Artificial intelligence is taking over the world. Computer programs that conduct a conversation via auditory or textual methods are called chatbots. They were first mentioned in the middle of the 20th century when “Computing Machinery and Intelligence” was published by Alan Turing.
Labeled by many as the new marketing tool of the modern generation, they are easy to use and can help consumers discover new things, but also boost business.
The first chatbots were ELIZA created in 1966 and Parry in 1972. They were designed to simulate types conversations. Since today’s chatbots have many other abilities, companies like Nordstrom use them for finding the right outlet to match your search or adequate shopping solutions.
One of the most popular chatbots include Apple’s Siri which is an intelligent personal assistant launched in 2010. In 2012 Google created the Google Now chatbot, and later in 2016 unveiled the voice enabled bot called Google Home. Amazon’s chatbot called Alexa was released in 2014 and Facebook launched the M chatbot in 2015 which is accessible via Messenger.
More than a quarter of the world’s population is going to use mobile messaging apps by 2019 and this market is only expected to grow. By 2025 the global chatbot market will reach $1.23 billion, with a growth of 24.3% per year. Futurist and inventor Ray Kurzweil states that the chatbots will be indistinguishable from humans by 2029.
According to a research that was done by Juniper Research, the average time saved by using chatbots compared with traditional call centers is more than 4 minutes, and the cost saved by 2022 will be between $0.50-$0.70 per chatbot interaction. The banking sector has a very good percent of successful chatbot interaction as 20% are complete without a human intervention. It is expected that it will increase to 80% by 2022.
You can take look at the following infographic to see many interesting facts about chatbots that you probably didn’t know.