The artificial intelligence (ai) chatbot global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) Chatbot Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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%. The growth in the historic period can be attributed to the rise of messaging platforms, expansion of mobile apps, rising costs of human customer support, rise of natural language processing, 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%. 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.
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Scope Of Artificial Intelligence (AI) Chatbot Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) Chatbot Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) chatbot market in 2023. The regions covered in artificial intelligence (AI) chatbot report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating 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.
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) Chatbot Market Report Structure
3. Artificial Intelligence (AI) Chatbot Market Trends And Strategies
4. Artificial Intelligence (AI) Chatbot Market – Macro Economic Scenario
5. Artificial Intelligence (AI) Chatbot Market Size And Growth
…..
32. Global Artificial Intelligence (AI) Chatbot Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) Chatbot Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) Chatbot Market
35. Artificial Intelligence (AI) Chatbot Market Future Outlook and Potential Analysis
36. Appendix
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