The current pandemic situation has opened up several doors for online businesses. Several new tools have been designed and launched in the market just to abridge the interaction between humans and computers. Chat bots (also called Virtual Assistants) are among the newest tools to simplify the human-computer connections.
Chat Bot—What Is It?
A chat bot is basically artificial intelligence (AI) software, which assists in replicating a conversation (better known as ‘chat’) with a user in natural language via messaging applications, websites, mobile apps or telephone.
Why Is It Most Important?
This artificial intelligence software is among the most advanced and promising software dealing in human-computer interaction. Technically, a chat bot symbolizes the natural development of a Question-Answer system supporting Natural Language Processing (NLP). Framing answers to questions in natural language (that is, human language) is the most beneficial point of NLP used in several end-use applications of various enterprises.
Chat bot application simplifies interactions between humans and different services, eventually pleasing a customer’s overall experience. From the companies’ point of view too, chat bot offers various opportunities to enhance the customers’ engagement process and reduce the total cost of customer service.
How A Chat Bot Works?
The working of a chat bot is based on two main tasks. Let’s have a look on them.
Task#1: User Request Analysis
Under the first task, a chat bot examines the user’s request and identifies his intent and extracts applicable entities.
Task#2: Returning the Response
Under the second task, where user’s aim/intention has already been identified, the chat bot provides the most suitable answer/response to the user’s request. The answer can be in the form of:
- a general text
- a text having different answers based on the user’s request
- precise information based on data provided by the user
- data already stored in enterprise systems
- the outcome of an act performed by the chat bot by networking with one or more backend application
- a typifying question which helps the chat bot to appropriately analyze the user’s request
To stay in demand and provide best solutions, a chat bot solution must be able to perform both of the above mentioned tasks. However, this tool won’t be a big support for a company without human intervention, of course! We play a key role in configuring, training and optimizing the chat bot system after all.
How About Its Future Market Growth?
As per a recent report published on www.businessinsider.com, the market size of the chat bot is projected to grow from $2.6 billion (as per the 2019 report) to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%.
As chat bots are definite money savers for the enterprises, especially under the current COVID-19 pandemic, projections show steep growth over the forecasted period. Chat bots are successful business carriers in sectors like marketing, payments and processing and service.
Today, chat bot consumers demand 24*7 services for assistance in areas scaling from banking and finance to healthcare. To simplify the assistance processes, companies are rapidly opting to develop suitable chat bot solutions to answer the queries of global customers, at any time of the day.
If you are seeking an apt and reliable AI chat bot solution as per your business demand, SupraES has the zest you have been looking for. SupraES is a full-service technology partner having high proficiency in dealing with the best and most updated tools and the best-in-breed solutions to provide elevated support systems to your business on a 24x7 platform. With multiple effective AI chat bot applications already in deployment, we guarantee proficient handling of company demand so that you may propel your business to newer heights.