Technology
AI Chatbots Market to Be Worth $22.6 Billion by 2031 – Exclusive Report by Meticulous Research®
Published
2 years agoon
By
REDDING, Calif., Dec. 12, 2024 /PRNewswire/ — According to a new market research report titled ‘AI Chatbots Market by Offering (Platforms, Services), Organization Size (Large, Small & Medium), Deployment Mode, Communication Medium, End User (IT & Telecommunications, Retail & E-commerce, Others) & Geography—Forecasts to 2031′.
The AI chatbots market is projected to reach $22.6 billion by 2031, at a CAGR of 27.8% during the forecast period 2024–2031.
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AI chatbots are software applications that utilize artificial intelligence (AI) to engage in conversations with humans. They interact with users in a natural, conversational manner, either through text or voice, and are designed to simulate human-like communication. AI chatbots are commonly used for customer service, information retrieval, and other tasks that benefit from automated conversations.
The growth of the AI chatbots market is primarily driven by the increasing adoption of AI chatbots in the IT & telecom sectors, a greater emphasis on enhancing self-service operations, the rising use of generative models in AI chatbots, and growing demand for 24/7 customer support. However, concerns about data privacy and security may restrain the market’s growth.
Moreover, the need to automate business processes, the integration of AI chatbots with smart devices, and the increasing use of AI chatbots in the retail and e-commerce industries are expected to create significant growth opportunities for market players. However, misconceptions and a lack of awareness regarding AI chatbot solutions are some of the challenges affecting market growth.
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Additionally, the growing adoption of voice-enabled chatbots, the increasing use of AI chatbots for customer interactions, and their integration with natural language processing (NLP) are prominent trends in this market.
The AI chatbots market is segmented based on offering (platforms [standalone, web-based, message-based, other platforms], services [professional services, managed services]), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployments, cloud-based deployments), communication medium (websites, mobile apps), end user (IT & telecommunication, BFSI, retail, e-commerce, healthcare & life sciences, manufacturing, travel & hospitality, media & entertainment, education, government & public entities, and other end users). The report also provides a comprehensive analysis of the AI chatbots market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
AI Chatbots Industry Overview: Latest Developments from Key Industry Players
In September 2024, Snap Inc. partnered with Google LLC to enhance generative AI experiences within Snapchat’s My AI chatbot. This collaboration will enable the chatbot to utilize Google’s Gemini AI, leveraging its multimodal capabilities to understand several types of information, including text, audio, images, and videos.In July 2024, Tonik Digital Bank Inc., the first digital-only neobank in the Philippines, partnered with Gupshup Inc., a leading conversational cloud provider, to develop a cutting-edge generative AI chatbot for Tonik’s mobile app. This solution is designed to provide customers with instant and accurate responses to frequently asked questions, transforming the way they interact with their bank.In July 2024, Xiao-I Corporation (China) partnered with a telecommunications provider to implement its advanced AI chatbot solution. This collaboration aims to transform the provider’s customer service operations by improving service efficiency, reducing operational costs, and delivering 24/7 personalized support.
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Among the offerings studied in this report, the services segment is slated to register a higher CAGR during the forecast period. This segment’s growth is driven by the rising adoption of voice-activated AI assistants, increasing demand for personalized services, and the growing need for AI chatbot services to enhance customer experience.
Among the deployment modes studied in this report, the cloud-based deployments segment is slated to register a higher CAGR during the forecast period. This segment’s growth is driven by the rising need for advanced AI and NLP technologies, increasing demand for flexibility in remote management, and the growing adoption of cloud-based AI chatbots among small and medium-sized enterprises.
Among the organization sizes studied in this report, the small & medium-sized enterprises segment is slated to register a higher CAGR during the forecast period. This segment’s growth is driven by the increasing need for cost-effective customer service solutions, the growing adoption of cloud-based technologies, and the rising demand for automation to improve efficiency and scalability. Additionally, SMEs, which often have limited manpower, are turning to AI-powered chatbots to handle customer inquiries and support tasks, enabling them to provide timely and effective service without the need for extensive human resources.
Among the communication mediums studied in this report, the mobile apps segment is slated to register a higher CAGR during the forecast period. This segment’s growth is driven by the rising number of smartphone users, the increasing adoption of mobile commerce, and the need for businesses to provide instant, on-the-go customer support through AI chatbots, enhancing user experience and engagement.
Among the end users studied in this report, the retail & e-commerce segment is slated to register the highest CAGR during the forecast period. This segment’s growth is driven by the continued rise of online shopping and digital retail, the demand for 24/7 customer support, the need for instant responses to FAQs, and the integration of AI with CRM and marketing systems.
