The global chatbot market could reach a volume of almost 1.25 billion US dollars by 2025, according to a study by Grand View Research. 45 percent of end users already prefer chatbots as their primary channel of communication. It is thus safe to assume we will be seeing a lot of activity in the field of chatbots in the next few years. IT company msg summarizes the key trends for 2019:
Bots are getting better and better at understanding and reproducing natural human language, making it easier for them to communicate relevant information in a comprehensible manner. On the customer side, that creates greater trust in the technology and thus greater acceptance. As a result, chatbots are able to better perform their main task of increasing the efficiency of business processes.
Automated Data Collection
Chatbots are generally able to independently make intelligent decisions at the point of contact. To do so, they use machine learning to analyze data from the past. One major challenge of that process is providing the data they need. Data processing systems must understand spoken words in real time, combine that information with existing data and then analyze it. Decisive in the future will be the ability to create a wide data basis for these processes by automating the collection of data during the chatbot interaction.
Uncontrolled data collection and processing is no longer possible. Although regulations like the European General Data Protection Regulation (GDPR) provide clarity and transparency for all market participants, they also impose strict rules. Yet data remains a key part of many business models and the relevance of data is only going to grow. Companies now face the challenge of handling such resources responsibly, while working toward an improved, GDPR-compliant collection of data.
Growing acceptance among customers and sinking prices means that chatbot technology is not just being used by major corporations anymore. Even small and mid-sized companies like (online) retailers have begun taking a closer look at this form of communication. This development is further driven by the fact that companies have easy and cheap access to this innovative technology. Different IT consultancies offer predefined, industry-specific solutions and consultants have both know-how in technological areas, as well as the extensive experience and method skills required to ensure the successful implementation of an AI chatbot.
Source: msg systems ag