AI Chat Technology Market Trends and Forecast
The future of the global AI chat technology market looks promising with opportunities in the personal use and commercial use markets. The global AI chat technology market is expected to grow with a CAGR of 23.4% from 2024 to 2030. The major drivers for this market are rising demand for virtual customer service solutions, advancements in natural language processing (NLP), and increasing integration with business automation systems.
• Lucintel forecasts that cloud-based is expected to witness higher growth over the forecast period.
• Within this market, personal use is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the AI Chat Technology Market
• United States: OpenAI has launched GPT-4, significantly improving chat capabilities. Google announced Bard, its advanced AI chatbot, enhancing user interactions. Microsoft targets integrating AI chat in all Office 365 products by 2025. The U.S. government supports AI research with a $1 billion fund.
• China: Baidu introduced ERNIE Bot, aiming to rival global competitors. Tencent announced plans to incorporate AI chat in WeChat, targeting enhanced user experience. Alibaba launched an AI-powered customer service platform. The Chinese government supports AI innovation with substantial grants and tax incentives.
• India: Infosys developed an AI chat solution for customer service automation. TCS announced partnerships to expand AI chat applications in healthcare. Wipro aims to implement AI chatbots in its client operations by 2025. The Indian government promotes AI with the National AI Strategy and funding initiatives.
• United Kingdom: DeepMind unveiled advancements in conversational AI with improved natural language understanding. HSBC launched an AI-driven chatbot for customer service. BT Group plans to enhance customer interactions with AI chat by 2024. The UK government boosts AI research funding through the AI Sector Deal initiative.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
AI Chat Technology Market by Segment
The study includes a forecast for the global AI chat technology market by type, application, and region.
AI Chat Technology Market by Type [Value from 2018 to 2030]:
• Cloud-Based
• On Premise
AI Chat Technology Market by Application [Value from 2018 to 2030]:
• Personal Use
• Commercial Use
AI Chat Technology Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of AI Chat Technology Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies AI chat technology companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the AI chat technology companies profiled in this report include-
• Google
• IBM
• Microsoft
• Meta
• Liveperson
• Zendesk
• Intercom
Recent Development in the AI Chat Technology Market
• OpenAI: OpenAI has released GPT-4, an advanced language model that significantly enhances natural language understanding and generation capabilities. This development marks a major step forward in conversational AI, enabling more nuanced and human-like interactions in chat applications.
• Google: Google has integrated its conversational AI, Bard, into various services like Google Search and Google Workspace. This integration aims to improve user experience by providing more interactive and context-aware assistance, helping users find information and manage tasks more efficiently.
• Microsoft: Microsoft has partnered with OpenAI to incorporate GPT-4 into its Azure AI services, making powerful language models accessible to businesses for creating advanced AI chat solutions. This collaboration enhances MicrosoftÄX%$%Xs AI capabilities and offers robust tools for developing intelligent virtual assistants.
• Amazon: Amazon Web Services (AWS) has introduced new AI-driven features in its Lex chatbot service, including sentiment analysis and real-time transcription. These enhancements allow businesses to create more personalized and responsive chat experiences, catering to customer needs more effectively.
• Facebook (Meta): Meta has developed a new conversational AI model named BlenderBot, which aims to offer more engaging and dynamic interactions. BlenderBot can remember past conversations and adapt to user preferences, providing a more personalized chat experience across MetaÄX%$%Xs platforms.
Features of the Global AI Chat Technology Market
Market Size Estimates: AI chat technology market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: AI chat technology market size by type, application, and region in terms of value ($B).
Regional Analysis: AI chat technology market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the AI chat technology market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the AI chat technology market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for AI chat technology market?
Answer: The global AI chat technology market is expected to grow with a CAGR of 23.4% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the AI chat technology market?
Answer: The major drivers for this market are rising demand for virtual customer service solutions, advancements in natural language processing (NLP) and increasing integration with business automation systems.
Q3. What are the major segments for AI chat technology market?
Answer: The future of the AI chat technology market looks promising with opportunities in the personal use and commercial use markets.
Q4. Who are the key AI chat technology market companies?
Answer: Some of the key AI chat technology companies are as follows:
• Google
• IBM
• Microsoft
• Meta
• Liveperson
• Zendesk
• Intercom
Q5. Which AI chat technology market segment will be the largest in future?
Answer: Lucintel forecasts that cloud-based is expected to witness higher growth over the forecast period.
Q6. In AI chat technology market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the AI chat technology market by type (cloud-based and on premise), application (personal use and commercial use), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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