2024 Q1 AI Watch Series — Chatbot
Starting from this post, we’ll start a series on AI watch focusing on industry and vertical trends in AI.
Q1 Trend for Chatbot
Admittedly, the era of universal chatbots is here, and the market is witnessing rapid growth at an astonishing rate of 21% annually.
With a projected total addressable market (TAM) of $25.7 billion by 2025, this AI-powered technology is poised to revolutionize how we interact with digital assistants across various platforms and devices.
Benchmark Companies
Alexa (Amazon) and Siri (Apple): While tech giants like Amazon and Apple have been pioneers in the voice assistant space with Alexa and Siri, respectively, the universal chatbot market is rapidly evolving, with new players entering and pushing the boundaries of what’s possible.
The Rise of ChatGPT and OpenAI’s Dominance
At the forefront of this revolution is ChatGPT, developed by OpenAI, which has taken the world by storm. With a staggering valuation of $80 billion, ChatGPT has amassed an impressive 1.76 billion page views in March alone and boasts 2 million paid users as of last year. Current stats indicates that ChatGPT’s annual recurring revenue (ARR) reaches a whopping $2 billion, commanding a price-to-sales (PS) ratio of 40x.
