There are seismic shifts happening in the search landscape. Just ask ChatGPT.

Since 2023, Google, the search engine nearly synonymous with search itself, has seen its market share decline from 92% to about 89%. While a three-point share loss may seem small, it represents billions of lost Google searches each month. Meanwhile, Google’s generative AI competitors are growing fast. Open AI’s ChatGPT has increased usage fourfold year-over-year, and Perplexity’s usage has doubled. Their rise highlights consumer demand for tools that deliver tailored, conversational answers beyond keyword queries. Combined with the constant media buzz around AI, it’s easy to assume Google’s best days are in the rearview mirror.

But not so fast. The reality is more complex.

Google still leads in search volume and is projected to process more than five trillion searches globally, or about 14 billion every day. By comparison, ChatGPT sees 37.5 million search-like prompts each day, a sliver of Google’s enormous pie. While ChatGPT’s growth is meteoric, Google’s scale and AI investments continue to anchor its position in the evolving search marketplace.

AI Overviews Are Changing the Game

In May 2024, Google launched AI Overviews (AIO) following Microsoft’s integration of ChatGPT into Bing. AIO’s rollout was fast, furious and drew criticism, but the impact was immediate. Many websites saw sharp drops in organic traffic as AIO surfaced their content without the need for a click. News and information publishers were hit hardest, with some reporting traffic losses of more than 60%.

Gen AI has forced brands to redefine what search success means. Traditional metrics like clicks and sessions are no longer enough. Instead, visibility within AI Overviews, impressions from citations and authority across generative AI tools are the new currency. The goal for brands now is not just ranking but about being referenced.

The Race to Win Advertisers

Although slower to roll-out its AI tools, Google has quickly applied its monetization expertise. In 2024, 57% of Google’s $350 billion revenue came from search ads, up 13% year-over-year. Google has started to test text and shopping ads in AI Overviews – a significant first step for advertisers aiming to regain visibility and traffic lost to zero-click AI experiences.

With Google’s AI ad products still in development, advertisers have little control over placements and reporting remains limited. Even so, Google remains ahead of its AI competitors. OpenAI continues to experiment with ad partnerships but relies on subscriptions for revenue. Perplexity is testing sponsored answers and enterprise subscriptions but lacks a scale. Google’s head start in advertising technology and infrastructure gives it a clear edge in AI monetization.

Navigating the New Search Landscape

At this moment, generative AI is reshaping, not replacing, traditional search. With this week’s DOJ favorable antitrust ruling, Google’s advantages in usage, hardware, data, advertising revenue and consumer trust ensures it will remain the leader, at least for now. Just like the streaming TV landscape, gen AI is changing consumer behavior and fragmenting the search playing field. For marketers, this paradigm shift demands constant testing to stay ahead.

Here’s a three-step guide for navigating the new search landscape:

• Experiment but stay focused. Test new AI ad products for learning and scale but not at the expense of what’s proven to deliver results today.
• Measure what matters. Assess whether AI campaigns truly deliver incrementality, not just strong in-platform vanity media metrics. Consistent measurement is essential for decision-making.
• Stay authentic. In a world of AI-generated content, brands rooted in providing expertise and delivering real value will still rise to the top.

While AI hype has fueled speculation about Google’s demise, the evidence shows a more nuanced reality. Google still overwhelmingly commands the most searches globally, even as ChatGPT and Perplexity grow rapidly. The future of search will no doubt be shaped by AI, yet the winners will be defined by how consumers adapt and embrace this new behavior and how each platform monetizes their offering by delivering value to advertisers. Because in the end, cash is still king and we’re not close to betting against Google. At least just yet.