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Artificial Intelligence

Chatbot Market Predicted to Garner USD 42 Billion by 2032, At CAGR 23.91%

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New York, March 13, 2023 (GLOBE NEWSWIRE) — The global chatbot market size was valued at around USD 4.92 billion in 2022 and is projected to surpass USD 42 billion by 2032, it is growing at a compound annual growth rate (CAGR) of 23.91% from 2023 and 2032. Chatbots are messaging service that has been developed using artificial intelligence and a set of rules.

global chatbot market

Get additional highlights on major revenue-generating segments, Request a global chatbot market sample report at https://market.us/report/chatbot-market/request-sample/

Key Takeaway:

  • By Type, 2022, the standalone segment has generated the largest revenue share of 55% in 2022.
  • By Application, the bot-for-service segment has dominated the market and it accounted for the largest global revenue of 35% in 2022.
  • By Industry vertical, the e-commerce segment dominated the market and it accounted for the largest global revenue of 20% in 2022.
  • In 2022, North America dominated the market with the highest revenue share of 40%.
  • Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

Market growth is expected to be driven primarily by enterprises’ increasing use of customer service activities to lower operating costs. Chatbots can also be deployed on third-party messaging platforms like Facebook, Skype, or WeChat.

Factors affecting the growth of the chatbots market

There are several factors that can affect the growth of the chatbot market. Some of these factors include:

Increasing Innovations: Introduction to cloud base chatbots and smart innovations in artificial intelligence(AI) enhancing the growth of chatbots market.

Increasing use customer services: Customer services worldwide using chatbots as there is a need to stay available 24×7 to interact with consumers and solve their queries.

Growing preference for messaging apps: Individuals are more inclined towards social media and messaging apps such as Facebook, WhatsApp, Twitter, and skype which is expected to high demand for chatbots in messaging apps.

Operating Cost: Chatbots are usually more popular in enterprises owing to high use in customer services and its low operating costs.

Backup and security: As chatbots are advanced in technology they offer cloud backup and various database integrations is driving demand for chatbots.

Advanced AI and natural language processing: Using AI chatbots can learn from previous queries and thus be able to understand and handle complex queries within a short timeframe which helps to improve customer satisfaction.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/chatbot-market/#inquiry

Top Trends in Global Chatbots Market

  • Chatbots provide 24×7 availability, greater response capacity, and simplified procedures for repeated queries that fulfill customers’ requirements within a limited timeframe.
  • Increasing demand for intelligent customer engagement is driving the global chatbot market.
  • Chatbot software has advanced technical characteristics such as a natural language processor (NLP), and cloud-based deployments which is beneficial to solving queries and providing a better experience.

Market Growth

The market growth is propelled by applications of chatbots in enterprises and customer services owing to low maintenance cost and high accuracy.

Customers prefer quick replies from customer service rather than waiting for days to receive a response which is driving demand for chatbots.

Chatbots are popular in many sectors due to their benefits of remote connectivity and virtual presence which significantly reduces transportation costs.

Health agencies and insurance companies have deployed chatbots to handle their users and patients which provides easy and effective interaction. This has transformed the life science industry.

Regional Analysis

The global chatbot market was dominated by North America, which acquired the most significant revenue share of 40% in 2022. As chatbots are becoming more popular in customer service operations at large companies in the North American region.

Asia Pacific region will show lucrative growth in the global chatbots market as many large enterprises increasingly started adopting chatbots in their routine customer services.

Europe region is anticipated to show significant growth owing to increasing research and development activities in emerging economies.

Competitive Landscape

Current market conditions are characterized by strong competition among the market leaders for market dominance.

Some of the major players include Aivo, Acuvate, Botsify Inc., Artificial Solutions, Creative Virtual Ltd., IBM Corporation, eGain Corporation, Next IT Corp., Inbenta Technologies Inc., Nuance Communications, Inc., and Other Key Players.

