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Conversational AI market to grow to $15.7 bn by 2024: Verloop.io

02:17 PM Aug 28, 2021 | ANI

The market for conversational artificial intelligence (AI) is expected to grow from 4.2 billion dollars in 2019 to 15.7 billion dollars by 2024, customer support automation startup Verloop.io has said.

Gaurav Singh, Founder and Chief Executive Officer, said the customer service landscape has changed radically with the increased adoption of AI. Half of the consumers no longer care if they are dealing with humans or AI-enabled assistants.

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"Conversational AI is the best propeller of self-service platforms. Businesses with the help of these chatbots are able to help their customers 24x7, resolve their queries in real-time without any human intervention, and also help multiple customers at once," he said.

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The adoption of these chatbots has increased multiple folds in this post-pandemic world. "Brands are automating their services that will be beneficial not only now but also bring results in the long run," said Singh.
"There is a need to deliver delightful customer experiences in order to retain customers and keep them satisfied. And conversational artificial intelligence helps to do just that."

In 2020, Verloop.io became one of the biggest chat automation processors in India. Singh said the platform plans to strengthen its international foothold in Europe and the United States.

In June, the company said it has invested 2.5 million dollars into developing super bots that can understand natural languages, called NLP super bots, for improving support automation.

The bots can support over 60 per cent of customer queries without the need of a human call centre executive and can cater to clients across sectors and support six new languages.

Verloop.io already supports 14 languages including Hindi, Arabic, Konkani, Tamil, Telugu, Kannada and Hinglish (Hindi and English).

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