For the third consecutive year, Kore.ai has been named a 'Leader' in Everest Group's Conversational AI - Technology Vendor Landscape With Products PEAK Matrix Assessment. The 2022 assessment compares 26 leading global conversational AI solution providers, highlights the key strengths of each vendor, and segregates them into categories like "Leaders," "Major Contenders," and "Aspirants."
The assessment is the outcome of detailed interactions with conversational AI vendors, analysis of core capabilities, client references, and a thorough appraisal of market trends.
As global enterprises continue their digital transformation journeys, enriching the customer, employee, and agent experience has become critical. The Everest report makes a note of the growing market adoption of conversational AI technology based on a wide variety of factors that include: the number of enterprises adopting these solutions, their scale of implementations, the diversity of customer base across industries, geographies, environments, and the enterprise size.
What's propelling the momentum is the value businesses derive through conversational AI, evidenced by their eagerness to put money where their mouth is when it comes to this emerging technology.
At the end of 2020, the total addressable global conversational AI market was valued at $5.78 billion. It is projected to demonstrate a CAGR of roughly 18.9% from 2021 until 2030, becoming a multi-billion vertical by touching $32.62 billion.
|Commenting on Everest's recognition, Kore.ai CEO and Founder Raj Koneru said: "We are glad to have been featured in this report. Everest's latest research further substantiates that adopting AI-powered conversational solutions is rising across industries. The growing sophistication of cognitive AI, deep learning, and NLU is driving a much faster evolution and adoption of conversational AI solutions and platforms, with an increasing richness of enterprise-grade features. Our innovations and many industry-first implementations have significantly raised the bar for truly enterprise-grade conversational AI platforms."|
As the world leader in the conversational AI platform space, Kore.ai has always endeavored to help global enterprises simplify and increase the speed of their business by leveraging our unsurpassed technology and innovations.
Over the years, we have demonstrated that conversational AI technology is applied innovatively for a specific use case, enhances experiences, reduces costs, and improves customer satisfaction.
It's clear why businesses across all sectors have taken steps toward connecting with consumers on various digital and voice channels. In a survey of more than 5,000 consumers across major global markets, 77% say they're more likely to purchase from a company if they can browse or get personalized responses promptly over messaging.
Virtual assistants built on Kore.ai's platform and our AI-native solutions help enterprises create delightful experiences for customers, employees, or agents while interacting with the business, thereby improving the overall performance with better outcomes for everyone involved.
Beyond automation, conversational AI is now used in some of the most sophisticated use cases. To name a few instances, these include multimodal visual IVR for insurance members' calls, surfing knowledge from vast pools of enterprise data, and helping large customer-facing organizations (like banks or retailers manage partner brand-specific responses in multiple languages).
Kore.ai's enterprise-grade, no-code platform is known as the Experience Optimization (XO) Platform. The platform enables business users, non-developers, and non-data scientists to leverage conversational AI technology to quickly build conversational user interfaces, virtual assistants, and process workflows for various use cases involving customer experience and employee experience.
The company also offers a growing portfolio of AI-first solutions such as SmartAssist, AgentAssist, BankAssist, HealthAssist, SearchAssist, WorkAssist, HR Assist, and IT Assist. These solutions are built on top of the platform and deployed on a subscription model basis to accelerate customer adoption and time-to-business based on their specific requirements.
Six factors that are driving this market are:
The Conversational AI adoption cycle is on an upswing: Before COVID, there have been a lot of experiments with using conversational AI to design rudimentary, basic chatbots that address the most common use cases, the most significant being improving customer experience by automating customer service. This soon expanded into other enterprise areas such as HR support automation, IT service management, legal, procurement, finance support automation so employees within a company who need questions answered or requests fulfilled by IT, HR, Finance, or Legal can do so using a virtual assistant rather than needing to talk to a human being.
Over the last 18 months, we are seeing value being realized in a diverse set of use cases as well as novel implementations in Marketing, Sales, and Retail in the form of cost optimization, improved sales, agent augmentation, or better customer engagement. Today, most large enterprise clients have embarked on a transformational conversational AI journey with high-speed adoption rates.
- Conversational AI space will prove to be recession-proof: There's a fear of global recession looming large over us in varying degrees and forms. Even though the macroeconomic situation is seemingly grave, most companies on the Global 2000 list have embarked on a digital transformation journey with a mandate to move away from manual processes to enable customers or consumers to engage with them in a digital format. That trend is irreversible, and Conversational AI, in our view, falls squarely in that equation.
Companies in a recession are likely to pursue two objectives:
- Hold back unnecessary investments
- Accelerate investments that lead to short-term results
Conversational AI, primarily automating customer service, IT support, or HR support functions that are cost centers, provides immediate results in automation, adding to the short-term benefits. As long as a company can invest, it will get that short-term benefit and reduce its cost, especially during a recession.
- It's time to reimagine contact centers: Large enterprises are transforming their contact centers with conversational AI. They are leveraging platform providers like Kore.ai to automate multiple processes like receiving calls, chats, emails, or social media messages. The automation helps to route the call/chat over to agents and provides them with an AgentAssist bot to improve their agents’ productivity.
Before this, an enterprise running a call center had a mundane, basic rigmarole that forced callers to go through menu options or to-do actions. With conversational AI, the bot can engage with consumers in natural language, try to understand their needs, respond automatically like a human agent would, and automate the entire requirement. This technology has enabled the customer to feel more empowered and be more engaged with the brand while allowing the business to be more efficient.
- The Rising tide of voice automation: The interest in voice automation has increased significantly over the last couple of years, so much so that the volumes in voice are much more than the volumes in digital for most traditional companies, except for digital-native companies. That's why large enterprise clients, who form 80% of our customer base, have adopted our platform for its ability to automate complex and personalized conversations and transactions in large volumes.
- The growing significance of Product-led growth (PLG):Kore.ai recently announced plans to widen the availability of its solution to companies of all sizes to empower small and medium businesses (SMBs), startups, entrepreneurs, and the broader developer community by offering the platform's do-it-yourself (DIY) functionalities for driving AI adoption.
Through this initiative, developers and businesses worldwide can access Kore.ai's enterprise-grade platform and self-service options without a significant initial investment to build next-gen, AI-powered solutions. PLG will drive our strategy in the SMB segment, where we expect more significant demand in the coming days.
Kore.ai has also formalized the learning process by offering certification through Kore.ai Academy and a library of rich templates for new developers to learn things faster and accelerate their IVA development journey.
- Conversational AI as the foundation of Metaverse and Omniverse: Conversational AI will become the foundation for experience delivery in the Metaverse as it's going to replace the user interface of various digital applications from graphical to conversational.
For those use cases that lend themselves to the Metaverse over a period of time, virtual avatars will become the primary building blocks of such a reality. These virtual avatars - a virtual teller, virtual postman, or a virtual salesman -are robots who will need to communicate in a medium that conversational AI essentially enables. If avatars are the basis of the Metaverse, then conversational AI is its engine.
Conversational AI is currently one of the fastest-growing software categories in the world today. Kore.ai, which is growing more than 100% year-on-year, is outpacing the industry curve and is at the cusp of becoming one of the first global conversational players to turn profitable in a few quarters from now.