According to the latest report by IMARC Group, titled “Bot Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global bot services market size reached US$ 1.5 Billion in 2022. A bot service is a software application or platform designed to interact with users in a conversational manner, typically using natural language processing (NLP) and artificial intelligence (AI) techniques. They create chatbots and virtual assistants to communicate with users through various channels, such as websites, messaging apps, social media platforms, or voice-enabled devices. Bot services help to understand user inputs, interpret intentions, and provide relevant responses or perform specific actions. They are utilized across various industries and domains, such as customer support, e-commerce, healthcare, finance, and more. Bot services are also employed by businesses and developers to build and deploy bots that automate tasks, provide information, perform transactions, or engage in interactive conversations with users.
Global Bot Services Market Trends:
The growing popularity of bot services owing to the rising need for businesses to improve efficiency and provide better customer experience is one of the key factors propelling the market growth. Moreover, the widespread service adoption to automate repetitive tasks, such as responding to common inquiries, scheduling appointments, and handling transactions that minimize the need for human involvement, and enhance operational efficiency, is creating a positive outlook for the market. In line with this, the increasing reliance on bot services across various industries to engage with customers in real-time, providing instant support, personalized recommendations, and streamlined interactions, is providing a considerable boost to the market growth. Additionally, the increasing dominance of messaging app bots and their integration into various platforms is strengthening the market growth. These bots offer businesses the convenience of deploying pre-built platforms to connect with a large customer base without the need to develop a complete application from scratch. Furthermore, the increasing adoption of voice-enabled bots that can interact with users through voice commands and provide voice-based services is favoring the market growth. Besides this, the widespread application of bot services in various industries, including e-commerce, healthcare, finance, and travel, is positively impacting the market growth. Apart from this, continuous advancements in artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to enhance the capabilities and enable bots to understand and respond to user inputs more accurately are supporting the market growth. Looking forward, the market value is projected to reach US$ 6.4 Billion by 2028, expanding at a CAGR of 24.50% during 2023-2028.
- Based on technology, the market has been bifurcated into framework and platform. According to the report, framework represents the largest segment.
- On the basis of deployment, the market has been segmented into websites, contact centers, social media, and mobile applications. Amongst these, websites account for the largest market share.
- Based on the mode, the market has been categorized into text, audio and video. Among these, texts represent the largest market share.
- On the basis of end user, the market is segmented into BFSI, government, education, telecommunications, healthcare, travel and hospitality, media and entertainment, and others.
- Region-wise, the market has been segmented into North America (the United States, Canada), Europe (Germany, France, the United Kingdon, Italy, Spain and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being 7.ai Inc., Amazon Web Services Inc., Creative Virtual Ltd., eGain Corporation, Inbenta Technologies Inc., International Business Machines Corporation, Kore.ai Inc., Microsoft Corporation, Pypestream Inc. etc.
|Base Year of the Analysis
||Websites, Contact Center, Social Media, Mobile Applications
||Text, Audio, Video
|End Users Covered
||BFSI, Government, Education, Telecommunications, Healthcare, Travel and Hospitality, Media and Entertainment, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||7.ai Inc., Amazon Web Services Inc., Creative Virtual Ltd., eGain Corporation, Inbenta Technologies Inc., International Business Machines Corporation, Kore.ai Inc., Microsoft Corporation, Pypestream Inc. etc.
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