Demand for conversational platforms continues to grow
The last eighteen months have seen no abatement in the demand for conversational platforms and predictions from major analyst firms shows the trend is set to continue strongly in 2018. But throughout this, there is an underlying message; enterprises need to deploy conversational platforms that are capable of truly understanding the customer—however they phrase the question.
In a recent report exploring the sector and looking at technology from Amazon, Apple, Facebook, Google and Microsoft, alongside Artificial Solutions it discusses how the tremendous growth in the IVA (Intelligent Virtual Assistant) market can be attributed to automated customer support services and smart home systems, but says that accuracy in some chatbots is the main restraining factor for the IVA market.
However, for enterprises that can overcome this issue by using advanced conversational platforms such as Teneo, the rewards are great. Not just the increase in customer satisfaction, but in the actionable data that conversational systems generate.
Conversational platforms rank as a top tech trend for 2018
Gartner also lists conversational platforms as one of its Top 10 Strategic Technology Trends for 2018. But says that: “The challenge that conversational platforms face is that users must communicate in a very structured way, and this is often a frustrating experience.” A topic which we addressed recently in the blog post Why slot-filling chatbots will never meet human expectations.
But Gartner also pointed out that not all conversational platforms are equal: “A primary differentiator among conversational platforms will be the robustness of their conversational models and the API and event models used to access, invoke and orchestrate third-party services to deliver complex outcomes.”
This is functionality that Teneo has been delivering for years. In fact, some of our customers are retrieving data from legacy systems to use in their conversations that are so old they don’t have handy APIs to integrate. But this only goes to demonstrate the flexibility of our technology.
According to Research and Markets, the IVA market will grow at a CAGR of 38.82% between 2017 and 2023. This supports a report recently published by research specialist Tractica, which estimates that the overall natural language processing market is set to reach $22.3 Billion by 2025, with the NLP software market growing from $136 million in 2016 to $5.4 billion by 2025.
There is no doubt that many enterprises in the next twelve months will be deploying conversational systems. How successful they are, in both providing value to the customer and the business will depend greatly on the technology used and its ability to deliver the conversational experience your customer expects.