Scope of the Report

Report Attribute Details
Market Value (2022) USD 4.92 billion
Market Size (2032) USD 42 Billion
CAGR (from 2023 to 2032) 23.91% from 2023 to 2032
North Revenue Share 40%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Rapid growth is being experienced by applications in messaging apps such as WhatsApp, Facebook, Skype, and Twitter.

The chatbot market is driving because people are more interested in messaging apps than social networking sites. These messaging apps will see a lot of demand for Chatbots.

Automated customer service is more popular than IVR or email services for most companies because it offers immediate solutions which result in high demand for chatbots.

Machine learning and artificial intelligence will drive future demand for Chatbots. These are the main factors driving the growth of the global Chatbot market size.

Market Restraints

There are many free predefined Chatbots available in the market to create a free Chatbot which restraining the chatbots market growth. Some of the main key players, such as MEOKAY, chatty people, etc., are providing free chatbots without any coding which has a negative impact on market growth. Thus the availability of free chatbots in the market is the main restrain of market growth.

Market Opportunities

Chatbots use artificial intelligence (AI) to interpret human language and have conversations with people without the use of any third-party software which creates great demand for AI-based chatbots in the market during the forecast period.

Also increasing the use of chatbots in small and large enterprises will create lucrative growth opportunities in the global chatbots market. It has been applied in the segments like healthcare, finance, marketing, etc.

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Report Segmentation of the Chatbots Market

Type Insight

Based on type, the standalone segment is dominant in the market with the largest market share of 55%, and is expected to continue its dominance during the forecast period.

Consumers are increasingly using visual assistants such as Siri, Amazon’s Alexa, and Google Assistant to create standalone messaging platforms. This is expected to increase in demand for the standalone chatbots segment.

Application Insight

On basis of the application bot for service, the segment is dominant in the market with a market share of more than 35% and will remain dominant during the forecast period. As they have low maintenance costs and provide an edge in handling communications with chatbots.

Industry Vertical insight

Based on industry vertical e-commerce segment was dominant in the market with the largest market revenue share of 20% in 2022. Chatbots are more popular in the e-commerce sector as they provide customer service, answer questions, a gathering of feedback, and track engagement which is driving the growth of this segment.

Recent Development of the Chatbots Market

  • In September 2020 -eGain Corporation is a leading provider of knowledge automation platforms for customer engagement. They have announced the availability of a prebuilt connector for IBM Watson Assistant. This connector uses eGain’s unique BYOB architecture to allow business users to plug in the Watson Assistant directly into the eGain platform.
  • In August 2022 – Serviceaide Inc. announced that it is continuing its momentum in Latin America. This includes a strong customer base in South America, and expanded sale supports in Mexico.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/chatbot-market/request-sample/

Market Segmentation

Based on Type

  • Standalone
  • Web-based
  • Messenger-based/Third Party

Based on Application

  • Bots for Service
  • Bots for Social Media
  • Bots for Payments/Order Processing
  • Bots for Marketing
  • Others

Based on Industry Vertical

  • Healthcare
  • Retail
  • Banking, Financial Services, Insurance (BFSI)
  • Media and Entertainment
  • Travel & Tourism
  • E-commerce

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

  • Aivo
  • Acuvate
  • Botsify Inc.
  • Artificial Solutions
  • Creative Virtual Ltd.
  • IBM Corporation
  • eGain Corporation
  • Next IT Corp.
  • Inbenta Technologies Inc.
  • Nuance Communications, Inc.
  • Other Key Players

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Artificial Intelligence

Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD

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DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.

During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence

AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide

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WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.

In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development               
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants.  Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
About Meister Media Worldwide
For media inquiries, please contact:Amy Reddington, Show Director
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Artificial Intelligence

Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth

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USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ —  USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).

The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update  on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming:  In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at:  https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s  LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
 CONTACT:USA NEWS [email protected](604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope AI Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares Scope AI Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Scope AI Corp. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Scope AI Corp. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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