From Nasdaq.:

Alphabet GOOGL plans to introduce new features to Google Bard in 2024, including custom bots, tasks, and a paid “Advanced” tier. This will strengthen its position in the global chatbot market and generative AI space, with potential revenues expected to reach $283.39 billion by 2024. Competitors like Microsoft, Amazon, and Baidu are also making strides in the chatbot market, further intensifying competition.

Alphabet’s growth efforts in the chatbot market are expected to solidify its position in the generative AI space, presenting a significant growth opportunity. Reports indicate that the chatbot market is expected to hit $7.01 billion in 2024 and grow to $20.8 billion by 2029, while the generative AI market will reach $76.8 billion by 2030. This presents a substantial opportunity for Alphabet’s financial performance in the near term.

The company’s move to strengthen its competitive position against peers like Microsoft, Amazon, and Baidu, which are also capitalizing on growth opportunities in the chatbot market, is likely to have a significant impact. These efforts, along with expectations for year-over-year growth in total revenues and earnings in 2024, make Alphabet a strong investment opportunity.

The integration of OpenAI’s next-generation LLM — GPT-4 — into Microsoft’s search engine and browser, Amazon’s introduction of AI-powered chatbot Amazon Q, and Baidu’s launch of its chatbot, Ernie Bot, all illustrate the intense competition in the chatbot market. This competitive landscape will require Alphabet to continue innovating to maintain its position.



Read more: Alphabet (GOOGL) to Boost Bard Capabilities With New Updates