Google’s search market share continues to grow globally, with a recent report from Bank of America analysts indicating a slight increase in June. This growth is attributed to the integration of AI features like overviews within search results, enhancing the user experience.
According to the report, Google’s overall market share rose from 90.85% to 91.1% globally, driven by an increase in mobile share despite a slight dip in desktop share. Bing also saw a minor uptick, reaching 3.7% globally, while other search engines experienced a decrease in market share.
The report also sheds light on the impact of AI-based search engines on Google’s dominance, emphasizing that emerging AI-based platforms still account for less than 0.3% of Google’s total traffic. Specifically, ChatGPT, a popular AI platform, reportedly experienced a 12% decline in traffic month-over-month to 98 million visits.
Looking ahead, Bank of America analysts are optimistic about Google’s future prospects, anticipating that the broader rollout of AI overviews will drive higher usage and improve monetization across Google’s products. As a result, the bank maintains a Buy rating on Alphabet (NASDAQ:GOOGL) stock, underscoring confidence in Google’s continued growth trajectory.
