18 October 2017
Freddie McMahon

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Freddie McMahon - DF2020 Ltd

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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

CHATBOT MARKET TRENDS AND INSIGHTS TO THE POWER OF CONVERSATIONAL USER INTERFACES

11 August 2017  |  1754 views  |  0

 The Chatbot Market is being led by the six tech titans: Microsoft, Facebook, Amazon, TenCent, Google and Apple.

 

Some key trend highlights

 

Transparency Market Research estimates that the global chatbot market will grow at 27.8% CAGR, in terms of revenue, over the period between 2016 and 2024. They expect the market to increase from a valuation of US$113m to US$994m in 2024.

 

Analysts at Beige Market Intelligence expect that the global chatbot market is likely to post a CAGR of more than 28% during 2016-2022.

 

Market Research analysts forecast the global chatbot market to grow at a CAGR of 37.11% during the period 2017-2021.

 

Global Information Inc predicts that chatbot capability will revolutionise productivity with savings of 25-30% on manpower costs by 2023.

 

eMarketer research shows that in 2017 the use of chatbots as virtual assistants will continue to grow:

  • 35.6m Americans will use a voice-activated assistant device at least once a month, which would be a 129% increase compared to 2016.
  • Amazon’s Echo speaker will have 70.6% of users, with Google Home at 23.8% of the market.
  • The number of users of virtual assistants in the U.S. will grow by 23.1%.
  • 60.5m Americans will use Siri, Cortana or another virtual assistant at least once a month.

 

THE POWER OF CONVERSATIONAL USER INTERFACES

There is no doubt that the Chatbot market has established itself in to the fringes of mainstream. However, the impact of the Conversational User Interfaces may not have been factored into the growth predictions sufficiently.

Traditionally, enterprise applications, mobile apps and websites have all one thing in common. They all need to be designed, monitored and modified. This involves costs, time and risks.

Industries and professions have been built up around these capabilities from design and test services, usability labs, training, analytics and A/B testing, and a plethora of technology tools.

The Conversational User Interface is a very different approach. The surprise for many people is that its pervasive. Already 3bn+ people are already using it in messaging platforms. Though the Conversational User Interface is established with 3bn+ users it is revolutionary as it changes the socioeconomics of governments, industries, and practices.

The Microsoft Bot Framework (not a great name) enables anyone to build a chatbot and deploy their chatbot through this ‘hub’ to fourteen channels. Mobile is just one channel. There are thirteen others including WebChat, Facebook, KiK, Skype etc.  The Microsoft Bot Framework even generates the Conversational User Interface for the WebChat so the chatbot can be accessed from multiple places within any combination of internet, intranet and extranet sites.

When you make a change to a chatbot, the next instance across all digital touchpoints are using the latest version.

Technologies are emerging that enabling end-users to build their own chatbots and deploy them via Microsoft Bot Framework. For some channels, the end users can build and publish without software engineers.

The Conversational User Interface supported by channel deployment hubs like Microsoft Bot Framework collapse the costs, time and risks for deployment.

The Conversational User Interface can orchestrate other services for real-time language translation and real-time text-voice-text translations.  

The socioeconomic impact of the Conversational User Interface is a revolution of a magnitude that will be much greater than most people realise. Conversation-as-a-Service will become the modus operandi for everything. For example, conversational commerce is already gaining traction in China with US$1m transactions happening every minute.  

Where it will become truly transformation is where chatbots become the means for the “extended mind” for example regtech chatbots providing financial and health advice to 3bn+ people. The implications for upskilling, self-service and self-sufficiency at a global scale within a relative short time period is truly transformative.   

 

 

To read more like this visit - http://www.chatbotinsider.ai

  

 

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job title Chatbot Thought Leader
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Pioneering RegTech Chatbots http://www.chatbotauthor.ai/ http://www.df2020.com/ http://www.chatbotinsider.ai/

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