A recent report published by Infinium Global Research on bot services market provides an in-depth analysis of segments and sub-segments in the global as well as regional bot services market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bot services market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global bot services market. According to the report, the global bot services market is projected to grow at a CAGR of 35.28% over the forecast period of 2021-2027.
Bot services market was valued at USD 785.9 million in 2020 and is expected to reach USD 8,100 million in 2027, with a CAGR of 35.28% during the forecast period. Companies are discovering the potential of conversational bots across industries. Bot services are provided to help automate and streamline activities, develop enterprise productivity, and improve employee and customer engagement. Today’s AI-powered bots are much more powerful while the earliest versions of conversational bots were simple response platforms. It is expected to become more sophisticated and capable in the coming years.
Increasing usage of bots in various sectors such as BFSI, E-commerce, and other due to rising penetration of the Internet and online services is a key driving factor of the global bot services market. The huge developments in the field of artificial intelligence in the past few years are the major driving factor of the bot services market. Furthermore, factors such as advances in artificial intelligence (AI), increasing demand for intelligent customer engagement, and increase in penetration of websites and mobile applications are other driving factors of the market. The cloud-based bot service offers high flexibility and scalability to the operations. The rising need to improve customer relationship management (CRM) in the BFSI sector is boosting the market growth. However, the high cost of installation is restraining the growth of the bot services market. Moreover, continuous technological advancements in bot services are expected to provide growth opportunities to the market players. The outbreak of coronavirus occurred in the modern, highly connected, information-dense world. Several companies and organizations across the world are leading the charge in deploying chatbots to provide COVID-19 information. World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC) have also included chatbots in their websites to provide the latest information to billions on the spread of the disease and its symptoms. Several governments are also introducing chatbots to provide validated information to their citizens.
Geographically, North America dominates the global bot services market owing to the increasing deployment of bot services in various business verticals. Early adoption of advanced technologies is the primary growth factor for the bot services market in North America. The rapidly increasing artificial intelligence (AI), IoT, and APIs are driving market growth in the North American region. Asia-Pacific is the second-largest market for bot services due to increasing investment in bot technology and machine learning technology. Asia-Pacific is expected to grow with the highest CAGR in the bot services market over the forecasted period.
Segment Covered
The report on the global bot services market covers segments such as service, deployment channel, mode, and end user. On the basis of service, the sub-markets include framework, and Platform. On the basis of deployment channel, the sub-markets include websites, contact center and customer service, and social media. On the basis of mode, the sub-markets include rich media, audio, and video. On the basis of end user, the sub-markets include BFSI, retail and e-commerce, healthcare, media and entertainment, telecom, government, education, and others.
Companies Profiled:
The report provides profiles of the companies in the market such as Amazon Web Services, Astute Solutions, Aspect Software, Cognicor Technologies, Creative Virtual, Google, IBM Corporation, eGain Corporation, Inbenta Technologies, Microsoft, and Nuance Communications.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the bot services market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.