By leveraging advancements in natural language processing (NLP) and machine learning, artificial intelligence (AI) chatbots have revolutionised the way businesses interact with customers, offering a seamless, automated interface for a multitude of tasks. These sophisticated conversational agents are now pivotal in numerous sectors, ranging from customer service and e-commerce to healthcare and banking, significantly enhancing user engagement and operational efficiency.
In 2022, the global market for AI chatbots was appraised at approximately US$ 0.84 billion. Forecasts for the coming decade suggest a remarkable expansion. By 2032, the AI chatbot market is anticipated to burgeon to around US$ 4.9 billion. This projection reflects a compound annual growth rate (CAGR) of 19.29% between 2023 and 2032. Such robust growth can be attributed to several factors, including technological advancements in AI and machine learning, increased smartphone penetration, and a growing preference for automated customer interaction solutions.
The sophistication of AI chatbots continues to evolve, with modern iterations capable of understanding and processing complex queries, delivering personalised responses, and learning from interactions to improve future performance. As these intelligent systems become more advanced and pervasive, their impact on global business operations is poised to become increasingly profound, marking a significant shift in the landscape of digital customer service and engagement.
Key AI chatbots for multiple applications
The landscape of artificial intelligence chatbots is richly populated with sophisticated entities designed to cater to a multitude of applications, each bringing unique capabilities to the fore.
This story is from the July 2024 edition of Open Source For You.
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This story is from the July 2024 edition of Open Source For You.
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