Among the regions studied in this report, the market in Asia-Pacific is slated to record the highest CAGR of 29.5% during the forecast period. The growth of this regional market is driven by the increasing adoption of AI chatbots across various sectors, the need to automate business processes, and the presence of key market players in the region. Additionally, infrastructural growth in APAC, particularly in China, South Korea, Japan, and India, rapid economic development, the surge in e-commerce, advancements in AI and machine learning technologies, and increasing investments by market players further contribute to the market’s growth in Asia-Pacific.
The key players operating in the AI chatbots market are OpenAI OpCo, LLC (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), Amazon Web Services, Inc. (U.S.), NVIDIA Corporation (U.S.), International Business Machines Corporation (U.S.), Perplexity AI, Inc. (U.S.), Zoho Corporation Pvt. Ltd. (U.S.), GET JENNY OY (Finland), Acuvate (U.K.), Freshworks Inc. (U.S.), Jasper AI, Inc. (U.S.), Anthropic PBC (U.S.), Writesonic, Inc. (U.S.), Next IT & Systems LLC (UAE).
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Scope of the Report:
AI Chatbots Market Assessment—by Offering
PlatformsStandaloneWeb-basedMessage-basedOther PlatformsServicesProfessional ServicesManaged Services
AI Chatbots Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized Enterprises
AI Chatbots Market Assessment—by Deployment Mode
Cloud-based DeploymentsOn-premises Deployments
AI Chatbots Market Assessment—by Communication Medium
WebsitesMobile Apps
AI Chatbots Market Assessment—by End User
IT & TelecommunicationsCustomer SupportFraud Detection and SecurityPlan RecommendationsAutomate TasksOther IT & Telecommunication ApplicationsBFSICustomer SupportAccount ManagementAsset & Wealth ManagementFinancial Transactions & OperationsRisk AssessmentOther BSFI ApplicationsRetail & E-commerceCustomer SupportPersonalized Product RecommendationsSales & MarketingManage Inventory & Purchase OrdersOther Retail & E-commerce ApplicationsHealthcare & Life SciencesScheduling AppointmentsPatient Data Collection & FeedbackRequest Prescription RefillsOther Healthcare & Life Sciences ApplicationsManufacturingCustomer SupportInventory Management Personalized Product Recommendations Other Manufacturing ApplicationsTravel & HospitalityCustomer SupportBranding & AdvertisingPersonalized Recommendations Other Travel & Hospitality ApplicationsMedia & EntertainmentCustomer SupportPersonalized Content RecommendationsSubscription & Event RegistrationConducting SurveysBranding & AdvertisingOther Media & Entertainment ApplicationsEducationVirtual Personal TutoringCourse Registration & Enrollment QueriesFeedback Collection & Data RepositoryBetter Student EngagementOther Education ApplicationsGovernment & Public EntitiesCitizen Feedback & Complaint HandlingGovernment Information, Registration, & ServicesOther Government & Public Entities ApplicationsReal EstateAutomate Follow-up and FeedbackSchedule Property Viewings and Virtual ToursDocument Processing and ManagementOther Real Estate ApplicationsOther End Users
AI Chatbots Market Assessment—by Geography
North AmericaU.S.CanadaEuropeU.K.GermanyFranceSpainItalySwitzerlandNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaSingaporeSouth KoreaAustralia & New ZealandIndonesiaRest of Asia-PacificLatin AmericaMexicoBrazilRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa
AI Chatbots Market Research Summary
Particulars
Details
Number of Pages
250
Format
Forecast Period
2024–2031
Base Year
2023
CAGR (Value)
27.8 %
Market Size (Value)
USD 22.6 Billion by 2031
Segments Covered
By Offering
PlatformsStandaloneWeb-basedMessage-basedOther PlatformsServicesProfessional ServicesManaged Services
By Organization Size
Large EnterprisesSmall & Medium-sized Enterprises
By Deployment Mode
Cloud-basedOn-premises
By Medium
WebsitesMobile Apps
By End-use industry
IT & TelecommunicationsCustomer SupportFraud Detection and SecurityPlan RecommendationsAutomate TasksOther IT & Telecommunication ApplicationsBFSICustomer SupportAccount ManagementAsset & Wealth ManagementFinancial Transactions & OperationsRisk AssessmentOther BSFI ApplicationsRetail & E-commerceCustomer SupportPersonalized Product RecommendationsSales & MarketingManage Inventory & Purchase OrdersOther Retail & E-commerce ApplicationsHealthcare & Life SciencesScheduling AppointmentsPatient Data Collection & FeedbackRequest Prescription RefillsOther Healthcare & Life Sciences ApplicationManufacturingCustomer SupportInventory Management Personalized Product Recommendations Other Manufacturing ApplicationsTravel & HospitalityCustomer SupportBranding & AdvertisingPersonalized Recommendations Other Travel & Hospitality ApplicationsMedia & EntertainmentCustomer SupportPersonalized Content RecommendationsSubscription & Event RegistrationConducting SurveysBranding & AdvertisingOther Media & Entertainment ApplicationsEducationVirtual Personal TutoringCourse Registration & Enrollment QueriesFeedback Collection & Data RepositoryBetter Student EngagementOther Education ApplicationsGovernment & Public EntitiesCitizen Feedback & Complaint HandlingGovernment Information, Registration, & ServicesOther Government & Public Entities ApplicationsReal EstateAutomate Follow-up and FeedbackSchedule Property Viewings and Virtual ToursDocument Processing and ManagementOther Real Estate ApplicationsOther End-use industries
