AI Chatbots Market to Be Worth $22.6 Billion by 2031 - Exclusive Report by Meticulous Research®
REDDING, Calif., Dec. 12, 2024 /PRNewswire/ -- According to a new market research report titled 'AI Chatbots Market by Offering (Platforms, Services), Organization Size (Large, Small & Medium), Deployment Mode, Communication Medium, End User (IT & Telecommunications, Retail & E-commerce, Others) & Geography--Forecasts to 2031'.
The AI chatbots market is projected to reach $22.6 billion by 2031, at a CAGR of 27.8% during the forecast period 2024-2031.
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AI chatbots are software applications that utilize artificial intelligence (AI) to engage in conversations with humans. They interact with users in a natural, conversational manner, either through text or voice, and are designed to simulate human-like communication. AI chatbots are commonly used for customer service, information retrieval, and other tasks that benefit from automated conversations.
The growth of the AI chatbots market is primarily driven by the increasing adoption of AI chatbots in the IT & telecom sectors, a greater emphasis on enhancing self-service operations, the rising use of generative models in AI chatbots, and growing demand for 24/7 customer support. However, concerns about data privacy and security may restrain the market's growth.
Moreover, the need to automate business processes, the integration of AI chatbots with smart devices, and the increasing use of AI chatbots in the retail and e-commerce industries are expected to create significant growth opportunities for market players. However, misconceptions and a lack of awareness regarding AI chatbot solutions are some of the challenges affecting market growth.
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Additionally, the growing adoption of voice-enabled chatbots, the increasing use of AI chatbots for customer interactions, and their integration with natural language processing (NLP) are prominent trends in this market.
The AI chatbots market is segmented based on offering (platforms [standalone, web-based, message-based, other platforms], services [professional services, managed services]), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployments, cloud-based deployments), communication medium (websites, mobile apps), end user (IT & telecommunication, BFSI, retail, e-commerce, healthcare & life sciences, manufacturing, travel & hospitality, media & entertainment, education, government & public entities, and other end users). The report also provides a comprehensive analysis of the AI chatbots market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
AI Chatbots Industry Overview: Latest Developments from Key Industry Players
-- In September 2024, Snap Inc. partnered with Google LLC to enhance
generative AI experiences within Snapchat's My AI chatbot. This
collaboration will enable the chatbot to utilize Google's Gemini AI,
leveraging its multimodal capabilities to understand several types of
information, including text, audio, images, and videos.
-- In July 2024, Tonik Digital Bank Inc., the first digital-only neobank in
the Philippines, partnered with Gupshup Inc., a leading conversational
cloud provider, to develop a cutting-edge generative AI chatbot for
Tonik's mobile app. This solution is designed to provide customers with
instant and accurate responses to frequently asked questions,
transforming the way they interact with their bank.
-- In July 2024, Xiao-I Corporation (China) partnered with a
telecommunications provider to implement its advanced AI chatbot
solution. This collaboration aims to transform the provider's customer
service operations by improving service efficiency, reducing operational
costs, and delivering 24/7 personalized support.
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Among the offerings studied in this report, the services segment is slated to register a higher CAGR during the forecast period. This segment's growth is driven by the rising adoption of voice-activated AI assistants, increasing demand for personalized services, and the growing need for AI chatbot services to enhance customer experience.
Among the deployment modes studied in this report, the cloud-based deployments segment is slated to register a higher CAGR during the forecast period. This segment's growth is driven by the rising need for advanced AI and NLP technologies, increasing demand for flexibility in remote management, and the growing adoption of cloud-based AI chatbots among small and medium-sized enterprises.
Among the organization sizes studied in this report, the small & medium-sized enterprises segment is slated to register a higher CAGR during the forecast period. This segment's growth is driven by the increasing need for cost-effective customer service solutions, the growing adoption of cloud-based technologies, and the rising demand for automation to improve efficiency and scalability. Additionally, SMEs, which often have limited manpower, are turning to AI-powered chatbots to handle customer inquiries and support tasks, enabling them to provide timely and effective service without the need for extensive human resources.
