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Bot Services Market Segmentation By Service (Framework, Platform), Type (Text, Audio, Video), Deployment (Social Media, SMS, Website, Cloud), End-Users (BFSI, Retail, Healthcare, Media & Entertainment, Telecom, Travel, Government) and Region – Forecast to 2028

Published: March, 2023
ID: 10075
Pages: 150
Formats: report pdf report excel report power bi report ppt

Bot Services Market Size, Share, Growth (2023-2028)

bot services market was worth $ 1.8 million in 2022 to reach $ 2.9 million by 2028 at an annual development rate (CAGR) of 31.2%.

Bot Services Market overview:

A bot is a type of software designed to perform tasks automatically instead of doing them yourself. With continuous improvement in robot technology, it can be assumed that it will be able to handle all kinds of things, even something as complex as taxes. It has wide application in real estate, media and entertainment, telecommunications, retail and e-commerce, and others. Increased user engagement on social media platforms can be seen as the main driver of growth for the bot services market.Bot applications are increasing daily due to increasing internet penetration and the growth of online services. Robots are useful for booking hotels, airline tickets, movies, and restaurants. The further growth of artificial intelligence is primarily driving the growth of the global bot services market. They are extensively employed in several end-user verticals like BFSI, retail, healthcare, media and entertainment, telecommunications, government, etc.. With the significant presence of companies in North America providing IT services, the bot services market is growing dramatically with the increased growth of cloud technology and artificial intelligence and the adoption of bot services by small businesses, medium and large companies.

Recent Developments:

  • In August 2018, HubSpot launched "Conversations," a free bot, live chat, and team email platform to drive the fast-growing business.

  • In December 2017, the luxury brand Louis Vuitton launched a Chat Bot on Facebook Messenger, which works with mode.ai

Impact of Covid-19 on Bot Services Market:

With the recent COVID-19 outbreak, several organizations have increasingly deployed the Bot to respond to customer inquiries and other related information. Because remote work has been adopted by different organizations due to the national blockade, the company relies heavily on Bots to reduce the burden of customer inquiries due to minimal availability of customer service employees.In addition, the Bot provides millions of people with the necessary information about COVID-19 daily. For instance, the WHO launched a Facebook Messenger version of its WHO Health Alert platform in April 2020 to offer instant and accurate information related to COVID-19 through Facebook.

Bot Services Market growth and trends:

  • Increasing user engagement on social media platforms and highly advanced natural language processing and artificial intelligence tools are driving the growth of the global bot services market. However, a lack of knowledge and trust in bot implementation platforms is hampering market growth.

  • With the overall process devoid of humans, reliance on bots for deployment platforms has become tedious work. The market will also notice growth due to the growing demand for voice assistants on smartphones. Growing partnerships and the expanding ecosystem are opportunities to develop the global bot services market.

  • Bot services are widely used in the retail market due to the increased application of online retailing and increased buyer demand. However, the retail end customer primarily uses text and image as the bot service type. There is significant growth in travel and health, media and entertainment imaging and video services, providing services such as the purchase of movie tickets and airline tickets.

Bot Services Market Drivers and Restraints:

Companies in the United States and Canada have voluntarily adopted bot services to interact with their customers. The rising number of social media users is foreseen to promote the expansion of the global bot services market in future.Innovative technological developments benefit anyone interested in the bot services market. However, the limited accuracy, the lack of awareness and reluctance to use these bot services may act as challenges for this business growth.Factors driving the growth of the rich text and media segment include the growing number of social media users and advancements in machine learning, artificial intelligence and NLP technologies. Additionally, text bots due to their scalability are becoming more adaptable and functional.

GLOBAL BOT SERVICES MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022–2028

Base Year

2022

Forecast Period

2023-2028

CAGR

31.2%

Segments Covered

By Service, Type, Deployment, End Users, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

 

Market Leaders Profiled

Microsoft, IBM Corporation, Google, Facebook, Amazon Web Services, Inc., Nuance Communications, Inc., Aspect Software, Inc., Inbenta Technologies Inc., Creative Virtual Ltd ., IPsoft Inc., [24] 7.ai, Inc., CogniCor Technologies, Astute Inc., Next IT Corp., Kore.ai, Inc., Rasa Technologies GmbH, Pypestream, Avaamo, Pandorabots, Inc., LogMeIn, Inc., Soluciones Artificiales, Chatfuel and Webio and Others.

Bot Services Market Segmentation:

The global bot services market is segmented based on the

  • service

  • type deployment

  • end-user

By Service:

it is then segmented into the framework and the platform. The bot framework is a service that allows to create and connect the bots used in different channels such as social networks, Skype, SMS and emails. Microsoft is the world's leading developer of the bot framework. It hosts the requirements of different robots on different platforms, allowing them to connect with each other. On the other hand, robot platforms are online ecosystems in which robots can deploy, interact with users, and take action on their behalf, including interacting with other platforms. Both have their meanings and their benefits. However, the platform segment is leading the market due to the increased use of online services provided by small and medium sized businesses that use bots on similar platforms.

By Type:

 the segments are divided into text, audio and video. Currently, most bot services appreciate the text service type as it becomes an interactive way to interact with customers. However, imaging and video services are on the rise, making it easier to resolve customer queries.

By Deployment:

  • social media

  • SMS

  • website

  • cloud

 End-Users:

 the segments are divided into banking and financial services, retail, health, media and entertainment, telecommunications, travel and government services. Bot services are mainly used in the retail market due to the rise of online retail applications and increased consumer demand. However, the retail end user primarily uses text and image as the type of bot service. There is a significant growth in image and video services in media and entertainment, travel and medical care in the provision of services such as booking airline tickets, movie tickets, etc. Other segments such as banking, telecommunications and government are showing steady growth.

Bot Services Market Regional Analysis:

  • North America

  • South America

  • Europe

  • Middle East and Africa

  • Asia Pacific

North America accounts for a major portion of the worldwide market and is foreseen to expand with a notable CAGR in the coming years.

Key players:

  1. Microsoft,

  2. IBM Corporation,

  3. Google,

  4. Facebook,

  5. Amazon Web Services, Inc.,

  6. Nuance Communications, Inc.,

  7. Aspect Software, Inc.,

  8. Inbenta Technologies Inc.,

  9. Creative Virtual Ltd .,

  10. IPsoft Inc., 

  11. CogniCor Technologies,

  12. Astute Inc.,

  13. Next IT Corp.,

  14. Kore.ai, Inc.,

  15. Rasa Technologies GmbH,

  16. Pypestream,

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