Bot Services Market Synopsis:
The bot services market is expected to reach approximately USD 7.3 billion by the end of 2030 at a CAGR of 31.40% during the forecasted period 2022-2030.
BOT services are one type of software designed for performing various tasks like reducing talking to another human being for query resolution. It can handle complex tasks like taxes also. The major concept of Bot is artificial intelligence to answer questions and helps in resolving the query faster and more efficiently. These are available on various websites dealing with customer support and services. Moreover, it is also available on social media like Facebook Messenger, Skype, and through an SMS. This service is very helpful in flight tickets, booking hotels, movie shows, and restaurants. These Bot services are highly demanded on the industry verticals like financial services, banking, retail, healthcare, media & entertainment, insurance, telecom, travel, and government.
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The global bot services market comprises of some of the key players and other vendors,
- 7.ai, Inc (U.S.)
- Amazon Web Services, Inc (U.S.)
- Aspect Software, Inc (U.S.)
- Astute, Inc (U.S.)
- Creative Virtual Ltd (U.K.)
- Facebook, Inc.(U.S.)
- Google LLC (U.S.)
Rapidly increasing artificial intelligence is propelling market growth. Growing the penetration of the Internet and online services across the globe is fueling the market growth. Growing usage of bots in various sectors like BFSI and e-commerce and the availability of various tools and platforms for developing and deploying bot services are escalating the growth of the market. Moreover, increasing demand for feature phones and the integration of highly advanced AI and NLP tools are boosting the market growth. Furthermore, rising investment, high demand for advanced services, urbanization, and digitization is accelerating the market growth.
The Bot services market opportunities are rising partnerships and widening the ecosystem is expanding the market growth.
The Bot services market is segregated into service, type, deployment, and end-user.
Service Segmentation: The Bot services are bifurcated into framework and platform.
Type Segmentation: The Bot service types are trifurcated into audio, video, and text.
Deployment Segmentation: Based on the deployment, the Bot services are classified into interacting with users and performing actions on their behalf.
End-User Segmentation: By end-user, the Bot services are categorized into various forms such as retail, healthcare, banking & financial services, media & entertainment, telecom, travel, and government services.
Based on the recent research, the global Bot Services market based on the region is sectioned into four major regions such as Asia-Pacific, North America, Europe, and the Rest of the World. Out of these regions, North America is holding the largest market share due to the huge presence of IT companies in this region. Moreover, early adoption and advanced technologies in the U.S and Canada are fueling the market growth in this region. Asia-Pacific is expected to grow a significant share due to the presence of emerging economies like India, China, and Japan.
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According to the latest report, the Bot services market forecast states that this service is expected to grow at a significant rate in the review period due to the rising investments, expansions, mergers, acquisitions, and introducing the innovative technological developments that are increasing the market growth. Highly advanced artificial intelligence (AI) and Natural Language Processing (NLP) tools are enhancing the market growth.
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