Time goes by very fast right? Technological innovations evolve at lightning speed. They don't rest, they don't sleep for a moment.
The trends of the products in the market are analyzed to know a little more about the products and their evolution.
According to experts from Business Insider (which is an American digital financial news outlet) by the end of 2020, 80% of companies will use chatbots in their enterprises.
Additionally, they forecast that by 2022 banks will be able to automate up to 90% of the functionalities requested by their users through chatbots.
According to Adobe Inc (Software company), 28% of the world's largest companies already use artificial intelligence in their marketing strategies.
And 31% of them plan to implement it during 2020.
It is also forecasted that 40% of companies with more than 500 employees will implement chatbots in their mobile business teams.
They will do it to facilitate the management procedures of their collaborators and optimize the work times.
All of the above indicates that chatbots are revolutionizing business strategies, becoming a necessary and important technology for companies.
Luckily you read us and thanks to that today you will know the 13 trends in chatbots for 2020.
What are the chatbot trend predictions for 2020, in terms of innovation?
1) If the trend for AI continues as such, in 2020 it will be increasingly integrated into chatbots. One of the fields in which chatbots still have room to develop is voice recognition and the intelligent way of detecting the user. The chances to see progress in these areas are very high.
With the help of AI, chatbots will acquire “virtual personalities” which would correspond to the characteristics of their clients. What does this mean on praxis? It means that companies will start to develop the personality of their chatbot to make it as human-like and pleasant to interact with as possible.
2) Voice assistants have a similarity to chatbots, so their growth cannot be ignored. In Europe and Latin America, the adoption of voice assistants has not been as huge as in the USA. There, 16% of the population already use services such as Amazon Alexa and Google Home; so, it seems inevitable that chatbot trends for 2020 will have innovations in this area.
Generally speaking, chatbot dissatisfy the users in different areas, so it will probably be possible to innovate in such areas:
3) Researchers of this topic think that 60% of users say that chatbots still don't understand the nuances of human communication patterns. For example, we might have a different way of expressing ourselves such as breaking our speech to the smaller sentences and sending them separately. We all have these friends who send 35 messages in a row which contain only a few words and have the sense which could be explained in one big proper sentence. Unlike humans, chatbots couldn’t understand such sentences, broken down to smaller parts thus, they don’t understand the users. The research says that 30% reported trouble understanding issues, and 23% noted that their assistants cannot recognize the voice of their owners. Developers must innovate to solve these problems.
4) Between the great number of advances and innovation, companies may begin to ask for the personalization of their chatbots according to how their customers interact.
Chatbots will acquire “virtual personalities” that will allow them to take sentiment analysis into account, as well as the race, style, gender, and preferences of the people who communicate with them.
When innovations occur in large companies, trends originate. Everything shows that the prediction might be true – that the trends for chatbots in 2020 will come from the financial sector:
5) According to Business Insider, an American financial magazine, banks will show high innovation and adoption of chatbots. So that case, banks are very likely to automate up to 90% of their functionalities by 2020 with the help of chatbots.
The business insider also made a prediction that by 2020 80% of companies will use chatbots. Too optimistic? Let’s see, if the world wouldn’t come to an end due to corona-crisis. Just kidding :)
6)One possible variant of events is that 45% of businesses that have more than 600 employees, will use the chatbots on smartphones; to improve workplace communication.
7) According to Opus Research, an analytics and advisory firm, by the time we get to 2021, at least $ 4.5 billion will be invested in chatbot technology. So the trend to invest more and more in these tools will continue.
Trends in user behavior
What trends in chatbots for 2020 will we have in terms of interaction with the user? Analyze the following data and draw your conclusions:
Right now the world is experiencing the “Ariana Grande” economy: I want it, I got it. In other words, an economy of instant gratification, where we can get what we want instantly online.
Do you want a date? Just download Tinder. Feeling nerdy and want to read a book? You go to Amazon. Craving for some junk food? Order pizza online even without calling delivery just in a few clicks. The Instant Satisfaction Economy is about satisfying desires immediately.
8) Users are quite influenced by it, and chat is one of the ways to satisfy a need instantly. That is why Internet users will continue to adopt them since it allows you to answer questions and queries instantly and 24/7.
9) But not all the data is positive, there is still a population reluctant to use chatbots: a survey conducted by UJET shows that 58% of users are not happy with all the solutions of their chatbots.
A Statista study shows that users are becoming more demanding with chatbots: 70% think that more personalized options can be offered.
Other interesting trends in chatbots for 2020
Instant messaging: Facebook Messenger, WhatsApp, Skype, etc. They will not be left behind with the use and development of chatbots. They know very well that instant messaging has a big share of a market to develop there.
10) These companies know better than anyone, that thanks to the constant search for immediate satisfaction, chatbots can be great when it comes to buying or promoting services.
11) Let's remember that Facebook is soon to release its Libra cryptocurrency with which they promised to make payments through chats possible. They have probably realized the great potential that this can bring, so they may innovate and bring the new payment services in this area.
12) Chatbots have done a lot for customer service. However, many companies have already realized that its usefulness can go further, for example in the human resources of companies. Several of the chatbot trends for 2020 may go beyond customer service and also focus on sectors outside of marketing.
13) Bots that understand natural language? On the other hand, chatbots have a lot of trouble understanding different languages. But thanks to artificial intelligence and even collective intelligence, the gap between languages and chatbots is getting smaller. So, it is also likely that innovation will arise in 2020 to remove the language barrier and have effective multilingual assistants.
What other trends in chatbots for 2020 do you think will happen? Tell us!