Alphabet Inc. is set to revolutionize the world of chatbots with a range of new features for Google Bard starting in 2024. The upcoming updates include the introduction of custom bots, tasks, shared queries, “Power Ups,” and even a paid “Advanced” tier. With these new additions, Google aims to showcase the capabilities of Bard, including image generation and prompt improvement through the “Power Up” button.
This strategic move by Alphabet Inc. is expected to solidify its presence in the global chatbot market and further boost its generative AI efforts, positioning the company as a key player in the industry. Over the past year, Alphabet’s shares have gained 56.2%, outpacing the growth of the Zacks Computer & Technology sector. With the chatbot market predicted to reach $7.01 billion by 2024 and expand to $20.8 billion by 2029, Alphabet’s growth prospects in the generative AI market look promising.
The increasing prevalence of chatbots presents a significant growth opportunity for Alphabet. By capitalizing on these markets, the company can expect an improved financial performance in the near future. Analysts predict a year-over-year growth of 11.26% for Alphabet’s total revenues in 2024, with earnings per share estimated to grow by 15.6%.
However, Alphabet is not alone in recognizing the potential of the chatbot market. Competitors such as Microsoft, Amazon, and Baidu are also making continuous efforts to tap into this growing sector. Microsoft, for instance, has integrated OpenAI’s next-generation LLM, GPT-4, into its search engine Bing and browser Edge. Amazon’s cloud-computing arm, Amazon Web Services, introduced Amazon Q, an AI-powered chatbot that assists in content creation and action-taking. Baidu, on the other hand, launched its chatbot, Ernie Bot, which has already garnered over 100 million users in China.
As the battle for dominance in the chatbot market intensifies, Alphabet’s innovative features for Google Bard have the potential to strengthen its competitive position. By staying at the forefront of technological advancements in AI and continuously improving its offerings, Alphabet is well-positioned to capture a significant share of the market and drive its future growth.
The source of the article is from the blog toumai.es