PUBLISHER: The Business Research Company | PRODUCT CODE: 1546398
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546398
An AI chatbot is a software application driven by artificial intelligence (AI) that mimics human-like conversation through text or speech. These chatbots utilize AI technologies such as natural language processing (NLP), machine learning, and sometimes neural networks to comprehend and respond to user inquiries or commands.
AI chatbots primarily offer solutions and services. A solution refers to a uniform mixture of two or more substances in varying proportions up to the solubility limit. The predominant substance is known as the solvent, while the lesser substances are termed solutes. These solutions can be deployed via cloud or on-premise models across platforms including websites, contact centers, social media, and mobile applications. They cater to various industry verticals such as banking, financial services, and insurance (BFSI), retail and e-commerce, information technology and telecom, healthcare, media and entertainment, among others.
The artificial intelligence (AI) chatbot market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) chatbot market statistics, including artificial intelligence (AI) chatbot industry global market size, regional shares, competitors with artificial intelligence (AI) chatbot market share, detailed artificial intelligence (AI) chatbot market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) chatbot industry. This artificial intelligence (AI) chatbot research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The artificial intelligence (AI) chatbot market size has grown exponentially in recent years. It will grow from $6.65 billion in 2023 to $8.6 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. During the historic period, growth can be attributed to several factors, the proliferation of messaging platforms, expansion of mobile applications, escalating costs of human customer support, advancements in natural language processing (NLP), and increasing urbanization.
The artificial intelligence (AI) chatbot market size is expected to see exponential growth in the next few years. It will grow to $24.08 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. In the forecast period, growth can be attributed to several factors, increasing awareness and acceptance of AI technologies, rising demand for virtual assistants, growing adoption of customer support automation, heightened emphasis on personalized customer experiences, and rising investments in AI chatbot development. Key trends expected during this period include technological advancements, integration with voice assistants, hyper-personalization, incorporation of augmented reality, and integration with blockchain technology.
The AI chatbot market is experiencing substantial growth due to increasing demand for automated services. These services involve minimal human intervention and rely on automation technologies, algorithms, and AI to execute predefined actions efficiently. Companies are adopting automation to accelerate service delivery and maintain competitiveness through technological advancements. AI chatbots, powered by AI, play a crucial role by automating tasks, offering real-time support, and enhancing customer experiences. For example, Formstack reported in May 2023 that many organizations use automation for optimizing workflows, data management, and regulatory compliance.
Major players in the AI chatbot market are focusing on developing advanced technologies such as GPT-4 to improve chatbot capabilities in understanding and generating nuanced responses. GPT-4, a significant advancement in natural language processing, exemplifies this progress. For instance, InterGlobe Aviation and Microsoft collaborated to launch 6Eskai in November 2023, an AI chatbot using advanced NLP and machine learning to provide seamless interaction for flight-related queries. This innovation includes personalized discount suggestions based on user preferences, enhancing customer satisfaction and loyalty.
In April 2022, Laiye acquired Mindsay, aiming to bolster its AI chatbot solutions with Mindsay's expertise in customer service automation. Mindsay, based in France, specializes in chatbot and voicebot platforms, aligning with Laiye's strategic growth in this sector.
Major players in the artificial intelligence (AI) chatbot market are Google LLC, Microsoft Corporation, Amazon Web Service, International Business Machines Corporation, SAP SE, NVIDIA Corporation, OpenAI Inc., Ada Support Inc., LivePerson Inc., Acuvate Software, Gupshup Technology India Private Limited, Aivo Corporation, Inbenta Technologies Inc., Nuance Communications Inc., Chatfuel LLC, Botsify Inc., SmartBots.ai, Rasa Technologies GmbH, Artificial Solutions International AB, Botpress Inc., LogMeIn Inc., and Saarthi.ai.
North America was the largest region in the artificial intelligence (AI) chatbot market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in artificial intelligence (AI) chatbot report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the artificial intelligence (AI) chatbot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The artificial intelligence (AI) chatbot market includes revenues earned by entities by providing services such as virtual assistants, information retrieval, lead generation, and personal finance management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Artificial Intelligence (AI) Chatbot Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial intelligence (AI) chatbot market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial intelligence (AI) chatbot market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial intelligence (AI) chatbot market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.