According to a newly released Future Market Insights research, Bot Services market revenues were forecast to be US$ 1.2 billion in 2021 and are projected to increase at a CAGR of 27.4% from 2022 to 2032. The market is anticipated to reach a US$ 18 billion worth by the end of 2032.
Many businesses are automating their time-consuming and repetitive processes to reduce costs. Businesses are largely concentrating on automating customer service and sales in order to dramatically reduce costs. Chatbots with artificial intelligence capabilities are becoming more common. Implementing chat bots to automate portions of customer service and sales will result in significant labour cost savings for businesses.
Bots are pre-programmed chat interfaces that let users communicate with them on websites. Users of websites can get assistance from chat bots by getting the information they need, whilst interactive bots can turn visitors into buyers. Chat bots employ artificial intelligence to process language and interact with users. Several chat bots have been installed for messaging platforms including Skype, Facebook, Slack, and other important social media networking sites.
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By directly connecting the payment gateways with the assistant, chat bot developers can use these messaging systems for payment services. The potential to make modest commission fees is one of the market’s best opportunities. Chat bots are widely used in digital marketing to tell current clients about new products and services since they enable direct client communication.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in 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:
- In June 2022, Alvaria CX Suite, launched its first native product. This product line combines Noble Contact Center, Unified IP/Advanced List Management from Aspect, and voice solutions. Self-service, multichannel, fraud detection tools and compliant outreach round out the CX Suite.
- In November 2021, Baidu unveiled the PLATO-XL artificial intelligence model for conversation generation. More than one billion social media conversations, both in English and Chinese, were used to train it. PLATO-XL performs at the cutting edge on a number of conversational benchmarks, outperforming currently available commercial chat bots.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Bot Services Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Bot Services in terms Service (Framework, Platform) Mode Of Channel (Website, Contact Centers, Social Media, Mobile Applications) Enterprise Size (Large Enterprises, Small & Medium Enterprises) By Business Function (Sales & Marketing, Human Resource (HR), Finance, Supply Chain & Logistics, Information Technology (IT), Customer Engagement & Retention, Workforce Management, Agent Performance Management, Content Management, Appointment Scheduling, Employee Onboarding, Other Applications) Deployment Mode (On-premises, Cloud) Organization Size ( Large Enterprises, SMEs) Verticals (BFSI, Retail & eCommerce, Healthcare & Life Sciences, Media & Entertainment, Travel & Hospitality, IT & Telecom, Government, Other Verticals) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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