🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Google Search gaining market share while ChatGPT traffic declines

Published 08/07/2024, 15:30
© Reuters.
GOOGL
-

Bank of America analysts said in a note Monday that Google's global search market share increased slightly in June, marking the second consecutive month of growth. This uptick, Bank of America suggests, could be due to the integration of AI features like overviews within search results.

While Google's desktop share dipped slightly, its mobile share grew, leading to an overall increase from 90.85% to 91.1% globally. Bing also saw a minor increase, reaching 3.7% globally, while the market share of other search engines dipped.

The report highlights the minimal impact of AI-based search engines on Google's dominance. "Emerging AI based search engine traffic still less that 0.3% of Google traffic," Bank of America states.

BofA clarifies this includes ChatGPT, whose traffic reportedly declined 12% month-over-month to 98 million visits.

"As of 6/30, on a 7-day moving average, web visits to ChatGPT were down 12% m/m to 98mn, Bing was flat m/m at 44mn, Google was down 1% m/m & Gemini was down 22% m/m to 10mn," explains BofA. "Among new LLM based AI search platforms we track, Similarweb data indicates combined daily Web traffic is less than 0.3% of Google visits."

Looking ahead, Bank of America analysts remain positive on Google's future. They anticipate a "broader rollout of AI overviews will likely help drive higher usage" and expect AI integration to boost monetization across Google's products. The bank concludes by maintaining a Buy rating on Alphabet (NASDAQ:GOOGL) stock.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.