Bot Services Market Overview, Outlook, Size, Share, and Demand 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Bot Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The bot services market size has grown exponentially in recent years. It will grow from $4.03 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%. The growth in the historic period can be attributed to initial ai and ml advancements, rise in customer demand, chatbot integration , mobile app integration, shift towards conversational interfaces.

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 and bot integration, integration with crm systems. Major trends in the forecast period include ai advancements , rise in customer expectations , chatbot integration, voice and conversational ai, customer service automation.

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Market Drivers and Trends:

The increasing e-commerce penetration is expected to propel the growth of the bot services market. E-commerce, refers to the buying and selling of goods and services over the Internet. E E-commerce platforms deploy chatbots to provide real-time assistance to customers. These bots can answer common queries, guide users through the website, assist in product selection, and resolve issues. For example, according to the International Trade Administration, an agency in the United States Department of Commerce, e-commerce sales in Canada were estimated to be around $2.34 billion in March 2022. By 2025, it is predicted that retail e-commerce sales will reach $40.3 billion. Also, according to ecommerceDB, a Hamburg-based IT services and IT consulting company, the Russian e-commerce market is anticipated to grow by 67.2% in 2023, which will help contribute to the 10.4% global growth rate for 2023. Therefore, the increasing e-commerce penetration will drive the growth of the bot services market.

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), and voice-activation technology to strengthen their market position. For instance, in May 2022, LogicHub, a US-based computer and network security company, launched AuDRA (Autonomous Detection & Response Assistant), the first AI threat hunting bot. This AI-powered threat hunting bot detects threats, anomalies, and attacks from an infinite number of security events across network, cloud, endpoint, and hybrid data sources.

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Major Key Players of the Market:

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, Pandorabots, Botego, Chatfuel, Pypestream, Webio, ServisBOT

Bot Services Market 2024 Key Insights:

• 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%.
• Driving Growth Across Industries With Automated Services
• Technological Advancements Redefining The Bot Services Landscape
• North America was the largest region in the bot services market share in 2023

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This release was published on openPR.