The current valuation of the worldwide bot services industry is US$ 1.6 billion, with a compound annual growth rate (CAGR) of 27.1% predicted to propel the market to US$ 18 billion by 2032.
The BFSI and e-Commerce industries use chatbots increasingly frequently. Businesses use chatbots for both customer support and internal work. Growing demand for feature phones combined with the use of cutting-edge NLP and AI technology is one of the factors driving the market for bot services. The globe has undergone a transformation due to urbanisation and digitalization, with bot services playing a key part. Additionally, efforts are being undertaken to standardise the ecosystem globally.
Various service companies did turn into bots during the pandemic, so as to help the clientele resolve issues without any propagation delay. The healthcare industry did see a spike in the sales of chatbots during the pandemic era. Several public healthcare and commercial websites made use of chatbots for diagnosing isolated patients and getting basic healthcare assessment done. On these grounds, the WHO, in April 2020, came up with chatbots on Fb messenger for providing precise information about Covid-19. Future Market Insights has walked through these facts with probable calls to action in its latest market study entitled ‘Bot Services Market’
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Key Takeaways from Bot Services Market
- North America holds the largest market share due to the US being home to hordes of IT companies.
- Europe is at the matured stage in bot services market and expected to show this consistency in the upcoming period.
- The Asia-Pacific, led by India, Japan, and China, is expected to be the fastest growing region in bot services market in the near future.
Competitive Landscape
- Microsoft Corporation, in January 2021, did announce transitioning Microsoft healthcare Bot Service to ‘Azure’ to enable customers to take an advantage of the latter’s improved tools, compliance, and security features.
- Poynter Institute’s IFCN (International Fact-Checking Network), in May 2020, came up with Whatsapp-enabled chatbots for providing access to translated network comprising over 80 fact-checking organizations across the globe.
- Alvaria, in June 2022, put forth its very first native product called ‘Alvaria CX Suite’, which comes across as combination of Noble Contact Center and Unified IP/Advanced List Management from Aspect. CX suite has been rounded out with self-service, omnichannel, fraud detection capabilities, and compliant outreach.
- Meta, in February 2022, launched the latest innovation regarding Universal Speech Translator, wherein it would be extending support to languages sans standard writing system (both – spoken and written).
- Baidu, in November 2021, tabled PLATO-XL. It’s an AI model meant for dialogue generation. At present, it does outperform existing commercial chatbots on several conversational benchmarks, thereby showing exceptional performance.
- Mindsay, in April 2021, used Genesys App Foundry for publishing AI chatbots. The agents are likely to quickly leave and engage in conversations with the customers through chatbot interface by integration of Mindsay chatbots with Genesys Cloud, that too, day in day out.
- Yellow Messengers, an AI chat bot firm, did receive US$ 20 Mn in April 2020 from an investor for fulfiling the growing need of the market.
“With internet penetration witnessing an exponentiation, the global bot services market is likely to grow inadvertently in the forecast period”, says an analyst from Future Market Insights.
What are the inclusions of Bot Services Market Report?
- Future Market Insights offers an exclusive perspective and various real-time insights on the bot services market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on service (platform and framework), by mode of channel (website, contact centers, social media, and mobile applications), by business function (sales & marketing, human resource, finance, supply chain & logistics, and IT), by application (customer engagement & retention, workforce management, agent performance management, content management, appointment scheduling, employee on-boarding, and others), by deployment mode (on-premises and cloud), by organization size (SMEs and large enterprises), and by vertical (BFSI, retail & e-Commerce, healthcare & life sciences, media & entertainment, travel & hospitality, IT telecom, government, and other verticals).
- Bots let users add various intelligent agents communicating without investment of money and time in incorporating AI of their own.
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Bot Services Market Segmentation
By Service:
- Framework
- Platform
By Mode of Channel:
- Website
- Contact Centers
- Social Media
- Mobile Applications
By Business Function:
- Sales & Marketing
- Human Resource (HR)
- Finance
- Supply Chain & Logistics
- Information Technology (IT)
By Application:
- Customer Engagement & Retention
- Workforce Management
- Agent Performance Management
- Content Management
- Appointment Scheduling
- Employee On boarding
- Other Applications
By Deployment Mode:
- On-premises
- Cloud
Organization Size:
- Large Enterprises
- SMEs
Verticals:
- BFSI
- Retail & e-commerce
- Healthcare & Life Sciences
- Media & Entertainment
- Travel & Hospitality
- IT & Telecom
- Government
- Other Verticals
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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