Newly-released Bot Services Market analysis report by Future Market Insights shows that global sales of the Bot Services Market in 2021 were held at USD 1.2 Billion. With 18%, the projected market growth from 2022 to 2032 is expected to be slightly higher than the historical growth. The website channel is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 27.1% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Bot Services Market Size (2022) | USD 1.6 Billion |
| Bot Services Market Size (2032) | USD 18 Billion |
| Bot Services Market CAGR (2022 to 2032) | 27.1% |
| USA Market CAGR (2022 to 2032) | 27.4% |
| Key Companies Covered | Microsoft; IBM; Google; Oracle; Artificial Solutions; PeopleFluent; Greenhouse Software; ClearCompany; Ultimate Software; Silkroad Technology; Trakstar Hire; TalentNest; SmartRecruiters |
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As per the Global Bot Services Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Bot Services Market increased at around 31.6% CAGR. Bots are becoming popular as a result of their applications across many industries.
As more industries transition to omnichannel platforms to boost operational effectiveness, capitalize on improved consumer data, and put more emphasis on improving customer experience, the market for bots is anticipated to grow.
One of the primary target industries for the bot services market is the retail sector. In order to more precisely cross-sell and upsell products and better analyze customer behavior, many companies, including Amazon, have made significant investments and developed bots used in retail.
According to IBM's most recent reports, Watson Assistant traffic increased by 40% between February 2020 and April 2020. Additionally, in response to rising customer demand, Google in April introduced the Rapid Response Virtual Agent, a particular variation of its Contact Center AI.
Large businesses frequently have too many tasks to complete, such as ordering products, requesting information about them, and paying for supplies. Enterprise-grade chatbots may readily execute these B2B duties, and such chatbot-integrated B2B systems can minimize total effort.
Everything is realigned using the instant messaging platform so that the chatbots may fully automate these processes. Chatbots with AI and NLP capabilities can answer all questions about products, bills, payments, and other subjects.
The local government has been altering its service offerings to match public demand as chatbots, WhatsApp, and live chat become more prevalent in daily life. For instance, the UK government debuted a WhatsApp chatbot for the Coronavirus in March 2020. A plethora of knowledge regarding the coronavirus is provided by the chatbot. By adding the phone number as a WhatsApp contact and entering hello in the message field, anyone can access it. Additionally, the market is seeing a rise in the use of chatbots in the licensing industry. For instance, The Driver and Vehicle Licensing Agency added a chatbot to its webchat channel in April 2020 to offer millions of users more effective self-service.
In order to cut expenses, several organizations are automating their repetitive and time-consuming tasks. In order to significantly cut expenses, businesses are primarily focusing on automating customer service and sales. Artificial intelligence-enabled chatbots are becoming more prevalent. Businesses will save a large amount of money by implementing chatbots to automate parts of customer care and sales while significantly reducing labor costs.
Instead of making customers wait days for a response, customer support representatives should respond quickly. Using a chatbot to respond can significantly reduce the chance of losing a customer. Chatbots can be used by e-commerce companies for returns and exchanges. Chatbot adoption can drastically save annual costs by automating roughly 35% of tasks that would otherwise require a person to perform them manually.
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One of the prominent drawbacks of chatbots is their inability to make timely decisions. Only the information that has been taught to chatbots will be understood by them. They are unable to discriminate between good and bad and cannot comprehend the context of humans, which is a significant gap that is likely to make a client unhappy.
AI-powered intelligent bots can comprehend a variety of circumstances, however, they are unable to accurately interpret 40 out of every 100 client interactions. The poor decision-making abilities of chatbots have caused significant harm to several brands. Microsoft's chatbot Tay received significant backlash after its March 23, 2016, introduction. By tweeting offensive Tweets, the chatbot caused Microsoft enormous embarrassment. They were consequently compelled to briefly disable the chatbot.
Despite incorporating AI-produced NLP or ML technologies into their business processes, companies still struggle with a lack of qualified employees, including teams that can analyze data. However, there also exists a demand for experienced experts who have picked up these abilities. Acquisition and retention of technical resources have become key organizational concerns. The requisite skill sets are lacking for the development and execution of AI-based initiatives, which call for complex technologies like NLP and ML.
Data scientists, who have a thorough understanding of computer science, mathematics, and domain experience, are the most qualified analytics specialists. Most of the time, large organizations-or even small and medium-sized businesses-cannot afford to hire competent data scientists since they want high salaries and intriguing projects. As a result, it is projected that the current shortage of skilled labor would make it difficult for the market for bot services to grow.
During the projection period, Asia Pacific is predicted to lead Bot Services Market. China, Japan, and South Korea are the top three Bot Services markets in the Asia Pacific and are expected to account for a valuation of USD 3 Billion by 2032. The Chinese Bot Services market is expected to account for a market of USD 1.3 Billion by the end of 2032. Machine learning and chatbot development are being financed by several start-ups.
