The Artificial Intelligence (AI) Chatbot Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) Chatbot Global Market Report 2024, 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%. The growth in the forecast period can be attributed to rising awareness and acceptance of AI technologies, rising demand for virtual assistants, increasing demand for customer support automation, growing need for personalized customer experiences, and increasing investment in AI chatbot development. Major trends in the forecast period include technological advancements, integration with voice assistants, hyper-personalization, integration with augmented reality, and blockchain integration.
The rising demand for automated services is expected to propel the growth of the AI chatbot market going forward. Automated services refer to processes, tasks, or systems that operate and perform functions with minimal human intervention, relying on automation technologies, algorithms, and artificial intelligence to execute predefined actions or workflows. Companies leverage automation services for faster service and maintain a competitive edge by adopting new technologies and processes. AI chatbots are virtual assistants powered by artificial intelligence (AI) that can automate various tasks and services. This allows companies to handle routine tasks, provide real-time support, and contribute to a more seamless and responsive customer experience. For instance, in May 2023, according to Formstack, a US-based software company, around 76% of organizations employ automation to optimize their daily workflows, 58% utilize automation for data and reporting to facilitate planning, and 36% integrate automation to ensure compliance with regulations. Therefore, the rising demand for automated services is driving the growth of the AI chatbot market.
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The artificial intelligence (AI) chatbot market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment: Cloud, On-Premise
3) By Application: Website, Contact Centers, Social Media, Mobile Applications
4) By Industry Vertical: Banking Financial Services And Insurance (BFSI), Retail And E-commerce, Information Technology And Telecom, Healthcare, Media And Entertainment, Other Industry Verticals
Major companies operating in the artificial intelligence (AI) chatbot market are focused on developing innovative technologies, such as advanced GPT-4 technology, to enhance chatbot capabilities in understanding and generating more nuanced and contextually relevant responses. GPT-4 is the fourth generation of OpenAI’s generative pre-trained transformer (GPT) model. GPT-4 represents a significant advancement in natural language processing and artificial intelligence technology. For instance, in November 2023, InterGlobe Aviation Limited, an India-based aviation company, collaborated with Microsoft Corporation, a US-based IT corporation, and launched an AI chatbot named 6Eskai. This AI chatbot leverages advanced natural language processing (NLP) and machine learning technologies to interact seamlessly with users, providing quick responses to queries related to flight availability, booking details, and travel options. It offers a user-friendly interface that simplifies the booking and check-in procedures, ensuring a smooth and hassle-free experience for travelers. 6Eskai is equipped with personalized discount capabilities, where it can suggest exclusive deals based on user preferences and previous booking history, enhancing customer satisfaction and loyalty.
The artificial intelligence (ai) chatbot market report table of contents includes:
1. Executive Summary
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32. Global Artificial Intelligence (AI) Chatbot Market Competitive Benchmarking
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