Among the communication mediums studied in this report, the mobile apps segment is slated to register a higher CAGR during the forecast period. This segment's growth is driven by the rising number of smartphone users, the increasing adoption of mobile commerce, and the need for businesses to provide instant, on-the-go customer support through AI chatbots, enhancing user experience and engagement.
Among the end users studied in this report, the retail & e-commerce segment is slated to register the highest CAGR during the forecast period. This segment's growth is driven by the continued rise of online shopping and digital retail, the demand for 24/7 customer support, the need for instant responses to FAQs, and the integration of AI with CRM and marketing systems.
Among the regions studied in this report, the market in Asia-Pacific is slated to record the highest CAGR of 29.5% during the forecast period. The growth of this regional market is driven by the increasing adoption of AI chatbots across various sectors, the need to automate business processes, and the presence of key market players in the region. Additionally, infrastructural growth in APAC, particularly in China, South Korea, Japan, and India, rapid economic development, the surge in e-commerce, advancements in AI and machine learning technologies, and increasing investments by market players further contribute to the market's growth in Asia-Pacific.
The key players operating in the AI chatbots market are OpenAI OpCo, LLC (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), Amazon Web Services, Inc. (U.S.), NVIDIA Corporation (U.S.), International Business Machines Corporation (U.S.), Perplexity AI, Inc. (U.S.), Zoho Corporation Pvt. Ltd. (U.S.), GET JENNY OY (Finland), Acuvate (U.K.), Freshworks Inc. (U.S.), Jasper AI, Inc. (U.S.), Anthropic PBC (U.S.), Writesonic, Inc. (U.S.), Next IT & Systems LLC (UAE).
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Scope of the Report:
AI Chatbots Market Assessment--by Offering
-- Platforms
-- Standalone
-- Web-based
-- Message-based
-- Other Platforms
-- Services
-- Professional Services
-- Managed Services
AI Chatbots Market Assessment--by Organization Size
-- Large Enterprises
-- Small & Medium-sized Enterprises
AI Chatbots Market Assessment--by Deployment Mode
-- Cloud-based Deployments
-- On-premises Deployments
AI Chatbots Market Assessment--by Communication Medium
-- Websites
-- Mobile Apps
AI Chatbots Market Assessment--by End User
-- IT & Telecommunications
-- Customer Support
-- Fraud Detection and Security
-- Plan Recommendations
-- Automate Tasks
-- Other IT & Telecommunication Applications
-- BFSI
-- Customer Support
-- Account Management
-- Asset & Wealth Management
-- Financial Transactions & Operations
-- Risk Assessment
-- Other BSFI Applications
-- Retail & E-commerce
-- Customer Support
-- Personalized Product Recommendations
-- Sales & Marketing
-- Manage Inventory & Purchase Orders
-- Other Retail & E-commerce Applications
-- Healthcare & Life Sciences
-- Scheduling Appointments
-- Patient Data Collection & Feedback
-- Request Prescription Refills
-- Other Healthcare & Life Sciences Applications
-- Manufacturing
-- Customer Support
-- Inventory Management
-- Personalized Product Recommendations
-- Other Manufacturing Applications
-- Travel & Hospitality
-- Customer Support
-- Branding & Advertising
-- Personalized Recommendations
-- Other Travel & Hospitality Applications
-- Media & Entertainment
-- Customer Support
-- Personalized Content Recommendations
-- Subscription & Event Registration
-- Conducting Surveys
-- Branding & Advertising
-- Other Media & Entertainment Applications
-- Education
-- Virtual Personal Tutoring
-- Course Registration & Enrollment Queries
-- Feedback Collection & Data Repository
-- Better Student Engagement
-- Other Education Applications
-- Government & Public Entities
-- Citizen Feedback & Complaint Handling
-- Government Information, Registration, & Services
-- Other Government & Public Entities Applications
-- Real Estate
-- Automate Follow-up and Feedback
-- Schedule Property Viewings and Virtual Tours
-- Document Processing and Management
-- Other Real Estate Applications
-- Other End Users
AI Chatbots Market Assessment--by Geography
-- North America
-- U.S.
