The Need for Improved Customer Experience and Operational Performance Driving the Demand for Conversational AI Solutions Among Call Centers to Fuel the Conversational AI Market

Conversational AI solutions allow call centers to provide superior customer service. Conversational AI can enable individualized and efficient service by leveraging machine learning (ML) and natural language processing (NLP) technologies. AI-powered virtual assistants can understand customer needs, identify their problems, and provide relevant information to help them overcome the problems, enhancing customer experience.

Chatbots can lower operational costs by offering a robust self-service channel to customers, making them essential for call centers. A call center chatbot understands and responds to real-time customer queries, providing relevant resolutions with minimal agent intervention. Chatbots can be programmed to suit business use cases such as collecting data or feedback. There are several other applications of AI chatbots in call centers, such as automating website support, increasing user engagement, assisting customers through in-app functionality, taking instant feedback, and increasing net promoter scores. These widening call center applications of conversational AI are driving the growth of the global conversational AI market.

Leading market players are focused on launching advanced products with added functionalities to increase their market shares. For instance, in September 2021, IBM Corporation (U.S.) announced that IBM’s virtual agent, Watson Assistant, was available with an add-on feature designed to connect to nearly every major contact center platform that uses the SIP protocol, including Genesys and NICE inContact, in as little as half an hour with no coding. Voice assistants built with Watson Assistant’s no-code interface can answer customer calls to help call centers increase their first-contact resolution rates, reduce hold times, and hand off calls to human agents when necessary.

Growing Use of Voice Assistants in the Healthcare Industry Creating Opportunities for Implementing Conversational AI Solutions

Conversational AI offers cost-effective and accurate identity authentication solutions that can be easily integrated with existing healthcare equipment. Voice-enabled EHR solutions improve the operational efficiency of physicians and other caregivers. In-room voice assistants can help take notes, search charts, and place orders while listening to patient-physician interactions. The integration of AI-enabled voice assistants can also help in clinical decision-making by enabling physicians to access patient history and records more easily. The need to improve care management, increase the operational efficiency of healthcare personnel, and reduce caregivers’ response time is creating opportunities for implementing conversational AI solutions.

Healthcare providers are increasingly deploying virtual assistants to enable better patient interactions, creating growth opportunities for the players operating in the conversational AI market. In May 2021, healthcare AI start-up Avaamo (U.S.) deployed its HIPAA-compliant voice assistant for medical records giant Epic’s more than 250 million patients. The increasing adoption of such solutions is expected to generate market growth opportunities during the forecast period.

Increasing Deployment of Voice-enabled Devices Boosting the Utilization of Conversational AI Solutions

Technological advancements in AI are transforming industries, including automotive, healthcare, BFSI, retail, and IT & telecommunications. The emergence of smart technologies and the rising adoption of voice-enabled devices across industries are driving the integration of speech and voice recognition capabilities into smart solutions to improve user experience. According to Comscore, Inc. (U.S.), in 2021, smart speaker ownership hit an all-time high, with almost 50% of internet users owning at least one smart speaker. Also, between 2019 and 2020, ownership increased by an astonishing 70%. Moreover, according to Google Inc. (U.S.), 72% of people owning voice-activated speakers stated that their voice-enabled devices are a part of their daily routines. Thus, the proliferation of voice-enabled devices is boosting the utilization of conversational AI technology, driving the growth of this market.

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