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LONDON , GREATER LONDON , UNITED KINGDOM, September 4, 2024 /EINPresswire.com/ -- The artificial intelligence (AI) chatbot market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Artificial Intelligence (AI) Chatbot MarketAnd Its Annual Growth Rate?
The artificial intelligence (AI) chatbot market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Artificial Intelligence (AI) Chatbot Market
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.
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Which Market Players Are Steering The Artificial Intelligence (AI) Chatbot Market Growth?
Key players in the artificial intelligence (AI) chatbot market include Google LLC, Microsoft Corporation, Amazon Web Service, International Business Machines Corporation, SAP SE, NVIDIA Corporation.
What Are The Key Trends That Influence Artificial Intelligence (AI) Chatbot Market Size?
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.
How Is The Global Artificial Intelligence (AI) ChatbotMarket 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
Geographical Insights: North America Leading The Artificial Intelligence (AI) ChatbotMarket
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.
Artificial Intelligence (AI) Chatbot Market Definition
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 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global artificial intelligence (AI) chatbot market report covering trends, opportunities, strategies, and more
The Artificial Intelligence (AI) Chatbot Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on artificial intelligence (AI) chatbot market size, artificial intelligence (AI) chatbot market driversand trends, artificial intelligence (AI) chatbot market major players, artificial intelligence (AI) chatbot competitors' revenues, artificial intelligence (AI) chatbot market positioning, and artificial intelligence (AI) chatbot market growth across geographies. The artificial intelligence (AI) chatbot market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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