The global bot services market is predicted to reach USD 3.10 billion in 2024 and USD 12.04 billion by 2029, growing at an annual development rate (CAGR) of 31.2% during the forecast period.
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 applications 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 and medium and large companies.
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 the future. Innovative technological developments benefit anyone interested in the bot services market. 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.
However, the limited accuracy, the lack of awareness, and the reluctance to use these bot services may act as challenges for this business growth.
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 images 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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2024 to 2029 |
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Base Year |
2024 |
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Forecast Period |
2024 to 2029 |
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CAGR |
31.2% |
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Segments Covered |
By Service, Type, Deployment, End Users, and Region |
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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 |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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. |
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.
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.
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 images as bot services. There has been a significant growth in image and video services in media and entertainment, travel, and medical care, as well as 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.
North America accounts for a major portion of the worldwide market and is foreseen to expand with a notable CAGR in the coming years.
The global bot services market is concentrated with well-established players. Key players in the market include Microsoft, IBM Corporation, Google, Facebook, Amazon Web Services, Inc., Nuance Communications, Inc., Aspect Software, Inc., Inbenta Technologies Inc., Creative Virtual Ltd ., IPsoft Inc., CogniCor Technologies, Astute Inc., Next IT Corp., Kore.ai, Inc., Rasa Technologies GmbH, and Pypestream,
By Type
By Service
By Deployment
By End-User
By Region
Frequently Asked Questions
Major industries utilizing bot services include retail, banking and financial services, healthcare, telecommunications, and customer service sectors. Each of these industries uses bots to streamline operations, enhance customer interaction, and reduce operational costs.
AI is crucial in the development of bot services, enabling more sophisticated, context-aware, and human-like interactions. Machine learning algorithms allow bots to continuously improve their responses based on previous interactions, enhancing user experience and operational efficiency.
Emerging trends include the integration of bots with voice assistants and smart devices, increased use of bots in small and medium-sized enterprises (SMEs), development of multilingual bots to cater to global markets, and the use of bots in enhancing social media interactions.
Partnerships and collaborations are vital for innovation and expansion in the bot services market. Tech companies often partner with industry-specific firms to create tailored bot solutions, and collaborations with AI research organizations help in advancing bot capabilities and applications.
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