Market Size –
The bot services market size has grown exponentially in recent years. It will grow from <b>$4.03 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%. </b> 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 <b>$17.81 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%. </b> 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.
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Scope Of Bot Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bot Services Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the bot services market share in 2023. The regions covered in the bot services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bot services market report are Microsoft Corporation, International Business Machines Corporation, Meta Platforms Inc., Amazon Web Services, Nuance Communications Inc., Aspect Software, Inbenta Technologies Inc., Creative Virtual Ltd., CogniCor, Astute Inc., Google LLC, Kore Inc., Next IT Corporation, Avaamo Inc., Rasa Technologies GmbH, Oracle, Artificial Solutions, eGain, Baidu, Alvaria, SAP, CM.com, Gupshup, Pandorabots, Botego, Chatfuel, Pypestream, Webio, ServisBOT
Table of Contents
1. Executive Summary
2. Bot Services Market Report Structure
3. Bot Services Market Trends And Strategies
4. Bot Services Market – Macro Economic Scenario
5. Bot Services Market Size And Growth
…..
27. Bot Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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