Bot Services Market Global Share, Growth Rate

The Bot Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Bot Services Global Market Report 2024, The bot services market size has grown exponentially in recent years. It will grow from $4.03 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%.  The  growth in the historic period can be attributed to initial ai and ml advancements, rise in customer demand, chatbot integration , mobile app integration, shift towards conversational interfaces..

The bot services market size is expected to see exponential growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%.  The growth in the forecast period can be attributed to global expansion, self-learning capabilities , focus on security, rpa and bot integration, integration with crm systems.. Major trends in the forecast period include ai advancements , rise in customer expectations , chatbot integration, voice and conversational ai, customer service automation..

The increase in usage of bots in various sectors is expected to propel the growth of the bot services market. Bots are run through software that replicates human-like discussions with people via text messages, video, or audio. Due to the involvement of such bot automation processes in multiple industries to cut operational costs and increase employee efficiency, the demand for bot services has increased as they automate certain tasks and can run without specific human instructions. For instance, in June 2022, a survey of 774 online business owners conducted by Tidio, a US-based technology, information, and internet company specialized in marketing automation, chatbots, machine learning, live chats, and other related services, found that 62% of customers are using an online chatbot for customer service. The survey also pointed out that 74% of business owners are satisfied with the bot services offered. Therefore, the increase in usage of bots in various sectors will drive the bot services market.

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The bot services market covered in this report is segmented –

1) By Type: Text, Audio, Video

2) By Service: Framework, Platform

3) By Deployment: Social, Media, SMS, Website, Cloud

4) By End-User: BFSI, Retail, Healthcare, Media & Entertainment, Telecom, Travel, Government

Technological advancements are a key trend gaining popularity in the bot services market. Major companies operating in the bot services market are focused on developing new technological solutions such as artificial intelligence (AI), natural language processing (NLP), and voice-activation technology to strengthen their market position. For instance, in May 2022, LogicHub, a US-based computer and network security company, launched AuDRA (Autonomous Detection & Response Assistant), the first AI threat hunting bot. This AI-powered threat hunting bot detects threats, anomalies, and attacks from an infinite number of security events across network, cloud, endpoint, and hybrid data sources.

The bot services market report table of contents includes:

 

1. Executive Summary
2. Bot Services Market Characteristics
3. Bot Services Market Trends And Strategies
4. Bot Services Market – Macro Economic Scenario
5. Global Bot Services Market Size and Growth

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31. Global Bot Services Market Competitive Benchmarking
32. Global Bot Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Bot Services Market
34. Bot Services Market Future Outlook and Potential Analysis
35. Appendix

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