Global Artificial Intelligence (AI) Chatbot Market Size Forecast 2024-2033
12 Dec, 2024
How Is The Global Artificial Intelligence (AI) Chatbot Market defined?
An artificial intelligence (AI) chatbot refers to a software application powered by artificial intelligence (AI) that simulates human-like conversation through text or speech. These chatbots use AI technologies such as natural language processing (NLP), machine learning, and sometimes neural networks to understand and respond to user queries or commands.
Artificial Intelligence (AI) Chatbot Global Market Report 2024 provides data on the global artificial intelligence (ai) chatbot market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence (ai) chatbot market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Artificial Intelligence (AI) Chatbot Market Size Expected To Expand, And At What Annual Growth Rate?
The artificial intelligence chatbot market has expanded rapidly, from $6.65 billion in 2023 to $8.6 billion in 2024, at a CAGR of 29.2%. Growth has been driven by the rise of messaging platforms, mobile app expansion, the high cost of human customer support, advancements in natural language processing, and urbanization. The market is expected to grow to $24.08 billion by 2028, at a CAGR of 29.4%. Future growth will be propelled by increased adoption of AI technologies, demand for virtual assistants, customer support automation, personalized customer experiences, and AI investments. Key trends include voice assistant integration, hyper-personalization, augmented reality, and blockchain integration.
What Are The Key Drivers Fueling Growth In The Artificial Intelligence (AI) Chatbot Market?
The growing demand for automated services is likely to propel the AI chatbot market. Automated services, powered by artificial intelligence, streamline tasks and enhance customer experiences. For example, Formstack reported in May 2023 that 76% of organizations use automation to optimize workflows, 58% for data reporting, and 36% for regulatory compliance. These trends reflect the increasing adoption of AI chatbots in various industries.
Get Your Free Sample of the Global Artificial Intelligence (AI) Chatbot Market ReportWhat Are The Principal Market Segments In The Global Artificial Intelligence (AI) Chatbot Industry?
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
Which Emerging Market Trends Are Altering The Artificial Intelligence (AI) Chatbot Sector?
Companies in the artificial intelligence (AI) chatbot market are working on innovative technologies like GPT-4 to improve chatbot performance in generating more contextually relevant and nuanced responses. GPT-4, the fourth generation of OpenAI's generative pre-trained transformer model, significantly advances natural language processing and AI capabilities. For instance, in November 2023, InterGlobe Aviation Limited, an India-based aviation company, teamed up with Microsoft to launch the 6Eskai AI chatbot. This chatbot leverages advanced natural language processing and machine learning to provide seamless interactions with users, offering quick responses to flight queries and booking details. It also suggests personalized discounts based on user preferences, enhancing customer satisfaction and loyalty.
What Is The Leading Region In The Artificial Intelligence (AI) Chatbot Market?
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.