Chatbot market is set to reach $24.58 billion by 2030

According to a report from Cognitive Market Research, the current worth of the worldwide chatbot market is estimated to be $3.02 billion in 2022. However, it is expected to expand at a compound annual growth rate (CAGR) of 21.58% from 2023 to 2030, reaching a total value of $24.58 billion.

The report also suggests that the market is experiencing significant growth due to profitable investments made by various companies. For example, Google recently launched Bard AI Chatbot to compete with OpenAI’s ChatGPT.

Key growth drivers of the chatbot market

The usage of chatbots is experiencing rapid growth both in the business sector and the consumer market. These chatbots are instant messaging applications that facilitate natural conversations between businesses and customers. The report added the demand for chatbots had risen significantly in recent years due to the increasing preference of people for online shopping.

Sales teams in online shopping platforms use chatbots to provide answers to simple product queries, resulting in improved customer satisfaction and convenience.

In addition, the world is rapidly transitioning to digitalization. The COVID-19 pandemic has accelerated this shift toward a digital world. Therefore, like all other industries, healthcare has begun to utilize chatbots heavily. Chatbots facilitate the connection of patients with healthcare professionals for general diagnosis and treatment and enable scheduling appointments with physicians without the need to visit the hospital physically.

The implementation of AI in chatbots continues to increase

Chatbots have been integrated into websites, mobile applications, and social media platforms, further propelling the market growth. As the implementation of AI in chatbots continues to increase, it is transforming business processes across multiple industries. The usage of AI-powered chatbots has no bounds in various sectors, such as BFSI, telecommunications, e-commerce, and others, contributing to the global growth of the market.

AI is utilized to tackle problems by combining computer science and robust datasets. It also employs subfields like machine learning and deep learning to generate expert systems based on inputs. The artificial intelligence market is forecasted to achieve a value of $1,583.14 billion by 2030, expanding at a CAGR of 36.54%.

The rise of the digital age and the widespread adoption of digital technologies worldwide has generated a greater demand for AI. Various industries, such as BFSI, healthcare, retail, and automotive, use AI to run their businesses. These factors are attributed to the growth of the artificial intelligence market.

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