AI Chatbots Market: Size, Share, and Industry Growth



Meticulous Research®, a top-tier global market research organization, has published an in-depth research report titled, ‘AI Chatbots Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. This new report highlights that the AI chatbots market is projected to reach an impressive $22.6 billion by 2031, with a remarkable CAGR of 27.8% between 2024 and 2031.

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The growth of the AI chatbots market is primarily driven by essential factors such as increased adoption in the IT and telecom industries, a growing focus on enhancing self-service operations, the rising use of generative models in AI chatbots, and a burgeoning demand for 24/7 customer support. Nevertheless, the growth of this market faces challenges, particularly related to data privacy and security issues.

Additionally, there is a rising need for automating business processes, the integration of AI chatbots with smart devices, and an increase in AI chatbot adoption within the retail and e-commerce sectors, which creates considerable opportunities for industry players. On the flip side, the market contends with challenges such as misconceptions and a lack of awareness regarding AI chatbot solutions. Key trends influencing the AI chatbots market include an increasing acceptance of voice-enabled chatbots, heightened use for customer interaction, and advancements in natural language processing.

Key Players:

The AI chatbots market features a moderately competitive landscape, characterized by numerous large and small players, both globally and locally. Notable key players include 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.), and Next IT & Systems LLC (UAE).

The market is segmented based on offerings, organization size, deployment mode, medium, and end-use industry. The report evaluates industry competitors and analyzes the market at both regional and national levels.

Among the offerings analyzed, the platforms segment is expected to dominate, holding a substantial 73% market share in 2024. The IT and telecommunications sector's leadership is attributed to increased adoption of AI chatbot platforms designed to handle customer inquiries efficiently, the high demand for multilingual support, and the potential to reduce operational costs by managing numerous users at once.

In terms of organization size, large enterprises are projected to hold a 64% share of the market in 2024. This dominance is fueled by the rising need to handle a large volume of queries and complaints, strong demand for reducing wait times in customer service, and an increased focus on understanding customer preferences to deliver tailored responses.

For deployment modes, the cloud-based segment is expected to dominate, capturing a 57% market share in 2024. This growth is supported by the rapid adoption of cloud-based AI chatbots, facilitating 24/7 customer support from any location. Their application in retail and e-commerce to assist customers, the growing demand for omnichannel support, and capabilities in data collection, analysis, and scalability also contribute to this upward trajectory.

When examining mediums, the websites segment is anticipated to hold a 63% share of the market in 2024. This segment's dominance is driven by the widespread use of website-based AI chatbots, which serve as effective online interaction tools that enhance user experience. Furthermore, the increasing utilization of AI chatbots on websites to enhance customer engagement across primary digital channels and the growing emphasis on improving businesses' digital presence and understanding of customer needs reinforce this trend.

Among the end-use industries studied, the IT & telecommunications sector is projected to capture 31% of the market in 2024. This segment’s dominance stems from the increasing adoption of AI chatbots within the sector to efficiently manage a high volume of queries. Additionally, there is an escalating demand for these chatbots to improve operational efficiency, reduce costs, and enhance customer satisfaction, along with the need to analyze customer data for insights into behaviors and preferences that inform business decisions.

Geographic Review:

This research report provides an extensive analysis of major regions, including 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 evaluated, North America is projected to dominate with a 39% share of the market in 2024. This leadership is attributed to the significant presence of leading companies providing AI chatbot platforms and services, an increasing demand for AI-driven customer support solutions, and a strong focus among key players on aligning with consumer preferences to enhance customer engagement.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ai-chatbots-market-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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