Press release
Bot Services Market Growth Accelerates: Strategic Forecast Predicts $24.36 Billion by 2029
Bot Services Market Analysis
What Will the Bot Services Industry Market Size Be by 2025?
The size of the bot services market has massively expanded in the past few years. Its growth is projected to climb from $5.33 billion in 2024 to $7.11 billion in 2025, indicating a compound annual growth rate (CAGR) of 33.4%. Factors contributing to growth during the historic period include early advancements in ai and ml, increased customer demand, the integration of chatbot and mobile app, and the shift towards conversational interfaces.
What's the Long-Term Growth Forecast for the Bot Services Market Size Through 2029?
The market size for bot services is projected to undergo tremendous expansion in the coming years, reaching $24.37 billion by 2029 with a compound annual growth rate (CAGR) of 36.1%. The projected growth in the forecast period results from factors such as global expansion, self-learning capabilities, an emphasis on security, the integration of RPA and bots, along with integration with CRM systems. Significant trends anticipated during this forecast period include advancements in AI, growing customer expectations, integration of chatbots, voice and conversational AI, and automation of customer service.
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What Are the Key Growth Drivers Fueling the Bot Services Market Expansion?
The bot services market is poised for growth, driven by a rise in the utilization of bots across diverse sectors. Executed via software, bots simulate human-like conversations with individuals through text, video, or audio. Their role in various industries, where they help trim operational expenses and enhance worker productivity, has led to an increased need for bot services. Essentially, bots automate certain tasks and function without specific instructions from humans. For instance, a June 2022 survey by Tidio, a US technology firm specializing in marketing automation, chatbots, machine learning, live chats, and similar services, revealed that 62% of consumers use an internet chatbot for customer service. It also showed that 74% of business owners were pleased with the bot services provided. Thus, an uptick in bot usage across multiple sectors is set to fuel the bot services market.
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What Are the Key Trends Driving Bot Services Market Growth?
The emergence of new technologies is an influential trend observed in the bot services market. Major industry players are determined to establish their market presence by developing innovative technological solutions like artificial intelligence (AI), natural language processing (NLP), and voice-activated technology. For example, LogicHub, a network security company based in the U.S., launched AuDRA (Autonomous Detection & Response Assistant) in May 2022, marking the first AI-enabled threat hunting bot. This AI-augmented bot skillfully detects threats, aberrations, and attacks spanning countless security events across network, cloud, endpoint, and hybrid data sources.
How Is the Bot Services Market Segmented?
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 And Entertainment, Telecom, Travel, Government
Subsegments:
1) By Text: Chatbots, Messaging Bots
2) By Audio: Voice Assistants, IVR (Interactive Voice Response) Systems
3) By Video: Video Chatbots, Virtual Assistants With Video Capability
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Which Companies Are Leading the Charge in Bot Services Market Innovation?
Major companies operating in the bot services market 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, Pandorabots, Botego, Chatfuel, Pypestream, Webio, ServisBOT
Which Regions Are Leading the Global Bot Services Market in Revenue?
North America was the largest region in the bot services market share in 2024. The regions covered in the bot services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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