Global Bot Services Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2024-2032)

Global Bot Services Market Outlook

 The global bot services market size attained a value of nearly USD 1.64 billion in 2023. The market is assessed to grow at a CAGR of 27% between 2024 and 2032, to reach a value of around USD 14.08 billion by 2032.

Key Trends in the Market

A bot refers to a virtual computer programming system which can perform various tasks without any interference from humans. Bot services aim at providing internet-based intelligence software programs which imitate human activity to carry out repetitive automated tasks while supporting businesses to enhance their customer engagement.

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• Technological advancements, along with increasing IT spending across various industries such as BFSI, healthcare, and government, among others, are some of the key bot services market trends. Moreover, there is an increasing applicability of bot services in multiple channels, such as mobile, email, social media, and instant messaging apps.

• The growing integration of chatbots with AI to provide more meaningful insights and greater collaborations while improving customer experience is boosting the adoption of bot services across enterprises.

• The ability of bots to replace humans in customer service is a crucial trend aiding the market. Bot services can also improve the sales and marketing of organisations, which is another factor heightening their adoption among businesses.

Market Analysis

Based on technology, the market is segmented into framework and platform. On the basis of mode, the market is classified into text, audio, and video, among others. By deployment, the market is categorised into websites, contact centre, social media, and mobile applications, among others.

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Based on end-user, the market is classified into banking, financial services and insurance, retail and e-commerce, healthcare, telecom, government, education, and travel and hospitality, among others. The major regional market for bot services is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global bot services market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• [24]7.ai, Inc

• Amazon Web Services, Inc.

• Alvaria, Inc.

• Creative Virtual Ltd.

• Meta Platforms Inc.

• Alphabet Inc.

• International Business Machines Corp.

• Inbenta Holdings Inc.

• Microsoft Corp.

• Nuance Communications, Inc.

• Others

Market Share by Deployment

The mobile applications segment, based on deployment, accounts for a healthy share of the bot services market. Bot services greatly complement mobile applications by catering to individual user needs 24X7.

Bots’ ability to rapidly respond can increase customer engagement, hence boosting the traffic and scalability of a mobile app. Additionally, the increasing adoption of smartphones and tablets is heightening the incorporation of bots in various applications, thereby providing impetus to this segment.

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Market Share by End-User

Based on end-user, the banking, financial services and insurance segment is likely to witness fast-paced growth in the forecast period, as bot services can improve data storage and management. Such services also offer the potential to lower the burden on banking personnel and automate various tasks, leading to greater productivity.

In the coming years, the demand for bot services in banking and financial institutions for lead generation, customer acquisition, and automated round-the-clock customer support is likely to surge. Furthermore, the growing trend of improvised financial advisory is likely to bolster the bot services market growth.

Competitive Landscape

[24]7.ai, Inc is a leading software company which provides customer service software and services. The chatbots and AI tools offered by this company provide customised experiences to the end users. It is headquartered in California, the United States, and it aims to enhance the operational efficiency of businesses through its innovative solutions.

Amazon Web Services, Inc. is a renowned IT service management company offering on-demand cloud computing platforms and APIs to governments, organisations, and individuals. The company was established in 2006 and is headquartered in Washington, the United States.

Alvaria, Inc. is a leading software company which was founded in 1973 and is headquartered in Massachusetts, the United States. The company is known to offer enterprise-scale customer experience and workforce management solutions. Its solutions are widely used by healthcare providers, telecom providers, and commercial banks, among others.

Other market players include Creative Virtual Ltd., Meta Platforms Inc., Alphabet Inc., International Business Machines Corp., Inbenta Holdings Inc., Microsoft Corp., and Nuance Communications, Inc., among others.

Key Highlights of the Report