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Bot Services Global Market 2024: Analysis, Growth, Trends And Forecast
Bot Services Market
The bot services market size is expected to see exponential growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%. The growth in the forecast period can be attributed to global expansion, self-learning capabilities , focus on security, rpa & bot integration, integration with crm systems. Major trends in the forecast period include ai advancements , rise in customer expectations , chatbot integration, voice & conversational ai, customer service automation.
Market Overview -
The bot services refer to automated web services that provide a conversational interface with the bots, in which users interact with the bots using text, graphics (such as cards or images), or speech. The primary purpose of bot services is to automate some processes that can function without direct human guidance. These bots reduce the organization's functional time & increase work efficiency by automating certain services with the help of bots.
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Driving Growth Across Industries With Automated Services
The increase in usage of bots in various sectors is expected to propel the growth of the bot services market. Bots are run through software that replicates human-like discussions with people via text messages, video, or audio. Due to the involvement of such bot automation processes in multiple industries to cut operational costs & increase employee efficiency, the dem& for bot services has increased as they automate certain tasks & can run without specific human instructions. For instance, in June 2022, a survey of 774 online business owners conducted by Tidio, a US-based technology, information, & internet company specialized in marketing automation, chatbots, machine learning, live chats, & other related services, found that 62% of customers are using an online chatbot for customer service. The survey also pointed out that 74% of business owners are satisfied with the bot services offered. Therefore, the increase in usage of bots in various sectors will drive the bot services market.
Competitive L&scape -
Major companies operating in the bot services market report are Microsoft Corporation, International Business Machines Corporation, Meta Platforms Inc., Amazon Web Services, Nuance Communications Inc., Aspect Software, Inbenta Technologies Inc., Creative Virtual Ltd., CogniCor, Astute Inc., Google LLC, Kore Inc., Next IT Corporation, Avaamo Inc., Rasa Technologies GmbH, Oracle, Artificial Solutions, eGain, Baidu, Alvaria, SAP, CM.com, Gupshup, P&orabots, Botego, Chatfuel, Pypestream, Webio, ServisBOT
Technological Advancements Redefining The Bot Services L&scape
Technological advancements are a key trend gaining popularity in the bot services market. Major companies operating in the bot services market are focused on developing new technological solutions such as artificial intelligence (AI), natural language processing (NLP), & voice-activation technology to strengthen their market position. For instance, in May 2022, LogicHub, a US-based computer & network security company, launched AuDRA (Autonomous Detection & Response Assistant), the first AI threat hunting bot. This AI-powered threat hunting bot detects threats, anomalies, & attacks from an infinite number of security events across network, cloud, endpoint, & hybrid data sources.
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Key Segments -
The bot services market covered in this report is segmented -
1) By Type: Text, Audio, Video
2) By Service: Framework, Platform
3) By Deployment: Social, Media, SMS, Website, Cloud
4) By End-User: BFSI, Retail, Healthcare, Media & Entertainment, Telecom, Travel, Government
Key highlights covered in the report -
1. Detailed market size forecast & historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends & potential opportunities in the market
4. Analysis of major players strategies, to underst& competitive dynamics & market positioning
5. Evaluation of regional dynamics
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