Bot Services Market Size (2023 - 2030)

The global bot services market size was worth USD 537 million in 2022 and is expected to increase and reach USD 7.9 billion by 2030. The market is expected to grow with a CAGR of 30.5% from 2022- 2030. 

Bots are essential helpers that reduce the need to talk to another human for query resolution. Bots depend on the theory of artificial intelligence (AI) to answer questions and assist to resolve the query in a brisk and effective method. 

MARKET DRIVERS

Adoption of online and internet-based services are increasing among end-users augments the bot services market growth. Consumers are increasing their expenditure on industrial sectors for outsourced advanced technologies and solutions to drive the bot services market. The adoption of advanced technologies like machine learning (ML) and artificial intelligence (AI) for customer services creates better business opportunities for service providers of bot services. 

The presence of huge software companies worldwide surge the bot services market growth further. In 2022, YES Bank collaborated with Microsoft has launched YES ROBOT supporting its customers to implement financial and non-financial banking transactions by using conventional artificial intelligence (AI). 

MARKET RESTRAINTS

However, lack of awareness related to the advantages of bot services in small and medium enterprises along with budget barriers for advanced technologies diminish the bot services market growth. Executing and combining bot services with present websites or resources require high capital investments hamper the market growth globally.

BOT SERVICES MARKET REPORT COVERAGE

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Segmentation Analysis

The global Bot Services market has been segmented and sub-segmented as follows:

Bot Services Market - By Service

• Framework
• Platform

Bot Services Market - By Channel

• Websites
• Contact Center and Customer Service
• Social Media
• Mobile Applications

Social media channel has promised to play a key role in the bot services market. Varied channels like SMS, e-mails, skype, and social media. 

Bot Services Market - By Mode

• Text and Rich Media
• Audio
• Video

The text and rich media mode segment are said to dominate the bot services market. It is an effective way for consumers to collaborate with bots. The number of social media users is increasing with the advancements in the natural learning process (NLP), AI, and machine-learning technologies.

Text bots are more adaptable and functional in terms of scalability. Users easily interact with bots through texts on messengers, Interactive Video Response (IVR), and social media platforms. 

Bot Services Market - By End-User Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Retail and eCommerce
• Healthcare
• Media and Entertainment
• Telecom
• Government
• Education
• Travel and Hospitality
• Real Estate
• Others (utilities, recruitment portals, and automotive)

The BFSI segment is dominating the end-user vertical segment in the bot services market. The BFSI segment delivers the most basic needs of the customers like loan queries, balance inquiries, and bank account details. 

By end-user vertical, the government segment is scheduled to rank as the second-largest market share in the bot services across the forecasted period. Bot services have changed the landscape of the government vertical providing a personalized experience and instant services. 

Regional Analysis

North America dominated the market for bot services with more than 38.0% of the share. Advanced technologies are adopted at the early stages along with rising supremacy of retail, e-commerce, healthcare boom the market growth in the region. The U.S and Canada are contributing majorly for the market to grow further. U.S and Canada adopt bot services to employ their customers. For advancing bot services, companies like Amazon, and Microsoft have invested highly. Users in the region show more interest in bot services. 62% of the consumers in the U.S are said to like using bot services to co-operate with businesses. 

In the U.S and Canada, 64% of the organizations decided to raise their investments in AI by 2022.

Europe is the more full-fledged market for bot services and is projected to exhibit secured and stable growth across the timeline period. 

However, the bot services market in Asia-Pacific is expected to extend the quickest growth during the timeline period. The market players are investing high capital in providing solutions and services throughout the region. Smart and advanced digital solutions across commercial offices and banking sectors are increasingly adopted. 

Latin American market for bot services is believed to have noticeable growth during the foreseen period. 

The Middle East and Africa is anticipated to have sluggish growth and the region is at its nascent stage. Facebook wants developers in MEA to create and invent new categories in gaming and entertainment, social good, and productivity and utility. 

Key Players

Here are some of the major vendors taking part in the global bot services market including Microsoft (US), IBM (US), Facebook (US), Google (US), Amazon Web Services (US), Nuance Communications (US), Aspect Software (US), Inbenta Technologies (US), Creative Virtual (UK), IPsoft (US), 24/7 Customer (US), CogniCor Technologies (Spain), Astute Solutions (US), Gupshup (US), Next IT Corp. (US), Kore.ai (US), Rasa Technologies GmbH (Germany), Pypestream (US), Avaamo (US), Pandorabots (US), LogMeIn (US), Artificial Solutions (Spain), Botego (Turkey), Chatfuel (US), Webio (Ireland), and Do You Dream Up (France).

Acquisitions

• In May 2018, Astute Solutions obtained Wilke Global, a technology company specialized in consumer relations software. The procurement will bolster the obtaining elements on agent and self-service tools backed by AI.

Recent Market Developments

• On April 12, 2022, Microsoft fixed to procure Nuance Communications for USD 19.7 billion. The company possesses 10,000 healthcare customers.
• On April 19, 2022, Bayer upgraded a new voice assistant available via Google Assistants for doctors named AMI.
• On November 04, 2022, Inbenta technologies disclosed new integrations with Zendesk Sunshine Conversations to utilize chatbots that can employ in complicated with small training using Inbenta's technologies.
• On July 08, 2022, IBM acquired Software-Bot Maker WDG Automation. 

COVID-19 Impact on Bot Services Market

The outbreak of novel coronavirus has affected millions of people globally. The increasing number of COVID-19 cases has resulted in imposing lockdowns across many countries leading to the hike in the bot services market. Various organizations have utilized these bot services to answer customer queries and other related information. 

Bot services provide required information related to the COVID-19 to millions of people. Certain companies are changing their traditional customer services by engaging AI-allowed bot services. For example, WHO introduced a Facebook Messenger version of its WHO Health Alert platform with immediate and correct information about COVID-19 in April 2022.