AI Chatbot Software Market Expected to Grow Faster According to New Research Report 2023-2031

AI chatbot software is a subset of artificial intelligence (AI) software that uses natural language processing (NLP) and other related techniques to mimic the actions and interactions of a human. Applications for AI chatbot software include customer care, marketing, sales, and technical assistance, among many more. Numerous sectors, including retail, healthcare, banking and finance, eCommerce, travel and hospitality, media and entertainment, education, automotive, and more use AI chatbot software.

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It is anticipated that from 2019 to 2029, the global market for AI chatbot software will expand at a compound annual growth rate (CAGR) of 27.64%, reaching a total market size of USD 3412.4 billion. Artificial intelligence (AI) chatbot software's ability to offer more precise and effective customer care, marketing, sales, and technical support services is what's fueling this rapid growth in the field.

As businesses increasingly realise the potential of AI chatbot software to streamline and optimise their payment processing systems, the payment or order processing segment of applications is predicted to have the highest CAGR throughout the projected period. Additionally, businesses may automate customer support chores like replying to questions and complaints by using AI chatbot software, which helps them save time and money.

The market for AI chatbot software is expected to see the biggest market share across all verticals in the banking and financial services industry due to the sector's growing emphasis on process automation and customer experience. This is probably because banks and other financial organisations need to keep up with customers' quickly shifting preferences and the rising demand for prompt, precise customer service.

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The AI chatbot software market is anticipated to develop at the fastest rate for the standalone segment type due to banks and other financial institutions' growing use of AI-enabled customer care solutions. Using social media, websites, and mobile applications, this kind of chatbot software may provide automated customer service.

The Artificial Intelligence Segment is anticipated to have the highest CAGR in the AI chatbot software market during the forecast period due to the high demand for AI-powered solutions for automated customer support and increased investments in AI-based software solutions by banks and financial institutions. In the upcoming years, the large corporate end-user sector is anticipated to dominate the market for AI chatbot software, as large businesses are substantially investing in advanced AI-enabled customer service solutions to manage their customer care operations more effectively and efficiently.

The Asia Pacific region is predicted to lead the market for AI chatbot software throughout the estimated period because to the quickly rising economies of countries like China, Japan, and India. The market for AI chatbot software is anticipated to expand in this region due to the growing demand for better customer service experiences and cost savings associated with AI-based chatbot solutions.
Microsoft Corporation released a conversational AI chatbot programme named Microsoft Teams in January 2022. It combines AI and natural language processing (NLP) technology to let users communicate with customer care representatives. Google debuted their artificial intelligence (AI) chatbot software, Google Helper, in March 2022. This intelligent assistant enables users to engage with customer care representatives in a more efficient and natural way.

Siri, an intelligent assistant that employs speech recognition technology and natural language processing to assist users with a range of tasks, was debuted by Apple in October 2022. Amazon unveiled Alexa in March 2021. This AI chatbot software employs speech recognition and natural language processing to assist users with things like shopping, music listening, and customer service.

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