1 trillion on customer service calls? 🤯

Like WTF $1 Trillion????

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Smart businesses are transitioning to Conversational AI as:

It can lower that cost drastically!

It is able to handle hundreds of calls simultaneously.

Conversational AI automates repetitive processes, letting employees respond to more complex calls that require human creativeness.

The AI is available to take and make calls 24/7, has no sick days, is able to handle requests and answer questions no worse than a human can.

Are you smart enough to make a transition? 😉

What industries use conversational voice AI?

  • Automotive industry
  • Banking industry
  • Loan application automation
  • Healthcare industry
  • Automated hotel operations
  • Payment processing
  • Logistics industry
  • Feedback surveys

⚡Conversational AI automation is easy - and mega efficient

◽Happy customers mean loyal customers that are ready to support your business financially for a long period of time. That’s why companies are obsessed with having superior customer support.

◽Employing conversational AI makes companies even more customer-centric.

◽Most of the customers’ inquiries can be solved by AI in a prompt and personalized manner.

Sounds interesting right? 🔥

You must be thinking but how can we learn Insha?

Let me tell you I'm a JavaScript developer and have no background in AI/ML. But I had a keen interest in knowing how Conversational AI works.

So how do I get familiar with this technology?

The answer is Easy peasy - Dasha

I came across @DashaAI_that lets you build a Conversational AI app with just a basic knowledge of JavaScript!

I was like no it's a lie!
How can someone build an AI app without any prior knowledge of AI?

After going through their documentation and blogs I made my first conversation AI app with >20 lines of code.

The conversational AI global market size is expected to grow from $4.8b up to $13.9b by 2025. 💪

I hope you found the article insightful and informative. If you got any questions feel free to ask! I'll be more than happy to address your queries!
Let's connect on Twitter . I share my learnings on JavaScript, Web Development, and Blogging on the platform.

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