Over the past year, conversational AI platforms have significantly advanced due to generative AI, focusing on better natural language understanding, intuitive query handling, and knowledge segregation. The primary use case for these chatbots is knowledge search and Q&A. There is a growing demand for integrating generative AI capabilities into these platforms out of the box, facilitating personalized and context-aware bot generation for various applications. This helps enterprises expedite time-to-market, reduce costs, and create customized bots.
The supply-side trends are covered in Avasant’s Conversational AI Platforms 2024 RadarView™. The report presents a comprehensive study of conversational AI platform providers and closely examines the market leaders, innovators, disruptors, and challengers in this space. It also provides a view of key market trends and developments impacting the conversational AI platforms space.
Avasant evaluated 24 platform providers across three dimensions: product maturity, enterprise adaptability, and future readiness. Of these 24 providers, we recognized 11 that brought the most value to the market over the past 12 months.
The report recognizes platform providers in four categories:
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- Leaders: Kore.ai, IBM, and Yellow.ai
- Innovators: Druid, Verint, and Avaamo
- Disruptors: NICE, Uniphore, and Sinch
- Challengers: Amazon Web Services and 8×8
Figure 1 below from the full report illustrates these categories:
“Integrating generative AI into conversational AI platforms has transformed the customer and employee experience landscape,” said Anupam Govil, managing partner and digital practice lead at Avasant. “These platforms now offer better contextual understanding and emotional intelligence, empowering users to make more complex and dynamic business decisions.”
The reports provide a number of findings, including the following:
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- Businesses are progressively adopting conversational AI solutions powered by generative AI for various operational needs.
- Knowledge search and Q&A emerge as the predominant use cases for enterprises leveraging generative AI.
“The pandemic first accelerated enterprise adoption of conversational AI for touchless communication,” said Chandrika Dutt, associate research director with Avasant. “Now, generative AI has revolutionized this field, allowing enterprises to access their entire knowledge base through a natural language interface, marking a significant breakthrough.”
The Conversational AI Platforms 2024 RadarView™ features detailed profiles of 11 platform providers, along with an overview of their solutions, offerings, and experience in assisting customers in their business transformation journeys.
This Research Byte is a brief overview of the Conversational AI Platforms 2024 RadarView™ (click for pricing).