AI Chatbots: The New Consumer Companion
Published 20 May 2024
Powered by generative artificial intelligence (AI), the global market for chatbots is expected to reach $20.8bn by 2029, up from $7bn in 2024 (Mordor Intelligence, 2024). To realise this significant growth, tech brands must meet industry hype with practical, trustworthy and consumer-friendly tools. We identify the interfaces and functions propelling the chatbot opportunity.
The Pros and Cons of Chatbots
On-Demand Access
The Functional Sweet Spot
While chatbots predate mainstream awareness of generative AI, they’re set to become key interfaces for accessing the nascent tech. Their ability to converse in natural language presents opportunities but also risks. As chatbots integrate into more sectors, consumers and brands must grapple with the implications for privacy, trust and misinformation.
While chatbots predate mainstream awareness of generative AI, they’re set to become key interfaces for accessing the nascent tech. Their ability to converse in natural language presents opportunities but also risks. As chatbots integrate into more sectors, consumers and brands must grapple with the implications for privacy, trust and misinformation.
For chatbots to flourish, they need to be easily accessible. Brands are experimenting with interfaces best suited for engaging with conversational agents. Some are betting on web browsers, where embedded AI support promises on-demand answers. Others are spotlighting scenario-specific use cases, from on-board car assistants to built-in smartphone features.
Although the majority of consumers in the US and Europe believe AI will dominate the future of technology (see Key Stats), the specific use cases remain up for debate. In the near term, brands are homing in on chatbots for work, customer service and (especially in Asia-Pacific) companionship.
AI Chatbots: The New Consumer Companion
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