Increasingly, businesses are integrating Conversational AI into their customer service strategy and transforming how they interact with customers. Many industries have benefited from conversational AI tools, including virtual assistants that provide personalised recommendations to chatbots that handle customer inquiries.

But we’re just getting started. 

A new generation of advancements and exciting developments await conversational AI in the near future, which is nothing short of breathtaking. We expect to see even more human-like interactions, IoT integration, and ethical considerations becoming a growing priority in 2023 and beyond. In this article, we take a closer look at some of the most exciting trends and predictions for conversational AI and how it’s poised to transform our world.

So buckle up and get ready for a wild ride as we explore what the future holds for conversational AI.

What Trends Can You Expect in Conversational AI in 2023 and Beyond?

The Merge Between Generative AI and Conversational AI

AI is abuzz with excitement about the possibilities of combining Conversational AI and Generative AI. We uncover a number of compelling benefits as we explore this uncharted territory, including the following:

• elevated levels of creativity
• superior personalisation, and
• enhanced efficiency. 

The possibilities are endless, and we can only anticipate the combination of Generative AI and Conversational AI to be the next big thing in the realm of AI trends. 

Trends Across Industries

BFSI

Chatbots equipped with conversational AI can transform how customers interact with banks, providing tailored support for…

• account management
• transaction inquiries, and 
• loan applications.

Conversational AI is also predicted to team up with biometric authentication technologies to ensure robust security measures, thwarting fraudsters at every turn.

Real Estate

We can estimate that Conversational AI will provide customers with a more engaging property search experience, using machine learning to recommend ideal properties based on customer preferences.

Conversational AI might also enable virtual property tours and streamlined virtual transactions, taking customer service to new heights.

eCommerce

Conversational AI-powered chatbots are all set to revolutionise online shopping by providing personalised customer service and support, including real-time order tracking and hassle-free returns.

Conversational AI will also simplify voice-based purchases and payments, making shopping a breeze for customers. 

EdTech

Conversational AI-powered chatbots are predicted to deliver personalised student/teacher support, including course registration and scheduling assistance.

Conversational AI might also be able to analyse student-teacher performance and learning style to provide tailored study recommendations and content.

Retail

Chatbots equipped with conversational AI will provide a more personalised shopping experience, offering product recommendations, reviews, and purchasing advice.

Conversational AI will take virtual styling to new heights and enable voice-based purchasing and payments, simplifying the shopping experience and increasing customer satisfaction.

Conversational AI Predictions – What Do The Numbers Say?

1. The global chatbot market is on an upward trajectory, with projections indicating a remarkable surge from $2.6 billion in 2019 to an impressive $9.4 billion by 2024. (marketsandmarkets)

2. Brace yourself for the AI revolution as the global AI market is set to reach new heights, projected to hit a staggering $308 billion by 2026. The compound annual growth rate of 39.7% from 2020 to 2026 is a clear indication that the potential of AI is unstoppable. (marketsandmarkets)

3. With the highest adoption rates expected in the healthcare, finance, and manufacturing sectors, the adoption rate of AI is set to soar to 60% by 2025. As the world becomes increasingly digitised, AI adoption is becoming essential for businesses across all industries. (marketsandmarkets)

4. Get ready to witness a revolutionary change in contact centres as conversational artificial intelligence (AI) deployments are set to reduce agent labour costs by a whopping $80 billion by 2026, according to Gartner. Inc. (Gartner)

5. The future of customer support interactions is here, as chatbots are projected to perform 17.85% of them. As AI technology becomes more sophisticated, businesses can look forward to significant cost savings and greater efficiency. (Gartner)

6. AI-powered chatbots are the future of customer service, sales, and marketing applications, with a staggering projected revenue of $9.4 billion by 2024. As businesses seek to remain competitive in an ever-changing landscape, AI chatbots provide a powerful tool to enhance the customer experience. (prnewswire)

7. With 23% of customer service organisations already using AI chatbots as their preferred brand communication channel, the potential of AI chatbots is becoming increasingly evident. Businesses can look forward to improved efficiency, enhanced customer satisfaction, and greater cost savings with the integration of AI chatbots. (Salesforce)

8. With the advent of AI chatbots, brace yourself for reduced customer service costs by up to 30%. As businesses look for ways to optimize their operations and cut costs, AI chatbots provide a powerful solution to help achieve this objective. (IBM)

9. As customer expectations continue to evolve, AI chatbots that provide 24/7 service are becoming increasingly popular. In fact, 64% of consumers consider 24/7 service to be the most helpful chatbot functionality. As businesses seek to provide exceptional customer experiences, AI chatbots that provide round-the-clock service will become essential. (The Chatbot)

10. The future looks bright for the chatbot market, with projected revenue of $454.8 million by 2027, up from $40.9 million in 2018. As AI technology continues to evolve, businesses across all industries can look forward to integrating AI chatbots to improve their operations and provide better customer experiences. (Statistica)

Exploring the Limitless Future of Conversational AI with Verloop.io

As we gaze into the future of Conversational AI, the possibilities seem limitless, and we have only just begun to uncover its true potential. Thanks to the latest advancements in generative AI, we can anticipate even greater levels of efficiency and performance from this groundbreaking technology.

One shining example of this is Verloop.io, which has ingeniously combined Conversational AI and Generative AI in its customer support platform, resulting in exceptional support experiences.

If you’re curious about this exciting development, schedule a demo with us today to uncover more!