The conversational AI market is becoming increasingly competitive and many companies are at risk of falling behind, warns Bradley Metrock, CEO of Project Voice 2023. With the advent of generative AI, the competition is only set to become more intense, as vendors race to introduce new solutions to the market.
Leading the way in this new era of AI-driven innovation are companies such as Cognigy, Google, and Nuance. Generative AI has enabled the development of next-generation no-code tools, such as natural-language interfaces. Google’s Generative AI App Builder allows developers to type in a task and the app auto-generates a virtual agent that businesses can enhance and implement.
Cognigy’s natural language-only auto-generates lexicons that the developer can embed into the bot, while Nuance’s Mix conversational AI platform offers a conversation booster tool, which uses generative AI to keep customers focused and increase containment rates.
The use of generative AI in the conversational AI market is driving industry-first innovation that may soon become the norm. Vendors striving to deliver such innovation, including Cognigy, Google, and Nuance, are likely to emerge as market leaders due to their ability to offer new solutions and services that stand out in the crowded and competitive conversational AI market.
Overall, the conversational AI market is entering a new era of intense competition, driven by the rapid development of generative AI technology. As vendors strive to deliver increasingly sophisticated solutions, customers can expect to benefit from a new wave of innovation that will reshape the way we interact with AI-powered virtual agents.