Bot Services Market Research, 2030
The global bot services market size was valued at $537 million in 2020, and is projected to reach $7.8 billion by 2030, registering a CAGR of 30.7% from 2021 to 2030.
Bot services offer the ability to add intelligent agents that are capable of conversation without having to commit resources to develop one’s own AI. The service can be added to websites, apps, emails, GroupMe, Facebook Messenger, Kik, Skype, Slack, Microsoft Teams, Telegram, SMS, Twilio, Cortana, and Skype for Business.
In 2019, the global bot services market share was dominated by the social media segment, and is expected to maintain its dominance in the upcoming years as developments in technology such as deployment of web and cloud-based platforms increased the need for security and contributes toward growth of the market. Furthermore, chatbots have a significant impact on customer service and marketing processes in companies. Thus, the scope regarding usage of bots within the business has increased.
Within the market, mobile applications is estimated to emerge as fastest growing segment, Advancements in AI development impacts chatbots application development process to a great extent. Chatbots are becoming intelligent day-by-day and revolutionizing diverse businesses. As mobile apps are becoming one of the best platforms to engage the audience, it makes more sense to integrate a chatbots in mobile application development processes and build a strategy that involves engagement and communication with customers through bot services.
Cloud migration has also promoted adoption in the form of underlying cloud features, such as scalability, agility, cost-effective storage options, and access to huge processing power, complementing the ability to harvest big data. In addition, cloud computing technology has become mainstream, and seamless connectivity provided by it is making it accessible and leading to generation of Big Data and applications.
According to the Right Scale of the Annual State of the Cloud Report 2019, 91% of businesses use public cloud and 72% use private one. Therefore, advent of cloud technology is also increasing growth of the market. In addition, many industrial and automotive manufacturers are implementing IoT tools to leverage forecast maintenance and sophisticated data analytics to improve productivity and availability and add value to their business offerings.
The report focuses on growth prospects, restraints, and bot services market analysis. The study provides Porter’s five forces analysis of the bot services industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the bot services market trends.
By Technology
Platform is projected as one of the most lucrative segments.
Segment Review
The bot services industry is mainly segmented into technology, mode, deployment, end user, and region. On the basis of technology, the market is segmented into framework and platform. By mode, it is divided into text, audio, and video. By deployment, it is segmented into websites, contact center, social media, and mobile applications. On the basis of end user, it is segmented into banking, financial services, and insurance (BFSI), retail & ecommerce, healthcare, media & entertainment, telecom, government, education, travel and hospitality, real estate, and others. The market is mainly studied across North America, Europe, Asia Pacific and LAMEA.
By Region
APAC is projected as one of the most significant region.
Top Impacting Factors
Factors such as intense focus on customer experience followed by compatibility with advanced data analysis and deep learning tools majorly propels the market growth. However, bots misinterpreting or not understanding context of customers mainly restrain the market growth. Advancements in the field of Artificial Intelligence and Machine Learning is estimated to have a lucrative effect on the overall bot services market opportunity.
Advancements in the field of Artificial Intelligence and Machine Learning
Customer experience is a well-developed and integrated element of most organizations, and it is critical for growth of a company and customer loyalty. Push for digital service solutions, as well as growth of AI-based agents are critical for future success of chatbots and bot services.
Customer service is becoming increasingly automated and customer relations management systems are using AI to improve and expand their relationship with the clients. Larger organizations can now afford to employ a single service for their entire CRM branch as long as it is suitable. This is attributed to development of specific customer service suites and bot services tailored to their business models. Similarly, smaller, and medium-sized companies can pick and choose from services and features that are most appropriate for them and their clients.Advancements made in the bot services industry have made chatbots able to understand a higher degree of human conversation and enabled to be trusted to help customers with basic issues.
Growth of digital media platforms and their growing impact on businesses
Social media platforms have evolved to become a really important part of modern-day businesses. Every firm has been growing its roots on social media platforms to attract more new customers for their business. Chatbots are providing such enterprises ways to communicate with their consumers more quickly and efficiently. This reflects positively on the future of the bot services market as social media platforms become much more engaging and part of everyday lives of average users.
Moreover, chatbots on social media sites such as Twitter and Facebook may be used to disseminate information on a certain issue faster than a human could, broadening their range of uses even more.
Impact of COVID-19 Pandemic on Bot Services Market
Post COVID-19, the size of the global bot services market forecast is estimated to be $ 537 million in 2021, and is projected to reach $ 7,809 million by 2030. The bot services industry grew comfortably during the COVID-19 pandemic as the world relied more and more on digital alternatives to enact social distancing norms chat and voice bots were adopted into many industries.
For instance, some of the foodservice industry-based businesses (that were dealing with limited availability and shortages in staff) employed voice and chatbots for booking appointments, taking customer orders, and taking feedback from their clients. Similar, methods were used by many small (or medium) consumer-facing businesses. These new scopes for bot services paired with their growing applications in healthcare diagnosis and online consumer support services propel the bot services market growth. The global market of bot services thrived during the pandemic, and is expected to grow further in the coming years.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the bot services market along with current trends and future estimations to elucidate imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of Bot Services market for the period 2020–2030 is provided to determine the market potential.
Bot Services Market Report Highlights
| Aspects | Details |
 By Technology |
|
 By Mode |
|
 By Deployment |
|
 By End User |
|
 By Region |
|
 Key Market Players | FACEBOOK, INC., INTERNATIONAL BUSINESS MACHINES CORPORATION, AMAZON WEB SERVICES, INC., NUANCE COMMUNICATIONS, INC., GOOGLE LLC, ASPECT SOFTWARE, CREATIVE VIRTUAL LTD, INBENTA TECHNOLOGIES INC, .[24]7.AI, INC, MICROSOFT CORPORATION |
Analyst Review
According to CXOs of the major companies, the Bot Services market is experiencing a rapid growth, owing to major focus on customer experience. New age chatbots are an important part of today's business environment; chatbots are typically deployed in the frontlines to help both customers and employees exchange and process important information in a short amount of time, making the entire process a lot faster and easier for the consumer; faster processing and handling of consumer requests helps save customers' time. Traditional human-based support systems might take days to even allocate employees to client questions, causing frustration and distrust in the system. This can harm the company's reputation and credibility when these systems are overworked. Chatbots are deployed to help customer state their issues while an actual employee can assess their problem and help them with their issue(s), creating a much more fluent ecosystem and provide consumers with a sense of satisfaction and trust.
Customer experience is a well-developed and integrated element of most organizations, and it is critical to the company's growth and customer loyalty. The push for digital service solutions, as well as the growth of AI-based agents, are critical to future success.
Customer service is becoming increasingly automated, and customer relations management systems are using AI to improve and expand what we presently consider the life of a relationship. Larger organizations can now afford to employ a single service for their entire CRM branch, as long as it is the suitable one, thanks to the development of specific customer service suites and bot services tailored to their business models. Similarly, smaller, and medium-sized companies can pick and choose from services and features that are most appropriate for them and their clients.
Advancements made in the bot services industry have made chatbots able to understand a higher degree of human conversation and have enabled them to be capable enough to be trusted to help customers with some basic issues they might be facing. Whereas a few years back bot services can only be trusted to greet customers and transfer them to a human which will then address their concerns.
The bot services market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the share. The degree of concentration is expected to remain same during the forecast period. Furthermore, Chatbots on social media sites such as Twitter and Facebook may be used to disseminate information on a certain issue far more faster than a human would, broadening their range of uses even more.
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