Things you need to know about ChatGPT

What is ChatGPT?

ChatGPT (Chat Generative Pre-Trained Transformer) is a chatbot launched by OpenAI in November 2022. OpenAI is a nonprofit AI research and deployment company founded in 2015. OpenAI is well-known for having developed the text-to-image generator DALL-E, and it’s currently available for anyone to try out for free.

ChatGPT is a bold innovation that opens horizons for services and solutions. It has a remarkable ability to interact in conversational dialogue form and provide responses that can appear surprisingly human. It is built on top of OpenAI’s GPT-3 family of large language models and is fine-tuned (an approach to transfer learning) with both supervised and reinforcement learning techniques.

How big is the market?

Before getting into details, let’s dive deeper into the chatbot market landscape. A chatbot is a computer program that simulates and interprets written or spoken human dialogue, allowing users to interact with the digital gadgets in the same way they would interact with actual people. The global chatbot market size grew from $5.44 billion in 2022 to $6.92 billion in 2023 at a compound annual growth rate (CAGR) of 27.1%. The key drivers of the chatbot market are the need to reduce operational costs, rapid growth in artificial intelligence, and the…