Bot Services Market Is Expected To Grow With A 19.3% CAGR By 2033, Fact.MR

The global bot services market is forecasted to reach $1.67 billion in fiscal year 2023, up from $1.4 billion in 2022. From 2022 to 2032, the market is expected to grow at a compound annual growth rate (CAGR) of 19.3%, reaching a value of $9.75 billion by the end of 2033.

According to Fact.MR, a market research and competitive intelligence provider, the adoption of bot services has been driven by the increasing use of the internet and online services globally. This growth is further accelerated by the availability of various tools and platforms that assist providers in developing and implementing bot services.

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The increasing adoption of bot services across multiple sectors, including banking, financial services, and insurance (BFSI), as well as eCommerce, is expected to significantly drive market growth during the forecast period.
Moreover, the integration of advanced AI and natural language processing (NLP) technologies, coupled with the rising demand for feature phones, is likely to accelerate market expansion in the near future.

The bot services industry also gains from the growing demand for improved services, digitization, urbanization, and enhanced government investment. Additionally, increased collaborations and a broadening ecosystem present lucrative opportunities for bot service providers.

Market Insights: Bot Services Market Growth Driven by Omnichannel Integration and Customer Experience Focus

According to market research and competitive intelligence provider Fact.MR, the bot services market experienced a compound annual growth rate (CAGR) of 16.5% from 2018 to 2022.

The increasing popularity of bots is driven by their versatile applications across various industries. The market for bot services is growing rapidly due to several factors, including the shift of many industries towards omnichannel platforms to enhance operational efficiency, the utilization of advanced consumer data, and a heightened focus on improving customer experience.

The retail sector is a leading adopter of bot services, leveraging them to maximize benefits. Industry giants like Amazon have made substantial investments in bot technology to more accurately cross-sell and upsell products and to gain deeper insights into customer behavior.

Prominent Players in The Global Market
• Microsoft
• IBM
• Google
• Oracle
• Artificial Solutions
• PeopleFluent
• Greenhouse Software
• ClearCompany
• Ultimate Software
• Silkroad Technology
• Trakstar Hire
• TalentNest
• SmartRecruiters

Surge in Chatbot Usage and Market Growth
As per IBM's most recent reports, Watson Assistant traffic increased by 40% between February 2020 and April 2020. In April 2020, Google responded to the rising customer demand by introducing the Rapid Response Virtual Agent, a specific variation of its Contact Center AI.

The demand for chatbots is rising as they help businesses convert website visitors into paying clients. Companies are seeking simple solutions to extend their reach, improve customer service, and provide a comprehensive client experience without hiring additional employees.

Chatbots built using advanced bot frameworks offer features such as inquiries about product specifications, shipment tracking, complaints, and payments, among others. A survey by clickz.com revealed that among customers using chatbot services in the United States, 52% used them for shipment tracking, 44% for order information, and 35% for payments.

Consequently, the chatbot market is expected to grow rapidly between 2023 and 2033.

Increasing Bot Services with the Top Technologies to Expand Regional Growth Prospects

According to Fact.MR, North America is the fastest-growing bot services market, capturing over 39% of the market share in 2023, and is projected to maintain its dominance throughout the analysis period.

This growth is driven by rapid technological adoption, including the expanding influence of retail, eCommerce, healthcare, and social media platforms in the region. Additionally, the significant presence of bot service providers further propels the regional market growth during this period.

Competitive Landscape
Prominent players in the bot services industry are capitalizing on the rapidly growing demand for chatbots across various applications. To expand their reach, these companies are engaging in collaborations, partnerships, and acquisitions with vendors of all sizes.

Key market developments include:
• Emirates NBD, a leading financial institution in the Middle East, introduced a voice banking Alexa skill in January 2022. This service allows customers in the UAE to set up the Alexa skill on Echo smart speakers and displays, as well as on mobile devices through Android and Alexa iOS apps.
• Matrixport, Asia's fastest-growing digital assets financial services platform, launched its automated Grid Trading Bot service in December 2021. Initially, this service supports trading pairs including BCH, ETH, BTC, and USDT/USDC, enabling users to set buy and sell orders within a specified price range.

Key Segments Covered In the Bot Services Market Report
• By Channel :
o Website
o Mobile Application
o Social Media
o Customer Care Service

• By Deployment :
o On-Premise
o Cloud

• By Mode of Interaction :
o Audio
o Video
o Text and Rich Media

• By End-Use Industry :
o BFSI
o Retail & eCommerce
o Healthcare & Life Sciences
o Media & Entertainment
o Travel & Hospitality
o IT & Telecom
o Government
o Others

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia and Oceania
o Middle East & Africa

Read More: https://www.factmr.com/report/bot-services-market

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