AI voice bots are all the rage now. With the significant advancements in the field, the conversational AI is getting hyper personalised, replacing redundant tasks of doctors, insurance agents, teachers, etc– freeing up their time to focus on the core operations.
According to IndustryARC, the global voice bots market is poised to grow at a CAGR of 35 percent from 2018-2023. The chatbot market is expected to touch $102.29 billion by 2026, as per Mordor Intelligence. The sector’s growth is fueled by huge strides in deep neural networks, machine learning etc.
Sign up for your weekly dose of what's up in emerging technology.
(Source: Mordor Intelligence)
Further, the study showed the Asia-Pacific region has the highest growth potential. As per Tracxn, India had about 210 chatbots startups as of April last year. Some notable Indian AI voice chatbot startups include 7, Botsify, Niki, Mihup, Haptik, Racetrack, Verloop, Yellow.ai, and Wysa.
The number game
- 65 percent of consumers feel comfortable handling an issue without a human agent. (Adweek)
- 48 percent of users prefer to interact with a chatbot that solves issues over a chatbot with a personality. (Insider Intelligence)
- 64 percent of consumers claim that 24/7 service is the most helpful chatbot functionality (The Chatbot)
- Virtual customer assistants help businesses reduce 70 percent call, chat and email inquiries. (Gartner)
- Nearly 57 percent of executives said chatbots bring significant RoI with minimal effort (Accenture)
AI voice bots have applications in various industries, including retail, BFSI, healthcare, etc. In addition, AI chatbots are being used extensively by companies to facilitate communication and build customer relations through cognitive analytics.
According to Business Insider, chatbots will save banking, healthcare and retail sectors up to $11 billion annually by 2023. Also, 70 percent of consumers will replace their visits to shops or banks with their voice assistants over the next three years, as per Capgemini.
In the banking space, a lot of companies have adopted conversational AI. For instance, ICICI Bank uses an omnichannel bot, ‘ iPal,’ which lets its customers check account balance, credit card bills due date, transaction details, and open new accounts. Similarly, YES Bank has YES ROBOT to help customers check balances, transactions, apply for loans, manage credit cards, etc.
Last year, Axis Bank partnered with an AI-based SaaS voice automation platform Vernacular.ai, to optimise voice AI solutions and automate customer interactions. In addition, HDFC Bank uses AI-powered banking chatbot EVA (electronic virtual assistant) to field bank-related queries.
Tata Capital’s TIA Chatbot (developed by Yellow.ai) leverages an AI voice bot to answer loan related queries to its customers. ICICI Prudential Life has launched a voice chatbot called ‘LiGo’ on Google Assistant to deal with insurance related queries from customers. According to Genpact, 87 percent of insurance brands have invested over $5 million in AI-related technologies every year.
Meanwhile, healthcare and digital mental health companies have seen massive adoption amid the pandemic. Insider Intelligence estimates that up to 73 percent of healthcare admin tasks could be automated by artificial intelligence.
As per Tracxn, there are about 96 healthcare chatbots companies globally. Some of the notable healthcare chatbots include Kang Health, CloudMedx, Ada, Synapse Medicine, Doc Ai, AskTia, Clear Genetics, Sensely and others. Most companies provide personalised AI-powered healthcare solutions. For example, Ada allows users to ask questions and describe their symptoms to a chatbot, and provides feedback and medical advice. On the other hand, Synapse Medicine provides an AI-enabled virtual assistant for doctors to assist them with drug prescriptions.
Last year, the Ministry of Health and MyGov partnered with Whatsapp, Facebook Messenger and other platforms to launch a corona helpdesk chatbot for providing updates and information about Covid-19.
Digital mental wellness startups also saw massive disruption last year amid the pandemic. For example, google-backed mental wellness startup Wysa has tripled its active users over the past year to 300,000. Other major mental health chat bots include YourDost, Woebot, Joyable, Talkspace, etc.