Bot Services Market Expected to Cross $6.7 billion by 2027, Growing at a CAGR of 33.2%: Report by MarketsandMarkets™

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Chicago, Jan. 24, 2023 (GLOBE NEWSWIRE) — The global Bot Services Market size to grow from USD 1.6 billion in 2022 to USD 6.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 33.2% during the forecast period, according to a new report by MarketsandMarkets™.  Various factors such as innovations in AI and ML technologies for smart bots resulting in better customer experience coupled with customer service automation during and post pandemic are expected to drive the adoption of bot services.

Browse in-depth TOC on “Bot Services Market”
311 – Tables
63 – Figures
335 – Pages

Scope of the Report

Report Metrics Details
Market size available for years 2016–2027
Base year considered 2021
Forecast period 2022–2027
Forecast units Value (USD Billion)
Segments covered Service Type, Mode of Channel, Interaction Type, Business Function, Application, Deployment Mode, Organization Size, Vertical, and Region
Geographies covered North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Drivers
  • Integration of chatbots with social media to augment marketing strategy
  • Rise in the need for 24×7 customer support at a lower operational cost
  • Customer service automation during and post COVID-19
Market Opportunities
  • Increased user engagement on social media platforms
  • Ability to replace human agents in customer service
  • Initiatives toward the development of self-learning chatbots to deliver a more human-like conversational experience
Companies covered Microsoft (US), IBM (US), Google (US), Oracle (US), AWS (US), Meta (US), Artificial Solutions (Sweden), eGain (US), Baidu (China), Inbenta (US), Alvaria (US), SAP (Germany), CM.com (Netherlands), Creative Virtual (UK), Kore.ai (US), [24]7.ai (US), Gupshup (US), Rasa (US), Pandorabots (US), Botego (US), Chatfuel (US), Pypestream (US), Avaamo (US), Webio (Ireland), ServisBOT (US), Morph.ai (India), Cognigy (Germany), Enterprise Bot (Switzerland), Engati (US), and Haptik (US).

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Bot services primarily refer to a development platform for the deployment of bots across varied channels, such as websites, mobile apps, social media platforms, and contact centers. A bot is an interactive tool within applications and acts as a conversational interface for end-users who can interact with it using text, audio, and video interface modes. Bots help businesses and organizations to improve customer experience by enhancing their customer communication channels.

The bot services market has been segmented by deployment mode into on-premises and cloud. The on-premises segment is expected to register a larger marker size during the forecast period. The on-premises deployment is done on the system of a user, wherein software gets installed within company premises. The on-premises deployment type includes purpose-built software installed in systems, such as mobiles, laptops, tablets, and desktops. It enables users to have full control over platforms, software, and data, which are managed by IT staff.

The bot services market by organization size has been categorized into SMEs and large enterprise. The SMEs is expected to have the higher growth rate during the forecast period. Reduced operational costs, government support, and enhanced IT infrastructure are the factors that influence the adoption of bot services among SMEs. Moreover, bots are cost-effective and highly efficient; hence, their adoption is expected to increase among SMEs in the coming years.

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The bot services market by organization size has been categorized into SMEs and large enterprise. The SMEs is expected to have the higher growth rate during the forecast period. Reduced operational costs, government support, and enhanced IT infrastructure are the factors that influence the adoption of bot services among SMEs. Moreover, bots are cost-effective and highly efficient; hence, their adoption is expected to increase among SMEs in the coming years.

The bot services market has been segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is expected to hold the highest CAGR during the forecast period. Some large multinational players are showing interests to open new offices in the region, and a lot of new entrepreneur setups are taking place, who are adopting the advanced AI technologies to have a competitive advantage over the established players. China, Japan, Singapore, and India have shown ample growth opportunities by adopting bot services in the market.

Major vendors in the global Bot Services Market Players Microsoft (US), IBM (US), Google (US), Oracle (US), AWS (US), Meta (US), Artificial Solutions (Sweden), eGain (US), Baidu (China), Inbenta (US), Alvaria (US), SAP (Germany), CM.com (Netherlands), Creative Virtual (UK), Kore.ai (US), [24]7.ai (US), Gupshup (US), Rasa (US), Pandorabots (US), Botego (US), Chatfuel (US), Pypestream (US), Avaamo (US), Webio (Ireland), ServisBOT (US), Morph.ai (India), Cognigy (Germany), Enterprise Bot (Switzerland), Engati (US), and Haptik (US).

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