June 2021CIOAPPLICATIONS.COM6Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.June - 28 - 2021, Volume 07 - Issue 15 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe Phillip*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comContact UsPhone: 510.330.5174Fax: 510.894.8405EditorialThe Rising Significance of ChatbotsToday, the reason behind the rapid adoption of chatbots and virtual assistants by almost every organization, ranging from banking to healthcare, is mainly because of the round-the-clock demand of consumers for assistance. A recent study has revealed that around 40 percent of internet users worldwide prefer engaging with chatbots rather than virtual human agents. Consequently, according to a market research firm, the chatbot tech market is likely to reach $142bn in retail consumer spending by 2024. Chatbots offer the simulation of human-like interactions using artificial intelligence (AI) and natural language processing to provide organizations with effective communication with their existing customers and engage with new prospects. As of date, giant enterprises like Microsoft have launched chatbots that alleviate administrative tasks of healthcare institutions. Also, Wall Street is implementing machine learning (ML) technology to understand consumer behavior and make better trade decisions. Chatbot technology also leverages voice recognition and perception, which can be seen in Alexa, Siri, and Google Assistant. This voice recognition technology is currently gathering immense popularity amongst the common mass. The chatbot ecosystem is expanding rapidly and becoming robust with each passing day. The increasing usage of this technology is giving traction to an abundant number of companies with advanced ML and chatbot tech solutions, urging them to push themselves to the forefront of their particular industry. This edition aims to provide readers insights from industry leaders to help them have a detailed understanding of the chatbot technology arena and the recent developments in this field.Let us know your thoughts.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipGraphics & ArtEditorial StaffBen JacksonDaniel HolmesEzra BenjaminSoham SanyalRose DcruzSenior WritersClara MathewLeah JaneRoyce D'SouzaAsher Blake
< Page 5 | Page 7 >