Google, under Alphabet (NASDAQ:GOOGL), has introduced a sophisticated AI support assistant, enhancing its generative AI capabilities for virtual assistance. Users can now engage in chat-based interactions to seek answers and address account concerns, offering a chatbot-like experience.
The chat window facilitates expanded queries, with users able to provide feedback, view response sources, and suggest follow-up questions. While responses take a few seconds, the feature is a strategic move to strengthen Google’s presence in the flourishing intelligent virtual assistant market, projected to witness a 24.3% CAGR between 2023 and 2030.
This initiative places Google in direct competition with tech giants like Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN), both actively incorporating generative AI into their virtual assistants. Apple is integrating its large language model, Ajax GPT, into Siri, while Amazon enhances Alexa’s capabilities with generative AI for improved voice interactions, real-time information, and more.
Alphabet’s focus on generative AI extends beyond virtual assistants, including models like MedLM for healthcare applications and Gemini 1.0 for media integration and reasoning. The company’s strategic advancements in the generative AI space align with market trends, with the global market expected to reach $191.8 billion by 2032, reflecting a CAGR of 34.1% from 2023 to 2032.
As Alphabet continues to strengthen its foothold in generative AI, investors remain optimistic about the company’s future financial performance. With an estimated 7.8% YoY growth in total revenues for Q4 2023, Alphabet’s robust position in the generative AI market positions it as a formidable competitor against tech giants like Microsoft, ensuring sustained growth and innovation.
Alphabet’s year-to-date stock growth of 56.8% showcases investor confidence in the company’s strategic direction, making it a key player in the dynamic landscape of generative AI.
Featured Image: Megapixl
Author Stephanie Bédard-Châteauneuf