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Redding, California - October 15, 2024

AI Chatbots Market to be Worth $22.6 Billion by 2031

AI Chatbots Market Size, Share, Forecast, & Trends Analysis by Offering (Platforms, Services), Organization Size (Large, Small & Medium), Deployment Mode, Medium (Websites, Mobile Apps), End-use Industry (IT & Telecommunications, Retail & E-commerce, Others) & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘AI Chatbots Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication, the AI chatbots market is expected to reach $22.6 billion by 2031, at a CAGR of 27.8% from 2024 to 2031.

The AI chatbots market is experiencing significant growth, driven by several key factors, such as a surge in adoption within the IT and telecom sectors, a strong emphasis on enhancing self-service operations, the rising utilization of generative models in AI chatbots, and an increased demand for 24/7 customer support. However, market growth is restrained by data privacy and security concerns.

In addition, the increasing demand for automating business processes, the integration of AI chatbots with smart devices, and the rising adoption of AI chatbots in the retail and e-commerce sectors present significant opportunities for market participants. On the other hand, the market faces substantial challenges, including misconceptions and the need for more awareness regarding AI chatbot solutions. Moreover, prominent trends in the AI chatbots market, include rowing adoption of voice-enabled chatbots, growing adoption of AI chatbots for customer interaction, and integration with natural language processing.

Key Players:

The AI chatbots market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. 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).

The AI chatbots market is segmented by offering, organization size, deployment mode, medium, and end-use industry. The report also evaluates industry competitors and analyzes the market at the regional and country levels.

Among the offerings studied in this report, the platforms segment is anticipated to hold the dominant position, with a share of 73% of the market in 2024. The IT and telecommunications sector's dominance is attributed to the increased adoption of AI chatbot platforms to address various customer inquiries, the high demand for multilingual support to engage customers in their native languages, and the ability to reduce operational costs by managing multiple users simultaneously.

Among the organization sizes studied in this report, the large enterprises segment is anticipated to hold the dominant position, with a share of 64% of the market in 2024. The segment's dominance is driven by the rising need to manage a large volume of queries and complaints, a strong demand for minimizing extended wait times in customer service, and an increasing focus on understanding customer preferences and behaviors to deliver personalized responses.

Among the deployment modes studied in this report, the cloud-based segment is anticipated to hold the dominant position, with a share of 57% of the market in 2024. The segment's dominance is boosted by the rapid adoption of cloud-based AI chatbots, which enable 24/7 customer support from any location. Additionally, the implementation of these chatbots in retail and e-commerce to assist customers, the increasing demand for omnichannel support, and their capabilities in data collection, analysis, and scalability further contribute to this growth.

Among the mediums studied in this report, the websites segment is anticipated to hold the dominant position, with a share of 63% of the market in 2024. The segment's dominance is driven by the widespread adoption of website-based AI chatbots, which offer an effective online interaction model as an integral part of websites to enhance user experience. Additionally, the growing use of AI chatbots on websites to boost customer engagement across primary digital channels and the increasing emphasis on enhancing businesses' digital presence and understanding of customer needs further support this trend.

Among the end-use industries studied in this report, the IT & telecommunications segment is anticipated to hold the dominant position, with a share of 31% of the market in 2024. The segment's dominance is attributed to the growing adoption of AI chatbots in the IT and telecommunications sectors to manage a high volume of queries simultaneously. Additionally, there is an increasing need for these chatbots to enhance operational efficiency, reduce costs, and improve customer satisfaction. The demand for analyzing customer data to gain insights into behaviors and preferences for informed business decision-making also plays a significant role in this growth.

Geographic Review:

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Rest of Europe), 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).

Among the geographies studied in this report, North America is anticipated to hold the dominant position, with a share of 39% of the market in 2024. The region's dominant position is supported by the strong presence of leading companies providing AI chatbot platforms and services, an increasing demand for AI-driven customer support solutions, and a high focus among key players on aligning with consumer preferences to enhance customer engagement.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6026

Key questions answered in the report-

Which are the high-growth market segments based on offering, organization size, deployment mode, medium, and end use industry?
What was the historical market for AI chatbots?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the AI chatbots market?
Who are the major players, and what shares do they hold in the AI chatbots market?
How is the competitive landscape in the AI chatbots market?
What are the recent developments in the AI chatbots market?
What are the different strategies adopted by the major players in the AI chatbots market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the AI chatbots market, and how do they compete with the other players?

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Redding, California - October 15, 2024

AI Chatbots Market to be Worth $22.6 Billion by 2031

AI Chatbots Market Size, Share, Forecast, & Trends Analysis by Offering (Platforms, Services), Organization Size (Large, Small & Medium), Deployment Mode, Medium (Websites, Mobile Apps), End-use Industry (IT & Telecommunications, Retail & E-commerce, Others) & Geography - Global Forecast to 2031

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