Conversational AI exponential growth trajectory

According to the findings of a recent report by Research and Markets: IVA (Intelligent Virtual Assistant Market) Forecast 2020-2027

Global Conversational AI market size is expected to reach $45.1 billion by 2027 at a CAGR of 34%
The average cost of live interaction for B2B ($13) and B2C ($7) can be reduced to $0.6 per interaction with Conversational AI transformation (~90% cost reduction)
77% of users believe that immediate online help would increase the likelihood of completing transactions
North America held the largest revenue in IVA in 2019 whereas APAC is anticipated to witness the highest growth in the coming years. 85% of businesses believe that immediate online assistance would improve online sales conversion rates
65% prefer communicating through text messages as it is fast and convenient

Conversational AI enables omnichannel personalized experiences

By leveraging Conversational AI, organizations can offer personalized omnichannel experiences that feel like a one-on-one human conversation based on context-aware interactions. User experiences are intuitive and proactive, with AI-enabled bots providing a wealth of contextual knowledge during conversations. Collaborative and engaging conversational experiences lead to high call containment and enriched user experiences, which, in turn, help business cross-sell and upsell products and services.

Take customer service to the next level with Conversational AI

Deployed as voice bots or chat bots, and leveraging all contact center channels including voice, messaging, chat, email, and SMS, a Conversational AI solution can take personalized customer service to the next level. Conversational AI solutions come with interactive dashboards and reports that can help contact center managers learn about customer interactions and improve call outcomes.

Some of the accelerators, frameworks, and services that can help organizations jumpstart their Conversational AI journey include:

Off-the-shelf NLP AI data assets and bot flows
Industry-leading Conversational AI framework competency such as Kore.ai, Nuance, Dialog Flow, Amazon Connect
Integration accelerators and IVR and STS integration interface to enable ASR platform services with accelerated delivery
Universal bots, specialized bots with domain ontology, proactive bots with near real-time processing, and human-like voice bots
Pragmatic Conversational AI solution implementation exposure and direct client engagement for post-production AI model train, optimization, and new intent discovery

As the global emerging technology solution leader, Virtusa combines its deep-engineering heritage with vast industry experience to deliver large-scale Conversational AI transformation projects. Virtusa has helped the global banking sector achieve 40% call containment and 90% reduction in calls routed per month to live agents by implementing its Conversational AI solution.

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