Top trends and predictions of 2024 : Are Voicebots the future?

The voice technology is more than a decade old. In the early years of its adoption, the technology was limited to voice assistants, such as Siri, Google Home, Alexa, and smart speakers. However, it has succeeded in becoming a preferred choice for a significant proportion of consumers. 

It is estimated that by 2024, the global voice recognition market will reach $26.8 billion, and the number of voice-enabled digital assistants will reach 8 billion, says Demand Sage.  

As the Voice AI technology evolved with time, businesses saw a huge potential for leveraging it for different business use-cases. For example, Conversational AI Voicebots that can have human-like conversations are used to automate repetitive, manual work functions, such as customer support and telemarketing.   

According to Adobe, 71% of executives at companies think that voice search will enhance the user experience. 

What is a Voicebot?

A Voicebot is an AI-powered use interface that can have human-like conversations with the user using natural language. They are built on top of conversational AI technologies, such as Automated Speech Recognition (ASR), Speech-To-Text (TTS), Natural Language Processing (NLP), machine learning, and Deep Learning. 

Dominik Meissner, Founder of 169 Labs, predicts - “We will see developments in NLU (like Google Lambda or Alexa Conversations) that will improve natural conversations style. Goole will double down on a voice-driven assistant (focused on smartphones) to strengthen the existing strategy. We will see more voice-enabled smartphone apps” 

Why is Voicebot Getting So Popular for Customer Support?

Forward-looking businesses always look for new, innovative ways to deliver delightful experiences, and Voicebot is one of the most trending technologies they are leveraging to transform customer support. 

According to Voicebot.ai, 71% of marketers think that a voice app should be included for smartphone users. 

Enable Immediate Response to the Customer Queries

When customers come to you with queries or issues, the first thing they expect is an immediate response. Responding quickly to your customers is crucial for a great customer support strategy. 

60% of customers find it frustrating to wait on hold, says Zendesk 

If you want to assist all your customers, you need a large team of agents, which implies huge customer support costs. On the other hand, a conversational AI Voicebot can seamlessly attend to all of your customers.   

Provide 24x7 Customer Assistance

Customer support is one of the most crucial aspects of your business - it can help you stand out from your competition to a great deal.   

90% of Americans considers customer service as a crucial factor before deciding on whether to do business with a company or not, says Microsoft

Your customer support agents can assist your customers during only office hours. But a Voicebot can be available for them 24x7 - be it the middle of a night or a holiday. 

Reduce Customer Support Costs

Every forward-looking business wants to deliver exceptional customer support to win customers' trust and loyalty. But the high cost involved in it holds them back.  

Most businesses can automate up to 80% of manual, repetitive queries of customers through AI-powered Voicebots. It helps you save the cost involved in recruiting, training, and managing customer support teams. 

Deliver Hyper-Personalized Customer Experience

Thanks to rapid innovation in conversational AI technology, the Voicebots have grown mature. With speech recognition technology, they can identify whether the speaker is a man or woman. Also, they can tap into the customer's history with the company to provide a personalized experience. 

To Sum Up

Contact centers throughout the world have started leveraging AI-powered Voicebots to automate their customer support. It helps them deliver exceptional customer experiences at lower operational costs. With time, more and more contact centers are implementing Voicebots. 

Since developing infrastructure for Voicebots requires skill, time, and resources, most organizations rely on conversational AI vendors. Floatbot is such a vendor that provides omnichannel, multilingual bots and helps you automate your interactions with customers and cut down operational costs.