4 Chatbot Trends for 2018
4 Chatbot Trends for 2018
Read this article in order to learn more about chatbots and what the future looks like in regards to them.
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It’s still too early to question whether a random conversion you had online was with a real person or with a chatbot. But it’s an undeniable fact that chatbots are becoming present everywhere. Businesses use them for customer service, marketing, and lead generation. There are even chatbots out there that do nothing but entertain and engage you.
The chatbot market is growing rapidly at a compound annual rate of 24.3%, and it’s expected to reach $1.25 billion by 2025. Propelled by the development of machine learning, the same tech that is pushing the limits in every other field, there seems to be no stopping or slowing down of the rise of chatbots. Here are the industry trends that will dominate this year.
1. Chatbots Will Go Mainstream
It is only a matter of time until chatbots will move from the early adopter stage to becoming indispensable for businesses. 2018 is the year when AI usage goes mainstream, and chatbots will be a part of the package.
Globally, 45% of customers preferred chatbots to real people for customer service. That’s last year’s data, and it has some national and regional variations. But it still shows that, globally, we are nearing the point where employing a chatbot for customer service means playing it safe. And it’s very likely that the effect will spread beyond the customer service applications.
2. Chatbots Will Get Better at Having a Conversation
Natural language is the name of the game. Machine learning and other technologies are driving strong advances in natural language processing. AIs are getting much better at understanding us when we speak and matching our words with intention.
For chatbots, this means that an important trend will be the development of conversational bots. Not only will they be better at understanding what we’re saying, but they’ll also be better at responding to us in a way we can relate to. Bots will seem more human-like, and that will significantly increase their value and performance.
3. Chatbots for Data-Gathering
The better chatbots get at mimicking human language, the easier it will be for people to relate important information to them. It will take a lot of processing to analyze that information for insights. But one of the major trends this year will be automating data collection from chatbots and facilitating its analysis.
Some regulations, like the EU’s GDPR, will make it more complicated to gather and process data. However, data is still a significant part of many business models. We can expect that the chatbot industry will be able to continue the push towards better data collection while staying on the good side of the regulators.
4. Voice Chatbot Development
The smart speakers market is booming. This year, it’s valued at $2.68 billion, and it’s expected to grow even faster than the chatbot market to reach $11.79 billion by 2023. The main way people interact with smart speakers is by using voice commands. This advancement alone would be enough to spark an increased interest in voice chatbot development.
But smart speakers are not the only devices we can interact with using our voice. Smartphones and computer operating systems are also including more voice interfacing. For chatbots, this means that the development of voice communication might not be the mainstream effort, but it will be a strong trend.
The future looks bright for chatbots. As the technologies that underpin them continue to develop, we expect to see chatbots also advance and improve. In 2018, it will be about a wider adoption, conversations, data, and voice interfacing. There will also be some smaller side trends that can end up influencing next year’s trends significantly. But we’ll have to wait and see how they pan out.
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