Market Synopsis:
According to MRFR, The global bot services market is expected to reach approximately USD 7.3 billion by the end of 2030 at a CAGR of 31.40% during the forecasted period 2022-2030.Market Overview
Bots are mostly available on many websites which deal with customer support and services. For example, they are present in social media, Facebook Messenger, Skype and sometimes even through a short messaging service. Bots' applications are rising every day because of growing internet penetration and rising online services. Bots are useful for hotel reservations, flight tickets, movie shows, and restaurants. Increased development of artificial intelligence mainly drives the growth of the global market for bot services. They are widely used in vertical industry such as banking , financial services, and insurance, retail, health care, media entertainment, telecommunications, travel and government. With the substantial presence of companies in North America delivering the IT services, the bot services market is growing significantly with the augmented growth of the cloud and artificial intelligence technology and the implementation of bot services by small, medium, and large enterprises.
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Key Players
The global bot services market comprises of some of the key players and other vendors:
- [24]7.ai, Inc (U.S.)
- Amazon Web Services, Inc (U.S.)
- Aspect Software, Inc (U.S.)
- Astute, Inc (U.S.)
- Creative Virtual Ltd (U.K.)
- Facebook, Inc.(U.S.)
- Google LLC (U.S.)
Market Segmentation:
The market segmented by servicing, type, deployment, and end-user. It is further segmented into system and platform depending on the Service segment.
The segments are divided, based on type, into text, audio , and video. Most bot services currently indulge in the type of text service, as it becomes an interactive way of interacting with customers. However, the image and video services are that making the customer question easy to address.
The segments are divided into banking and financial services, media entertainment, retail , healthcare, telecom, travel, and government services, based on end users. The bot services are majorly used in the retail market owing to augmented applications of the online retail and increased consumer demand.
Regional Assessment:
The bot services market is segmented into North America , Europe , Asia Pacific and the rest of the world, based on region.
The industry has seen a significant growth and North America has continued to dominate. Due to the huge presence of IT companies in the USA, North America is the most advanced region when it comes to technology. In the U.S. and Canada, the adoption of the bot services has increased by leading firms to engage with their customers to improve customer retention. In addition, the market is projected to continue to dominate in this region due to early adoption and advances in technology in the U.S. and Canada.
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On the other hand, Asia Pacific is projected to display the highest growth rate due to the region's bot services being adopted by many end-user verticals in emerging economies such as China, Japan and India. During the forecast period this trend is expected to increase at a rapid rate. The APAC area also has massive social media user presence in China, India. The verticals of the banking , financial services, and insurance (BFSI), travel, healthcare , retail, and government are the end-user verticals that drive the growth of the bot services market in APAC. Furthermore, the increasing number of mobile users across social media in APAC is anticipated to drive the growth of the bot services market in APAC. Nevertheless, Europe being the more mature market is slated to show a stable growth during the forecasted period.
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