Countries Covered
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia & New Zealand, Indonesia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of Middle East & Africa)
Key Companies
OpenAI OpCo, LLC (U.S.), Microsoft Corporation (U.S.), Google LLC (A Subsidiary of Alphabet, Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.Com, Inc.) (U.S.), NVIDIA Corporation (U.S.), International Business Machines Corporation (U.S.), Perplexity AI, Inc. (U.S.), Zoho Corporation Pvt. Ltd. (U.S.), GET JENNY OY (A Subsidiary of LeadDesk Oyj) (Finland), Acuvate (U.K.), Freshworks Inc. (U.S.), Jasper AI, Inc. (U.S.), Anthropic PBC (U.S.), Writesonic, Inc. (U.S.), Next IT & Systems LLC (UAE).
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About Meticulous Research Pvt. Ltd.
We are a trusted research partner for leading businesses worldwide, empowering Fortune 500 organizations and emerging enterprises with market intelligence designed to drive revenue transformation and strategic growth. Our insights reveal future growth opportunities, equipping clients with a competitive edge through a versatile suite of research solutions—including syndicated reports, custom research, and direct analyst engagement. Each year, we conduct over 300 syndicated studies and manage 60+ consulting engagements across eight major sectors and 20+ geographic markets, all to deliver targeted business insights that help our clients lead in a rapidly evolving global market.
With a strong focus on problem-solving for complex business challenges, our research enables organizations to navigate change with assertion, aligning it with strategic pathways for sustainable growth. By identifying innovative and effective solutions, we empower leaders to make impactful decisions that drive operational excellence and fuel innovation. We are committed to crafting insights that enhance business performance and help our clients unlock new revenue opportunities, positioning them for long-term success in the competitive global marketplace.
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
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Care Career Announces Acquisition of MAS Medical Staffing, Completing Its First Acquisition Phase and Expanding Annual Revenue Beyond $150 Million, with a Path to Exceed a Quarter Billion by the End of 2026 Through Additional Acquisitions and Organic Growth
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WOODBRIDGE, N.J., July 24, 2026 /PRNewswire/ — Care Career, a rapidly growing healthcare workforce technology organization, today announced the acquisition of MAS Medical Staffing, one of the Northeast’s leading healthcare workforce organizations. Financial terms of the transaction were not disclosed.
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About Care Career
Care Career is a technology-enabled healthcare workforce solutions company dedicated to transforming how healthcare organizations recruit, engage, credential, deploy, and retain clinical talent. Powered by its proprietary AI-powered workforce platform and supported by advanced artificial intelligence, enterprise technology, and workforce analytics, Care Career is building an intelligent healthcare workforce ecosystem that connects providers and clinicians more efficiently while improving workforce performance, operational effectiveness, and patient care. Following seven strategic acquisitions over the past 24 months the first round of acquisitions totaling more than $150 million in annual revenue and with additional signed LOIs under contract expected to complete shortly, positioning the company to surpass a quarter of a billion dollars in consolidated annual revenue by the end of 2026, Care Career has become one of the nation’s largest and fastest-growing healthcare workforce organizations, serving healthcare providers and clinicians across the United States.
About MAS Medical Staffing
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For more information, visit www.pointskash.com.
Media Contact
PointsKash, Inc.
Investor Relations
info@pointskash.com
www.pointskash.com
Forward-Looking Statements
This press release contains forward-looking statements regarding anticipated technology integrations, Artificial Intelligence initiatives, product development, future commercialization plans, expected operational efficiencies, business strategy, and future growth. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could affect actual results include, but are not limited to, technology development timelines, integration efforts, financing, regulatory developments, market conditions, and other risks facing the Company. PointsKash undertakes no obligation to update any forward-looking statements except as required by applicable law.
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