3 of the hottest trends in chatbot tech
According to Grand View Research, Inc, by 2025, the chatbot market could very well reach $1.25 billion globally. This would be a CAGR of 24.3 percent. As technologies such as Artificial Intelligence and Machine Learning enhance chatbot features, more and more enterprises will begin to adopt them in order to greatly lower operating costs. These drivers are a major force behind the vast proliferation of chatbots.
Out of all the countries to see the most growth of chatbots is North America and is expected to become a major market for chatbots from now until 2025. Various verticals are responsible for the increased growth of chatbots in the US. APIs, IoT and AI are also helping chatbots grow in popularity as these technologies help them evolve rapidly thanks to embedded system development.
Chatbots are beginning to handle many aspects of our daily online activities. They are no longer simply tools used in customer service. Chatbots are being utilized to handle numerous activities. Below are some of the newest trends to hit the chatbot industry.
1. Paralegal Chatbots Assisting in Legal Matters
Fresh off the press, Forbes very recently posted an article about how a chatbot is now assisting victims of the Equifax cyber attack to fill out the necessary paperwork needed to proceed with a lawsuit against the credit-monitoring firm. With 143 Americans at risk from the security breach, it only makes sense to employ such technology to handle the influx of inquiries.
The name of this "paralegal" chatbot is DoNotPay. It was originally brought to the limelight when it was introduced to assist drivers to fight parking tickets with only a few clicks of the mouse. Now, DoNotPay is not only helping people beat traffic offences, but helping users file lawsuits.
2. UK's National Health Service Using Chatbots for Team Building
Say hello to Coachbot, the newest chatbot on the market that coaches employees who are lousy at communication with their colleagues. Coachbot was developed by the London-based HR company Saberr, and its job is to ask about dynamics in the workplace while giving team members reports. Not only is the UK's NHS using it, but other big name organizations such as Logitech and Unilever.
Once Coachbot enters the workspace, team members will first say hello. They then tell Coachbot their name and what it is they do at the organization. Each session takes 10 minutes to complete. Within that time frame, employees are able to identify problems and express their grievances. Coachbot's job is to then provide a plan to improve the overall performance of the team.
3. Insurance Chatbots Are Helping Underwrite Policies
ICICI Lombard has been one of the early users of a new chatbot program called MyRA. The company has recently reported that the chatbot has already engaged in 65,000 interactions with consumers, successfully selling over 750 insurance policies ranging from motorcycle insurance to insurance that covers SMEs from theft. Those SME-focused chatbots were used in around 4,000 cases within six months of launch.
Other large name insurance companies have also started using similar chatbots to operate in the same function. Metlife, Apollo Munich, Birla Sun Life, IndiaFirst and HDFC Life have either launched chatbots that underwrite policies or will be within this year. They are intended to not only assist customers but also help in the process of Big Data.
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