Bot Services Market by Service (Framework, Platform); Mode (Text and Rich Media, Audio, Video); Deployment Channel (Websites, Contact Center and Customer Service, Social Media, Mobile Applications); End-User Vertical (Banking Financial Services and Insurance, Government, Real Estate, Media and Entertainment, Telecom, Retail and Ecommerce, Education, Travel and Hospitality, Healthcare, Others): Global Market Size Estimates and Forecast (2022–2030)

BMIRE00025983 | Pages: 100 | Technology, Media and Telecommunications | Sep 2022 | Type: Global | Status: Published

The market crossed US$ 1.4 billion mark in 2022 and is expected to hit US$ 8.3 billion by 2030, recording a CAGR of 24.5% during the forecast period.

Bot services market has been significantly growing with the integration of chatbot services with social media

Consumers search for the information on online platform in which they are interested, which is fast and easy. If a business cannot provide a simplified customer experience, it might become frustrated and switch to other businesses for better service. Marketers increasingly view chatbots on social media as a must-have rather than a nice-to-have. The social media chatbot fosters informal contact with users proves its effectiveness. Automating customer care on social media platforms with a smart chatbot may bring businesses various benefits. The most significant advantage is that a chatbot will provide the consumers with a smart assistant who can communicate with them like a customer support executive (CSE). Bots can also gather information about customers and which of the products they are most interested in. Thus, integrating bots with social media platforms has led to increased use of chatbots for marketing purposes.

Within the report, the market is segmented into Service, Mode, Deployment Channel and End-User Vertical. Based on Service, the market is segmented into Framework and Platform. On the basis of Mode, the market is segmented into Text and Rich Media, Audio and Video. On the basis of Deployment Channel, the market is segmented into Websites, Contact Center and Customer Service, Social Media and Mobile Applications. On the basis of End-User Vertical, the market is segmented into Banking, Financial Services, and Insurance, Government, Real Estate, Media and Entertainment, Telecom, Retail and Ecommerce, Education, Travel and Hospitality, Healthcare and Others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.

BFSI segment in industry vertical to hold largest share of Bot Services market during the forecast period (2022-2030)

Based on end-user vertical, the BFSI segment is estimated to account for a larger market share in 2022 and it is expected to hold its position during the forecast period. The BFSI industry is a pioneer in implementing new technologies. Bot services help financial institutions connect with customers, improve customer experience, and lower customer churn. In the BFSI sector, customers progressively rely on bots and virtual agents to seek resolutions of their inquiries, including bank balance, bank statement details, bill reminders, and bank locators.

Increasing adoption of Bot services in Healthcare sector is one of the major factors accelerating the market growth.

Demand for bots is increasing exponentially in the healthcare sector, driving the market growth. Healthcare providers are partnering with companies providing bot services to offer better services to patients. Bots can significantly enhance the quality of healthcare services by helping patients and their families get answers regarding their accounts, information on minor health concerns, insurance claims, and coverage via desktops and mobile devices. Bots can collect patient information, schedule appointments, and provide medical information and, thus, play a critical role in delivering better healthcare services.

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Recent strategic developments in Bot Services market

The Bot service market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2022, Alvaria launched first native product, Alvaria CX Suite. Alvaria CX Suite product suite combines best-of-breed voice solutions and Unified IP/ Advanced List Management from the Aspect and Noble Contact Center. The CX Suite has omnichannel, self-service, compliant outreach, and fraud detection capabilities.
  • In February 2022, Meta announced its latest Universal Speech Translator innovation. Meta is designing novel approaches to decoding from speech in one language to another language in real time so that it can support languages without a standard writing system, both written and spoken.

The Bot service market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Microsoft; IBM; Facebook; Google; Amazon Web Services, Inc.; Nuance Communications, Inc.; Aspect; Inbenta Technologies Inc.; Creative Virtual Ltd.; and [24]7. ai, Inc are among the prominent players operating in the market.

Target audience for the report:

  • Bot software providers
  • Bot service providers
  • Bot associations, organizations, forums, and alliances
  • Venture capitalists, private equity firms, and start-up companies
  • End users of Bot
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Service
    • Framework
    • Platform
  • Mode
    • Text and Rich Media
    • Audio
    • Video
  • Deployment Channel
    • Websites
    • Contact Center and Customer Service
    • Social Media
    • Mobile Applications
  • End-User Vertical
    • Banking Financial Services and Insurance
    • Government
    • Real Estate
    • Media and Entertainment
    • Telecom
    • Retail and Ecommerce
    • Education
    • Travel and Hospitality
    • Healthcare
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Microsoft
    • IBM
    • Facebook
    • Google
    • Amazon Web Services, Inc.
    • Nuance Communications, Inc.
    • Aspect
    • Inbenta Technologies Inc.
    • Creative Virtual Ltd.
    • [24]7. ai, Inc.
  • Microsoft
  • IBM
  • Facebook
  • Google
  • Amazon Web Services, Inc.
  • Nuance Communications, Inc.
  • Aspect
  • Inbenta Technologies Inc.
  • Creative Virtual Ltd.
  • [24]7. ai, Inc.
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