Press release
Global Artificial Intelligence (AI) Chatbot Market to Reach $31.11 Billion by 2029, Growing at 29.3% CAGR
Artificial Intelligence (AI) Chatbot Market Growth
The market size for AI chatbots has been experiencing an unprecedented increase in recent years. It is projected to expand from a market value of $8.6 billion in 2024 to around $11.14 billion in 2025, boasting a CAGR of 29.5%. Factors that have contributed to this growth during the historical period include the proliferation of messaging platforms, the skyrocketing expansion of mobile applications, the escalating expense of human customer service, the emergence of natural language processing, and the surge in urbanization.
The market size for AI chatbots is predicted to experience a significant upswing in the coming years, escalating to $31.11 billion by 2029. This sharp increase, calculated at a CAGR of 29.3%, can be credited to several factors. These include greater acceptance and awareness of AI technology, a surge in demand for virtual help, a growing appetite for automated customer support, the need for personalized customer encounters, and an upswing in investment for the development of AI chatbots. Key trends projected for the future include advancements in technology, incorporation of voice assistants, hyper-personalization, merging with augmented reality, and the inclusion of blockchain technology.
What Factors Are Fueling Growth in the Artificial Intelligence (AI) Chatbot Market?
The increasing requirement for automated solutions is projected to stimulate the expansion of the AI chatbot market in the future. These automated solutions pertain to processes, jobs, or systems that operate and carry out functions with minimal human interaction. Companies employ such services to take advantage of automation technologies, algorithms, and artificial intelligence to perform preset actions or workflows. AI chatbots, virtual assistants propelled by artificial intelligence, can automate a wide range of tasks and services. This allows corporations to attend to regular tasks, offer immediate support, and augment the smoothness and responsiveness of customer service. For example, in May 2023, Formstack, a software firm based in the US, reported that about 76% of businesses leverage automation to enhance their daily workflows, 58% employ it for data and reporting to ease planning, and 36% incorporate it to maintain regulatory compliance. Consequently, the surging demand for automated solutions is propelling the expansion of the AI chatbot market.
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Which Leading Companies Are Shaping the Growth of the Artificial Intelligence (AI) Chatbot Market?
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.
What Are the Major Trends Shaping the Artificial Intelligence (AI) Chatbot Market?
Prominent businesses in the AI chatbot market are concentrating their efforts on pioneering innovative tech, such as the advanced GPT-4, to augment their chatbot's capacity to comprehend and generate more detailed and context-appropriate replies. This fourth iteration of OpenAI's GPT model signifies a noteworthy progression in natural language processing and AI technology. For example, in November 2023, India-based aviation firm, InterGlobe Aviation Limited, teamed up with US IT company, Microsoft Corporation, to roll out an AI chatbot called 6Eskai. Utilizing advanced NLP and machine learning tech, this chatbot seamlessly interacts with users, rapidly responding to inquiries about flight availability, booking specifics, and travel alternatives. With a user-friendly interface, it makes the booking and check-in processes simpler, ensuring a convenient and trouble-free journey for travelers. 6Eskai also possesses individualized discount features, offering exclusive deal suggestions based on user likes and past booking records, therefore amplifying customer satisfaction and loyalty.
What Are the Key Segments of the Artificial Intelligence (AI) Chatbot Market?
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
Subsegments:
1) By Solution: AI Chatbot Software, AI Chatbot Platforms, Natural Language Processing (NLP) Solutions, Machine Learning-Based Chatbots
2) By Services: AI Chatbot Development Services, AI Chatbot Integration Services, AI Chatbot Training And Support Services, Consulting Services For AI Chatbots
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Which Region Dominates 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.
What Is Covered In The Artificial Intelligence (AI) Chatbot Global Market Report?
- Market Size Analysis: Analyze the Artificial Intelligence (AI) Chatbot Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Artificial Intelligence (AI) Chatbot Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Artificial Intelligence (AI) Chatbot Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Artificial Intelligence (AI) Chatbot Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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