The artificial intelligence (AI) chatbot market size has grown exponentially in recent years, increasing from $6.65 billion in 2023 to $8.6 billion in 2024 at a CAGR of 29.2%. The growth in the historic period can be attributed to the rise of messaging platforms, the expansion of mobile applications, rising costs of human customer support, advancements in natural language processing, and increasing urbanization. The market is expected to grow to $24.08 billion in 2028 at a CAGR of 29.4%. This future growth will likely be driven by rising awareness and acceptance of AI technologies, growing demand for virtual assistants, increasing automation in customer support, the need for personalized customer experiences, and rising investments in AI chatbot development. Key trends expected to dominate include technological advancements, integration with voice assistants, hyper-personalization, augmented reality integration, and blockchain incorporation.
Global Artificial Intelligence AI Chatbot Market Key Driver
The rising demand for automated services is expected to drive the AI chatbot market. Automated services, which use automation technologies and AI to perform tasks with minimal human intervention, are increasingly adopted by companies seeking to improve efficiency and maintain a competitive edge. AI chatbots, which automate various tasks and services, offer real-time support and enhance customer experience. In May 2023, Formstack reported that 76% of organizations use automation to optimize workflows, 58% for data and reporting, and 36% for regulatory compliance. This growing demand for automated services is propelling the AI chatbot market.
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Global Artificial Intelligence AI Chatbot Market Segments
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
By Geography:The regions covered in the artificial intelligence (AI) chatbot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the artificial intelligence (AI) chatbot market in 2023.
Major Artificial Intelligence AI Chatbot Industry Players
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., Saarthi.ai
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Artificial Intelligence AI Chatbot Market Overview
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 2023 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.
