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Rising Demand For Automated Services Fuels Growth In The AI Chatbot Market Driver: A Major Catalyst in the Evolution of the Artificial Intelligence (AI) Chatbot Market in 2025
Artificial Intelligence (AI) Chatbot
The projected growth of the AI chatbot market is likely fuelled by the increasing need for automated services. These services are systems, tasks, or processes that function with minimal human interaction, using automation technology, algorithms, and artificial intelligence to perform preset actions or workflows. Businesses employ such services to accelerate their operations and stay competitive by embracing innovative technologies and methodologies. AI chatbots, virtual assistants powered by artificial intelligence, can automate an array of tasks and services to enable companies to manage routine tasks, furnish instantaneous support and enhance the customer experience by making it more smooth and responsive. For example, Formstack, an American software company, found in May 2023 that approximately 76% of firms use automation to streamline daily workflows, 58% use it for data and reporting to aid planning, and 36% assimilate automation to ensure regulatory compliance. Hence, it's evident that the escalating need for automated services is propelling the AI chatbot market's expansion.
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What Is the projected market size and growth rate for the artificial intelligence (ai) chatbot market?
There has been a significant surge in the size of the artificial intelligence (AI) chatbot market recently. The market's value, which is projected to be $8.6 billion in 2024, is expected to increase to $11.14 billion in 2025, with a compound annual growth rate (CAGR) of 29.5%. Factors influencing this growth during the historic period include the growing popularity of messaging platforms, the proliferation of mobile applications, the escalating costs associated with human customer support, the emergence of natural language processing, and rapid urbanisation.
In the upcoming years, there is an anticipation for a considerable increase in the size of the AI chatbot market, which is projected to reach $31.11 billion in 2029 with a CAGR of 29.3%. Factors contributing to this projected growth include the increased acceptance and awareness of AI technologies, the growing preference for virtual assistants, customer support automation's rising demand, the escalating need for tailored customer experiences, and the surge in investments in AI chatbot development. Throughout the forecast period, usage trends will be shaped by advances in technology, voice assistant integration, hyper-personalization, combination with augmented reality, and blockchain integration.
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What new trends are reshaping the artificial intelligence (ai) chatbot market and its opportunities?
Leading businesses in the AI chatbot market are concentrating on the advancement of breakthrough technologies, such as the sophisticated GPT-4 technology, to improve chatbot abilities in interpreting and producing responses that are contextually appropriate and sophisticated. The GPT-4, which is OpenAI's fourth generation of pre-trained transformer (GPT) model, signifies a considerable development in the realm of natural language processing and AI technology. For example, in November 2023, InterGlobe Aviation Limited, an Indian aviation enterprise, joined forces with the US-based IT giant Microsoft Corporation, and introduced an AI chatbot titled 6Eskai. This AI chatbot employs cutting-edge natural language processing (NLP) and machine learning techniques to interact frictionlessly with users, providing instant answers to inquiries regarding flight details, bookings, and travel alternatives. 6Eskai has a user-oriented platform that makes the process of booking and check-in easy, ensuring a travel experience devoid of any inconvenience. It's endowed with custom-made discount features, where it can recommend distinctive offers based on the consumer's preferences and past booking records, hence boosting customer satisfaction and faithfulness.
What major market segments define the scope and growth 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.
Which key market leaders are driving the artificial intelligence (ai) chatbot industry growth?
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.
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What Is Covered In The Artificial Intelligence (AI) Chatbot Global Market Report?
•Market Size Forecast: Examine the artificial intelligence (ai) chatbot market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the artificial intelligence (ai) chatbot market for a structured understanding.
•Key Players Overview: Analyze major players in the artificial intelligence (ai) chatbot market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence (ai) chatbot market.
•Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence (ai) chatbot market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence (ai) chatbot market.
•Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence (ai) chatbot market.
•Competitive Landscape: Review strategic developments in the artificial intelligence (ai) chatbot market, including expansions, agreements, and new product launches.
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