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Bot Services Market to expand at a CAGR of 32.40% by 2030 to value USD 7.3 billion

Sep 27, 2023 4:00 PM ET

Bot Services Market to expand at a CAGR of 32.40% by 2030 to value USD 7.3 billion

Bot Services Market Synopsis:

By the end of 2030, the market for bot services is anticipated to have grown at a CAGR of 31.40 percent, or nearly USD 7.3 billion. Bots are virtual assistants that lessen the need for us to communicate with other people to get our questions answered. In order to respond to queries and assist in their quick and effective resolution, bots rely on the idea of artificial intelligence. The majority of websites that deal with customer service and support have bots. They are accessible through social media platforms like Facebook Messenger, Skype, and occasionally even an SMS. Due to rising internet usage and expanding online businesses, bot applications are expanding daily. Bots are useful for making hotel, airline, and show reservations.

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Key Players:

The global bot services market comprises of some of the key players and other vendors,

  • ai, Inc (U.S.),
  • Amazon Web Services, Inc (U.S.),
  • Aspect Software, Inc (U.S.),
  • Astute, Inc (U.S.),
  • Creative Virtual Ltd (U.K.),
  • Facebook, Inc. (U.S.),
  • Google LLC (U.S.),
  • International Business Machines Corporation (U.S.),
  • Inbenta Technologies Inc. (U.S.),
  • Microsoft Corporation (U.S.),
  • Nuance Communications, Inc. (U.S.)

 

The market for bot services is expanding mostly due to increased growth in artificial intelligence. They are frequently utilised in sectors of the economy like banking, insurance, and financial services as well as in government, retail, healthcare, media & entertainment, telecom, and travel. The market for bot services is growing rapidly because to the enormous number of North American businesses providing IT services, the development of cloud and artificial intelligence technology, and the uptake of bot services by small, medium, and big businesses.

The retail industry is one of the market study’s main target industries. Numerous businesses, including Amazon, have made considerable investments and developed bots used in retail to more accurately cross-sell and upsell products and better understand customer behaviour.

In order for businesses to try to retain their consumers and deliver better goods and services, these bots also assist in understanding customer behaviour and purchase habits and give the organisation the finest customer analytics.

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Additionally, businesses can use messaging app bots—the most popular and major sort of chatbot embedded into various messaging apps—to engage with a sizable consumer base without having to create a full-fledged programme from scratch. Botsify, Tidio, Aivo, Pandorabots, and many other messaging app bots that use natural language processing (NLP) to develop and configure several chatbots for the website are examples. Over the course of the study period, messaging bot dominance has increased.

Market Segmentation:

Market for bot services is divided into service, kind, deployment, and end user segments.

It is further divided into the framework and platform segments on the basis of the service segment. The bot framework is a tool that makes it easier to create and link the bots used across several platforms, including social networking, Skype, SMS, and email.

The segments are separated into text, audio, and video categories based on type. The majority of bot services currently use text services since it allows for more direct consumer interaction. However, the availability of image and video services is growing, making it simpler to respond to customer inquiries.

Banking and financial services, retail, healthcare, media & entertainment, communication, travel, and government services are the segments that are broken down based on end users. Due to the growing popularity of online retail and rising consumer demand, bot services are mostly used in the retail industry. There has been a noticeable increase in picture and video services in media & entertainment, travel, and healthcare in order to provide services like aircraft ticket booking, movie tickets, etc. However, the retail end user mostly uses text and image as the type of bot service. Other industries, including finance, telecom, and government, continue to grow steadily.

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The bot services market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the rest of the world. The market for bot services has expanded significantly and has maintained its dominance in North America. The significant presence of IT corporations in the United States, for example, is accounted for by this expansion. Additionally, the market is anticipated to maintain its dominance in this area because to early adoption and technological improvements in the United States and Canada. On the other side, growing economies like China, Japan, and India are likely to contribute to Asia-Pacific seeing the highest growth rate. However, Europe has a more developed bot services sector and is anticipated to increase steadily during the anticipated timeframe.

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