Why is it necessary to invest in Adviserway startup?
We live in the corporate world, so it is not surprising that more and more consumers are inclined to use chat bots. Chatbots are way different from humans. They work to stimulate a realistic kind of conversation with people who come to the website, with the major aim of assisting them to get what they want, in a quicker and more accurate manner. According to analysts, in 2020, 80% -85% of the company will implement advanced chatbots, smart systems based on artificial intelligence.
Artificial Intelligence Software Market to Reach $105.8 Billion in Annual Worldwide Revenue by 2025
The size of the chatbot market is forecast to reach around 1.25 billion U.S. dollars in 2025, a great increase from the market size in 2016, which stood at 190.8 million U.S. dollars.
A chatbot, also known as a conversational bot or conversational artificial intelligence (AI) etc., is an AI software that can conduct a conversation in natural language via audio or text. Organizations make use of chatbot technology to save manpower, money and time. After-sales and customer service are the areas where most businesses implement conversational bots, followed by CRM, sales and marketing.
The web-based chatbot market is projected to hold a share of over 25% by 2024, as the operators can bring about the personalization of contents and also have control over the personality & behavior of the chatbot. The users can bring changes and improvements in the application as per their requirements due to which the demand for web-enabled solutions is increasing at a faster pace
The cloud chatbot market will experience a growth rate of above 35% due to the rapid adoption of cloud-based platforms, enabling users to easily configure chatbots. The companies operating in the market include IBM Watson, Chatfuel, and Microsoft Azure. These companies are developing cloud-based technologies and are also leveraging cognitive approaches to develop applications. These platforms vary in their features and functionalities. For instance, Azure Bot Services enable users to develop, test, and connect with different channels, which interact automatically when a user is interacting. The Europe chatbot market will experience a growth rate of above 25% from 2018 to 2024 due to the presence of major market players, who are investing heavily in AI technology to develop interactive solutions. The growing e-commerce market owing to smartphone adoption is also augmenting the market growth. Chatbots help in providing enhanced customer services by delivering adequate customer research information and personal customer experience. In March 2018, Deutsche Kreditbank AG (DKB) partnered with FinReach to develop a chatbot, Herbie designed to assist customers through loan application procedures. The platform is designed in a way to help customers find a suitable product that suits their requirement.
Latest transformation through AI Chatbots
As per the predictions, that seems to appear in the coming five years, there is a high possibility that about 80% of the communications will be done through robots. Robotic messengers will be in charge of facilitating business to consumer interaction, which will be in a flawless manner. Now this gives the explanation on why outlets stores, online retailers promote the installation of text-related chatbots and voice-assisted bots for verifying orders and making the delivery and purchase of orders.
Better insights & consumer analytics
For providing in-depth customer insight, one needs a system which performs the correct analysis of a huge amount of data and that too without any scope of errors. AI technology is getting incorporated for providing correct customer data, collection and automatize data analysis.
AI lets you focus on business, not code development. In our opinion, these two processes will be separated in the future. The goal of our company is to integrate AI into the company's business based on an automatic business process. In the early stages, we focused on automating the following business processes:
We have developed a service where a client can create his own chatbot in a few minutes. Compared to other services, we implemented a neural network in a browser, where a client can immerse himself in the process of training a neural network without any coding. The client can test the operation of the neural network before deploying a chatbot in production.
We also provide statistical dashboards where the client can analyze the behavior of their users.
We have developed a flexible neural network that solves the problems of text classification. A client can use this neural network for their needs in order to analyze the mood of users or to classify documents into categories. The client can configure the data sets and neural network settings without any coding. The client can work with a neural network directly in the browser and deploy it to production API at any time.
We are also constantly working on the introduction of new modern technologies for the business of our customers.