Conversational AI trends and predictions for businesses in 2023

As Conversational AI continues to evolve, this technology is offering more benefits for companies and their customers. According to estimates from Gartner, as of 2021 the Conversational Artificial Intelligence platform market was at $3.8 billion globally, growing 55% year over year [1]. More companies are now implementing Conversational AI in order to introduce benefits such as reducing levels of human interaction within their business, reducing overall business costs and creating more innovative solutions to ensure better customer experiences. Here we discuss the upcoming trends and predictions in conversational AI for 2023. Some of these trends include an increase in voice enabled Chatbots, improvements in the discipline of natural language processing and sales, marketing and customer support combining together.

1. Advanced automation

Historically, Chatbots have enabled automation to complete simple tasks such as checking account balances and configuring payment alerts. However, predictions for 2023 suggest going way beyond simple task automation including the implementation of automated payments through intelligent Chatbots. The next steps of evolution will likely be hugely beneficial for retailers, as not only will this allow faster payment execution, but will also generate leads and lead to much better customer experiences and improved buying journeys. According to Juniper Research, by 2023, intelligent Chatbots will save retailers $439 million annually, up from $7 million in 2019. Retail sales through this channel show annual growth of 98% and will reach $112 billion in 2023 against $7.3 billion in 2019 [2].

2. Simplifying complex tasks

Chatbots are predicted to make business-related complex tasks much easier in the coming years, providing various automation opportunities. This includes simplifying previously complex tasks such as scheduling work, data evaluation and the general hiring process. Moving forward, Conversational AI will allow for global growth across the business sector.

3. Reduced failure rates

Developments in Natural Language Processing and machine learning are predicted to reduce the current failure rate of AI interactions (Juniper Research) [2], thereby making a customer’s experience with Conversational AI far more useful and robust. This will prove extremely valuable for businesses, as it will be able to offer much better customer support opportunities, and make customer interactions with Conversational AI feel more human-like, natural and valuable for both customers and businesses alike.

4. Voice-enabled chatbots

According to Juniper Research, the number of digital voice assistants used by consumers globally will rise to 8 billion by 2023 [4]. With many consumers already using voice assistants, such as Siri and Amazon Alexa, in 2023 businesses will be integrating this technology into their customer journey helping to enhance customer experiences and provide consistent experiences, across multiple channels.

5. Conversational commerce

Conversational AI is providing better, quicker and more cost-effective interactions with customers, as well as providing daily support for employees. With 83% of customers stating that they would use messaging as their primary means of contacting customer support if it would result in an immediate response time [5], the value that conversational commerce can bring to a business does not only cover increased profitability, but increased basket sizes, improved brand reputation and enhanced customer loyalty.

Conversational AI with OpenDialog

Our AI powered Chatbots and intelligent Virtual Assistants make it easier to automate, scale and manage complex business processes without losing a human-like touch. With the ability to complete 80% of work without human intervention, v the industry average of 30%, our Conversational AI platform delivers hyper-personalized and engaging interactions for your customers, improves service speed and increases ROI.