AI chat is the technology of automated dialogue replacements and conversation between a human user, implemented in several fields to serve different purposes. Powered by Natural Language Processing (NLP) and Machine Learning algorithms, this technology can understand human responses generate human-like responses. The global AI chat market is currently worth around $8 billion--a figure that research organisation Grand View Research said will swell by a compound annual growth rate (CAGR) of 24% over the next five years, taking it to some new higher peak in 2024.
Most AI chat systems or bots are created around the perceived need of an application, for example customer service platforms, personal assistants (eg. Can be considered IBM Watson,Micosoft's Azure Bot Service,if a company who has developed the chatbot to for example interact with millions of consumers every day such asIBM or Microsoft it is implemented by an AI. By 2023, as per the McKinsey study businesses using AI chat more saw a hike in their efficiency level up to 30% and an about-turn of around 20% operational costs.
AI chat technology development: a hefty investment The development and on-going management of a cutting edge AI chat system may take anywhere around 500K$ to up-to even costing a million dollars based upon the complexity involved in creating more sophisticated systems being deployed. This investment includes algorithm development, data purchase and system integration costs.
Major players in the tech world have begun to appreciate how revolutionary AI chat can be. The potential of technology to be personal, something intuitive and accessible for everyone.- Sundar Pichai (CEO — Google) This indicates the perfect need for help of AI chat systems in improving user journey and operational efficiency.
The ai chat has been kept on evolving with more powerful NLP mode and machine learning techniques to get the best conversation in all aspects of accuracy,relevant. For more information in how AI systems, Chat work and applications, you can visit Aichat