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AI Virtual Assistants Drive $33 Billion Growth

CBOT, a domestic artificial intelligence company, has reported a surge in activity, revealing that it handled 700 million messages specific to the institutions it serves in 2021.

Notably, the public, retail, and banking sectors have exhibited the highest demand for virtual assistants, a trend amplified by the widespread adoption of remote working during the pandemic, particularly among large institutions.

Mete Aktaş, the CEO of CBOT, expressed the company’s ambitious goal to reach 1 billion conversations with its virtual assistants.

Aktaş highlighted the positive impact of CBOT’s virtual assistants, noting a remarkable 7.5 times reduction in problem resolution times. Additionally, waiting times for live support connections have been slashed from 200 seconds to a mere 15 seconds, resulting in an average 5 times reduction in call answering costs.

Data from the research organization Gartner, shared during a CBOT-organized meeting, revealed a significant increase in the number of companies engaged in virtual assistant development. The figure has risen from 1500 before the pandemic to over 2500 in 2022.

According to Gartner’s projections, over 60 percent of customer services are expected to be delivered through digital and self-service channels by 2023.

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The conversational artificial intelligence market, valued at $6.8 billion globally in 2021, is predicted to experience substantial growth, reaching $18.4 billion by 2026 and a notable $32.6 billion by 2030. These trends underscore the escalating importance of virtual assistants in modern customer service and support systems.

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