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 TechRepublic , 50% of companies are ready to invest in automation to help with customer service.
- 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 INC42, ‘web search’ will become voice operated and the current text-based search tools are likely to become obsolete in the next few years. AI-based voice communication tools, interactive chatbots and IoT devices are the future of automation.
- The finance, healthcare, education, travel, and real estate industries are profiting the most from chatbots.
- Chatbots will become a larger part of our daily lives. They are already used to streamline personal tasks and day-to-day activities, such as e-learning, parenting, and fitness. Chatbots have been the most innovative solution for bridging the gap between education and technology.
- 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.
- By 2022, 70% of white-collar workers will engage with chatbots daily.
- 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.
- 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.”