Bot Services Market Expected to Reach $7.8 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Bot Services Market by technology, mode, deployment and end user: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global bot services market size was valued at $0.53 billion in 2020, and is projected to reach $7.8 billion by 2030, registering a CAGR of 30.7% from 2021 to 2030.

Handling consumer queries in real-time can get a little tricky in some cases. Major business corporations like Amazon (which has been using data analytics tools in their ecosystems for more than a decade). Amazon with the partnership with their subsidiary Amazon web services has developed specific algorithms focused on the analyzing needs of its customers and giving out accurate responses according to the needs of their customers, thanks to its army of in-house data scientists and analysts. Furthermore, corporations like Amazon, which have deal with millions of customers on a daily basis, employing thousands of employees to help each customer query will take a lot of valuable resources and time; advanced chatbots are used to deal with these issues.

Smaller businesses can also benefit from using chatbots for their customer support and even internal activities, which may help them save costs and capital resources that could be employed towards the growth of their business. Hence, Bot Services solutions are employed by businesses and the Bot Services market growth is promised.

In 2019, the global Bot Services market share was dominated by the social media, and is expected to maintain its dominance in the upcoming years, as developments in technology such as the deployment of web and cloud-based platforms increased the need for security and contributed to the growth of the market. Furthermore, Chatbots are already having a significant impact on customer service and marketing processes in companies. Thus, the scope regarding the usage of bots within the business has increased.

Within the bot services market analysis, mobile applications is estimated to emerge as fastest growing segment, Advancement in AI development is impacting the 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 the mobile application development process and build a strategy that involves engagement and communication with the customer through the bot services.

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 global COVID pandemic has bought a colossal positive impact on the global Bot Services market, Bot Services market is expected to grow post the COVID-19 pandemic. This is attributed to the fact that with the COVID-19 pandemic on the rise, and a majority of the population working from their homes bots were employed by the services industries to help their clients resolve their queries on time. Furthermore, chatbots sales saw their rise in the healthcare sector during the times of the COVID-19 pandemic, as many public and private backed health care portals used to chat and voice bots for basic healthcare assessment and diagnosis of home quarantined patients.

Key Findings Of The Study

• By technology, in 2020 the framework is estimated to be the major shareholder. However, platform is expected to witness highest growth rate during the forecast period.
• On the basis of deployment, the social media segment accounted for the highest revenue in 2020, however, the mobile application is expected to witness highest growth rate during the forecast period.
• On the basis of mode, the audio segment accounted for the highest revenue in 2020, however, the video is expected to witness highest growth rate during the forecast period
• On the basis of end user, the BFSI sector accounted for the highest revenue in 2020, however, the healthcare segment is expected to witness highest growth rate during the forecast period.
• Region wise, the network security market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Some of the key companies mentioned within the report are Microsoft Corporation, IBM Corporation, Facebook, Google, Amazon Web Services, Nuance Communications, Aspect Software, Inbenta Technologies ,Creative Virtual ,24/7 Customer.