-- Canada
-- Europe
-- U.K.
-- Germany
-- France
-- Spain
-- Italy
-- Switzerland
-- Netherlands
-- Rest of Europe
-- Asia-Pacific
-- China
-- Japan
-- India
-- Singapore
-- South Korea
-- Australia & New Zealand
-- Indonesia
-- Rest of Asia-Pacific
-- Latin America
-- Mexico
-- Brazil
-- Rest of Latin America
-- Middle East & Africa
-- UAE
-- Israel
-- Rest of Middle East & Africa
AI Chatbots Market Research Summary
Particulars
Details
Number of Pages 250
Format
PDF
Forecast Period
2024-2031
Base Year 2023
CAGR (Value) 27.8 %
Market Size
(Value)
USD 22.6 Billion by 2031
Segments
Covered
By Offering
Platforms
Standalone
Web-based
Message-based
Other Platforms
Services
Professional Services
Managed Services
By Organization Size
Large Enterprises
Small & Medium-sized Enterprises
By Deployment Mode
Cloud-based
On-premises
By Medium
Websites
Mobile Apps
By End-use industry
IT & Telecommunications
Customer Support
Fraud Detection and Security
Plan Recommendations
Automate Tasks
Other IT & Telecommunication Applications
BFSI
Customer Support
Account Management
Asset & Wealth Management
Financial Transactions & Operations
Risk Assessment
Other BSFI Applications
Retail & E-commerce
Customer Support
Personalized Product Recommendations
Sales & Marketing
Manage Inventory & Purchase Orders
Other Retail & E-commerce Applications
Healthcare & Life Sciences
Scheduling Appointments
Patient Data Collection &
Feedback
Request Prescription Refills
Other Healthcare & Life Sciences Application
Manufacturing
Customer Support
Inventory Management
Personalized Product
Recommendations
Other Manufacturing Applications
Travel & Hospitality
Customer Support
Branding & Advertising
Personalized Recommendations
Other Travel &
Hospitality Applications
Media & Entertainment
Customer Support
Personalized Content Recommendations
Subscription & Event Registration
Conducting Surveys
Branding & Advertising
Other Media & Entertainment Applications
Education
Virtual Personal Tutoring
Course Registration & Enrollment Queries
Feedback Collection & Data
Repository
Better Student Engagement
Other Education Applications
Government &
Public Entities
Citizen Feedback & Complaint Handling
Government Information,
Registration, & Services
Other Government & Public Entities Applications
Real Estate
Automate Follow-up and Feedback
Schedule Property Viewings and Virtual Tours
Document Processing
and Management
Other Real Estate Applications
Other End-use industries
Countries North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Rest of Europe),
Covered Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia & New Zealand, Indonesia, Rest of Asia-
Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of
Middle East & Africa)
OpenAI OpCo, LLC (U.S.), Microsoft Corporation (U.S.), Google LLC (A Subsidiary of Alphabet, Inc.) (U.S.), Amazon Web
Services, Inc. (A Subsidiary of Amazon.Com, Inc.) (U.S.), NVIDIA Corporation (U.S.), International Business Machines
Corporation (U.S.), Perplexity AI, Inc. (U.S.), Zoho Corporation Pvt. Ltd. (U.S.), GET JENNY OY (A Subsidiary of
LeadDesk Oyj) (Finland), Acuvate (U.K.), Freshworks Inc. (U.S.), Jasper AI, Inc. (U.S.), Anthropic PBC (U.S.),
Key Companies Writesonic, Inc. (U.S.), Next IT & Systems LLC (UAE).
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