Bot Services Market Size, Share & Segmentation by Technology (Framework and Platform), by Business Function (Sales & Marketing, Human Resource, Finance, Supply Chain & Logistics, Information Technology), by Deployment (Websites, Contact Center, social media, Mobile Applications), by Mode (Text, Audio, and Video), by End-User (BFSI, IT & Telecom, Manufacturing & Automobile, Sports & Entertainment, Hospitality, Healthcare, Others) by Regions and Global Market Forecast 2023-2030
Report Id: SNS/ICT/2246 | July 2022 | Region: Global | 130 Pages
Report Scope & Overview:
The Bot Services Market size was valued at USD 1.87 Bn in 2022 and is expected to reach USD 16.40 Bn by 2030, and grow at a CAGR of 31.14% over the forecast period 2023-2030.
Bot services are managed bot support and development services provided by software and service-based firms to customers in order to communicate with their end-users via many popular channels. Customized bot services are provided by service providers to enable client firms to create, deploy, test, and manage all bot services in one location or platform. Most cloud service companies bundle artificial intelligence (AI) chatbots with their cloud services. This solution is compatible with corporate websites and applications that include customized apps.
Bot services emphasize a user-friendly interface and improved use of artificial intelligence technologies with a Bot system to reduce human contact and boost the efficiency of addressing end-user inquiries. Most customer-centric product development and customer service firms are implementing Bot services to increase query answering time and minimize the pressure on workers for first engagement with end-users.
MARKET DYNAMICS:
KEY DRIVERS:
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Chatbot integration with social media to supplement marketing plan.
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AI and machine learning innovations for chatbots result in a better consumer experience.
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Reduced human error leads to improved accuracy.
RESTRAINTS:
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Bots' incapacity to make dynamic judgments.
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Users' voice authentication is inaccurate.
OPPORTUNITY:
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User interaction on social media sites has increased.
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Capability to replace human customer service representatives.
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Efforts to develop self-learning chatbots that offer a more human-like talking experience.
CHALLENGES:
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Reluctance to utilize bots for a variety of purposes.
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Shortage of trained labor for improved AI-based project execution.
IMPACT OF COVID-19:
During the COVID-19 epidemic, the bot services sector thrived as the globe increasingly depended on digital alternatives to enforce social distance rules. Many sectors have embraced chat and voice bots. For example, several foodservice sector organizations (who were coping with restricted availability and employee shortages) used voice and chatbots to make appointments, take customer orders, and collect feedback from customers. Many small (or medium) consumer-facing enterprises employed similar strategies. These new bot service scopes, together with their rising uses in healthcare diagnostics and online consumer support services, are propelling the bot services industry forward. During the epidemic, the worldwide market for bot services prospered and is anticipated to expand more in the future years.
MARKET ESTIMATION:
The bot services market is divided into sales and marketing, finance, human resources, IT Helpdesk, and supply chain and logistics. During the projection period, the sales and marketing business function has the biggest market size. In the sales and marketing business function, bot services enable internal communication between the company and its client base in the form of one-on-one communication that directly addresses the audience. This is more beneficial to their company function than traditional types of email, message, or advertising.
BFSI, retail and eCommerce, healthcare and life sciences, media and entertainment, travel and hospitality, IT and telecom, government and defense, and others are among the industrial verticals that make up the bot services industry. Currently, the BFSI sector leads in terms of bot service adoption when compared to the other verticals. Bot services enable financial organizations to communicate with clients, improve customer experience, and reduce customer turnover. Customers in the banking industry are increasingly relying on bots and virtual agents to get answers to their questions, such as bank balances, bank statement data, bill reminders, and bank locators.
KEY MARKET SEGMENTS:
On The Basis of Technology
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Framework
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Platform
On The Basis of Business Function
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Sales & Marketing
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Human Resource
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Finance
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Supply Chain & Logistics
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Information Technology
On The Basis of Deployment
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Websites
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Contact Center
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Social Media
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Mobile Applications
On The Basis of Mode
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Text
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Audio
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Video
On The Basis of End-User
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BFSI
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IT & Telecom
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Manufacturing & Automobile
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Sports & Entertainment
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Hospitality
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Healthcare
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Others
REGIONAL ANALYSIS:
The bot services business has grown significantly and continues to dominate in North America. This expansion accounts for variables such as the large presence of IT businesses in the United States. Furthermore, due to early adoption and developments in technology in the United States and Canada, the market is expected to maintain its dominance in this area. The Asia Pacific, on the other hand, is predicted to develop at the fastest rate due to emerging economies such as China, Japan, and India. However, Europe has a more established bot services sector that is predicted to develop steadily during the forecasted time.
REGIONAL COVERAGE:
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North America
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USA
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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KEY PLAYERS:
The major key players are Microsoft, IBM, Facebook, Google, Amazon Web Services, Nuance Communications, Aspect Software, Inbenta Technologies, Creative Virtual, 24/7 Customer.
| Report Attributes | Details |
| Market Size in 2022 |
US$ 1.87 Bn |
| Market Size by 2030 |
US$ 16.40 Bn |
| CAGR |
CAGR of 31.14% From 2023 to 2030 |
| Base Year |
2022 |
| Forecast Period |
2023-2030 |
| Historical Data |
2020-2021 |
| Report Scope & Coverage |
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• By Technology (Framework and Platform) |
| Regional Analysis/Coverage |
North America (USA, Canada, Mexico), Europe |
| Company Profiles |
Microsoft, IBM, Facebook, Google, Amazon Web Services, Nuance Communications, Aspect Software, Inbenta Technologies, Creative Virtual, 24/7 Customer |
| Key Drivers |
• Chatbot integration with social media to supplement marketing plan |
| Market Opportunities |
• User interaction on social media sites has increased |
Frequently Asked Questions (FAQ) :
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Bot Services Market Segmentation, by Technology
8.1 Framework
8.2 Platform
9. Bot Services Market Segmentation, by Business Function
9.1 Sales & Marketing
9.2 Human Resource
9.3 Finance
9.4 Supply Chain & Logistics
9.5 Information Technology
10. Bot Services Market Segmentation, by Deployment
10.1 Websites
10.2 Contact Center
10.3 social media
10.4 Mobile Applications
11. Bot Services Market Segmentation, by Mode
11.1 Text
11.2 Audio
11.3 Video
12. Bot Services Market Segmentation, by End-User
12.1 BFSI
12.2 IT & Telecom
12.3 Manufacturing & Automobile
12.4 Sports & Entertainment
12.5 Hospitality
12.6 Healthcare
12.7 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Microsoft
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 IBM
14.3 Facebook
14.4 Google
14.5 Amazon Web Services
14.6 Nuance Communications
14.7 Aspect Software
14.8 Inbenta Technologies
14.9 Creative Virtual
14.10 24/7 Customer.
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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