Global retail spend on chatbots to grow to $72 billion by 2028: Juniper Research

NEW DELHI: The global retail spend on chatbots is expected to grow at 470%, from $12 billion in 2023 to $72 billion by 2028, largely driven by the emergence of cost-effective open language models, most notably ChatGPT in regions such as North America and Europe, according to the latest report released by Juniper Research on Monday.

Open language models consist of large neural networks that are trained on substantial quantities of online information and learn through low levels of human supervision. They are implemented into chatbots to automate functions such as customer support, marketing and payment processing.