Virtual Assistants and Chatbots reached peak hype in 2018, before sliding down Gartner's Hypecycle, into the “Trough of Disillusionment”. There were many bold claims as to how bots would transform the enterprise, but as with most technology, true change requires time.
Now 2020 is here, the AI landscape has evolved and the technology has had time to mature and grow an ecosystem, enabling a more robust solution for both organisations and developers.
“Once the current euphoria on bots dies down, we will see the emergence of real solutions to real problems coming out of the chat ecosystem.” Techcrunch, 2016.
Enterprise who have taken a strategic approach in deploying natural language processing (NLP), machine learning and automation technologies required to build Virtual Assistants are far from disillusioned.
Here are 20 statistics that show that there is a convergence of AI, customer demand and enterprise readiness that will elevate bots into key brand voices.
- In 2020, 37% of organizations will have implemented AI in some form. That’s a 270% increase over the last four years. AI will soon become an integral part of every business. (Source: Gartner)
- By 2020, an insights-driven business will steal 1.2 trillion per annum from their less-informed peers. Organizations that have not implemented AI, now is the time to start. (Source: Forrester)
- 67% of customers prefer self-service over speaking to a company representative. In 2020, companies should ensure that customers are able to find answers to their questions using a wide range of self-service options. (Source: Zendesk)
- Brands that have adopted AI as part of their strategy predict a 39% revenue increase by the year 2020 and a 37% cost reduction. By deploying AI technologies, every interaction is an opportunity to gain insights for future optimization. (Source: Medium)
- Currently, 40% of sales tasks can be automated, but by 2020, 85% could be automated. Employee experience (EX) should be built to help you attract exceptional candidates, nurture high-performing talent, and foster employee engagement so you can focus on real human growth. (Source: McKinsey)
- 17% of work will be automated by 2020. AI won’t steal our jobs, but rather allow us to get better at performing those jobs. (Source: Goremotely)
- Only 26% of companies think that they use HR data and analytics effectively. Gathering data and analytics is only the first step. Creating actionable insights will provide a real return. (Source: Deloitte)
- AI embedded in analytics and other marketing software will free up more than a third of data analysts in marketing organizations by 2022, enabling them to focus their time on business priorities instead of spending time on manual processes like personalization, lead scoring, anomaly detection, marketing performance management, and reporting. (Source: Gartner)
- The AI use cases that will see the most investment this year are automated customer service agents ($4.5 billion worldwide), sales process recommendation and automation ($2.7 billion), and automated threat intelligence and prevention systems ($2.7 billion). This is just the first step as more basic task become automated, businesses will see a greater level of productivity. (Source: IDC)
- For those enterprises already touched by AI, top-performing companies said they are more than 2X as likely as their peers to be using the technology for marketing (28% vs. 12%). Unsurprisingly, analysis of data is a key AI focus for businesses, with on-site personalization the second most commonly cited use case for AI. (Source: Adobe)
- Artificial intelligence has become mainstream because it allows us to make sense of an increasingly large amount of data in real-time, which will grow 61% to 175 zettabytes globally by 2025. Data is already kind in the business world the more data you collect the greater your chances of understanding your customer base. (Source: IDC)
- Marketing and sales prioritize AI and machine learning higher than any other department in enterprises today. By integrating AI into data gathering, these departments become more effective, focusing on implementing business opportunities. (Source: Forbes)
- 40% of executives believe artificial intelligence’s most important benefit is providing data that can be used to make decisions. Using actual interactions and conversations to guide your business strategy will increase the effectiveness of your business efforts. (Source: Chatbots Magazine)
- 80% of surveyed HR employees found that using HR technologies improved employee attitude toward the company. Technology tools like chatbots help track feedback from employees, recognize employee achievements, help educate employees and promote positive activity. (Source: G2)
- 45% of Southeast Asian’s would share something intimate with a bot that they wouldn’t with another human. By deploying AI assistants, organisations will gain invaluable insights about their products and services. (Hyperlab)
- 88% of Customer experience (CX) professionals that believe AI will enhance, not replace, agents. This means agents will upskill and become advisors assisting in the development of a CX strategy. (Source: CCW Disruptive)
- 29% of customer service agent duties have the potential to be automated with technology. Through the automation of basic tasks, customer service agents can focus on more complex issues. (Source: McKinsey)
- 54% of all consumers globally say they have higher customer service expectations than they did just one year ago. By integrating AI systems, companies are building more robust tools to engage with the modern consumer. (Source: Microsoft)
- 41% of people who own a voice-activated speaker say it feels like talking to a friend or another person. Companies should incorporate voice-activated assistants into their digital experience strategy to improve how their users interact with their brand. (Source: Google)
- The wearable artificial intelligence market will reach $180 billion by 2025. The future of AI in uncharted. By laying the ground now, companies will gain an advantage as more and more technological advancements are made. (Source: Global Market Insights)