Bots can be characterized as software that uses machine learning through artificial intelligence (AI) to stimulate a smart conversation with the user via a conversational interface like a chat. Today, these artificial intelligence systems that communicate with people through messaging, text, or speech, are evolving and turning into a necessity in certain industries. All the major players in the field like Google, Apple, Microsoft, Amazon, Slack, etc. are building bots.
Chatbots or Bots
A chatbot is also known as a bot, talkbot, chatterbot, IM bot, interactive agent, or Artificial Conversational Entity. The term “ChatterBot” was originally created by Michael Mauldin, the creator of the first Verbot, Julia in 1994. As for the term “Artificial Intelligence,” it was coined in 1955 by John McCarthy, a math professor at Dartmouth College.
The operation of some chatbots is based on sophisticated natural language processing (NLP) systems, but many simpler systems scan for keywords within the input. Then, these systems create a reply, using the most matching keywords or the most similar wording pattern, from a database.
As Microsoft CEO Satya Nadella says, chatbots are the new apps. In the modern world of business, instant messaging (IM) apps like Pinngle are becoming more and more popular in terms of marketing, ecommerce, customer service, and sales. Messaging apps like Pinngle allow businesses and brands to provide around-the-clock interaction and support, such as instant responses, quick answers, complaint resolution, and more. Messaging apps and chatbots are gaining more popularity for business purposes.
Interesting Facts About Chatbots
Here are 20 facts you should know about chatbots and their use.
- ELIZA is the first ever chatbot. It was developed by MIT professor Joseph Weizenbaum in the 1960s. ELIZA could “interact” with people like a psychotherapist would.
- According to Phil Libin, Evernote founder, chatbots have as much potential to change the market as the first iPhone did.
- Hubspot’s co-founder Dharmesh Shah believes chatbots are going to be an even bigger leap in software than the world witnessed with the shift to Web-based software.
- The 2 most popular ways to start a conversation with a chatbot are “Hi” and “hello,” according to Dashbot.io, a bot analytics provider.
- According to Grand View Research, the global chatbot market is projected to account for $1.23 billion by 2025, with a compounded annual growth rate (CAGR) of 24.3%.
- According to a survey by Oracle based on the answers by marketing officers, chief strategy officers, senior marketers, and senior sales executives from France, the Netherlands, South Africa, and the UK, 80% of the survey participants used chatbots or planned to use them by 2020. 40% were planning to implement automation by 2020.
- Ray Kurzweil, a pioneer in natural language processing and currently working on chatbot projects at Google, says chatbots will be able to pass the Turing Test and be indistinguishable from humans by 2029. The Turing test was developed by Alan Turing in 1950. It tests how a machine is able to exhibit intelligent behavior equivalent to, or indistinguishable from, that of a human.
- According to Gartner, by 2017, only 1/3 of customer service interactions will require human support. Today, nearly 45% of end users prefer chatbots as the main means of communication for customer service inquiries.
- 9. Based on early research, 12.7 million jobs will be created in the US alone focused on building and training robots and automated software by 2025. A third of the workforce will work alongside bots by 2019.
- According to LivePerson survey of 5.000 consumers in 6 countries, globally, 38% of consumers think positively of chatbots, and only 11% view chatbots negatively. The rest 51% are neutral about chatbots.
- According to eMarketer, 29% of people choose online chat and messaging apps as a way to contact retailers when making a purchase decision.
- 40% of people surveyed by HubSpot claim they don’t care who or what is helping them.
- 13 According to Mindshare, 75% of consumers want to know who or what they’re talking to, a human or chatbot?
- 56% of consumers worldwide say they still prefer to chat with a human and not get help from a chatbot, according to Business Insider.
- According to the DigitasLBi report, 73% of Americans wouldn’t use a company’s chatbot after having a bad experience.
- ChatBots are extremely popular in China. The average conversation length is 23 conversations per session in China. To compare, the average conversation per session for almost every other place in the world is 1.5 – 2.5.
- According to Juniper Research, the use of chatbots will result in cost savings of more than $8 billion annually by 2022, up from $20 million in 2017.
- According to 31% of business executives, their businesses will get the most impact from virtual personal assistants, more than from any other AI-enabled solution, as it’s mentioned in a PwC booklet.
- Gartner notes that by 2020, the average person will have more conversations with bots than with their spouse, and 30% of web browsing will be completed through voice.
- For now, male and female-inflected bots are the most visible. However, the gender balance is still changing. Some of the most popular chatbots like Siri, Alexa, and Cortana identify themselves as genderless. Alexa calls itself “female in character.” Siri claims it’s “genderless.”
Messaging apps, bots, and AI are changing and evolving in our increasingly digital world. What’s your opinion about chatbots? We’d love for you to share it with us below.