Due to chatbots' faultless performance, capacity to manage high client volumes, and enhanced customer engagement tactics, small and midsized organizations are swiftly integrating the use of chatbots in their customer care procedures. For Andhra Bank's 50 Million users, Floatbot developed an artificial intelligence chatbot in July 2019 for its core banking servers. It was put through a rigorous testing process including more than 50 Thousand inquiries with the goal of providing automated customer support and digital engagement.
Due to the rapidly expanding information and communications technology infrastructures in the region's prominent economies, notably China and India, the industry is expected to grow even more in the forthcoming years. For instance, AI chatbot firm Yellow Messengers received USD 20 Million from an investor in April 2020 to fulfill the growing market need. The company provides organizations with an AI chatbot for consumer engagement. Hence, these factors are driving the demand for Bot Services in Asia Pacific.
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The USA is expected to account for the highest market of USD 6.2 Billion by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of USD 5.7 Billion.
For instance, in April 2021, Mindsay published AI chatbots on Genesys App Foundry. Agents may quickly engage and leave conversations with customers via the chatbot interface by integrating Mindsay chatbots with Genesys Cloud, responding to requests quickly and around the clock.
Since a large percentage of interactions are voice-based and come from the phone network, the providers are utilizing this opportunity to expand their companies by offering chatbots access to voice and telephony.
For instance, PhoneMyBot will be available in December 2020, according to Interactive Media, a renowned manufacturer of customer experience, conversational AI, and telecom software. These factors are likely to increase the demand for Bot Services in the USA.
Market revenue through the website channel is forecasted to grow at a CAGR of over 27.1% from 2022 to 2032. Bots are pre-programmed chat interfaces that allow website visitors to speak with them. Chatbots can help website users by providing the information they require, whereas interactive bots can convert visitors into customers.
Artificial intelligence is used by chatbots to process language and communicates with users. For messaging systems like Skype, Facebook, Slack, and other key social media networking sites, several chatbots have been installed.
Developers of chatbots can use these messaging platforms for payment services by directly linking the payment gateways with the assistant. One of the key opportunities in the market includes the chance to earn modest commission fees. Since chatbots allow for direct client connection, they are frequently employed in digital marketing to inform current customers about new goods and services.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Bot Services market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Bot Services market share.
Some of the recent developments of key Bot Services providers are as follows:
Similarly, recent developments related to companies in Bot Services Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Bot Services Market is worth more than USD 1.6 Billion at present.
The value of Bot Services Market is projected to increase at a CAGR of around 27.4% from 2022 to 2032.
The value of Bot Services Market increased at a CAGR of around 31.6% from 2017 to 2021.
The demand for bot services through website channel has increased significantly in the recent past, consequently propelling the bot services demand.
The growth of the market for Bot Services in the USA is projected to expand at a CAGR of around 27.1% from 2022 to 2032.
The growth of the market for Bot Services in China is projected to expand at a CAGR of around 26.4% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 24.9%, the market in Japan is projected to register a CAGR of nearly 25.4% from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service Type 5.1. Framework 5.2. Platform 5.2.1. Service, Mode of the Channel 6. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Mode of Channel 6.1. Website 6.2. Contact Centers 6.3. Social Media 6.4. Mobile Applications 7. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Verticals 7.1. BFSI 7.2. Retail & eCommerce 7.3. Healthcare & Life Sciences 7.4. Media & Entertainment 7.5. Travel & Hospitality 7.6. IT & Telecom 7.7. Government 7.8. Other Verticals 8. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Business Function 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) Analysis By Business Function, 2017 to 2021 8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Business Function, 2022 to 2032 8.3.1. Sales & Marketing 8.3.2. Finance 8.3.3. Supply Chain & Logistics 8.3.4. Information Technology (IT) 9. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 9.1. Customer Engagement & Retention 9.2. Workforce Management 9.3. Agent Performance Management 9.4. Content Management 9.5. Appointment Scheduling 9.6. Employee Onboarding 9.7. Other Applications 10. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Deployment Mode 10.1. On-premises 10.2. Cloud 11. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Organization Size 11.1. Large Enterprises 11.2. SMEs 12. Global Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. Asia Pacific 12.5. Middle East and Africa (MEA) 13. North America Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Latin America Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Europe Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. Asia Pacific Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 17. MEA Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 18. Key Countries Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Microsoft 20.2. IBM 20.3. Google 20.4. Oracle 20.5. Artificial Solutions 20.6. Meta 20.7. Enterprise Bot 20.8. Baidu 20.9. Haptik 20.10. Webio 20.11. AWS 21. Assumptions & Acronyms Used 22. Research Methodology
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