Press release
Bot Services Market Size Reach USD 7.8 Billion by 2030, Key Factors Behind Market's Growth
Enhanced customer experience and compatibility with advanced data analysis and emergence of deep learning tools drive the growth of the bot services market. Advancements in the field of artificial intelligence & machine learning and developments in digital media platforms and their growing impact on businesses are anticipated to create lucrative opportunities in the industry.
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The global bot services market size was valued at USD 537 million in 2020, and is projected to reach USD 7.8 billion by 2030, registering a CAGR of 30.7% from 2021 to 2030.
The bot services industry is mainly segmented into technology, mode, deployment, end user, and region. On the basis of technology, the market is segmented into framework and platform. By mode, it is divided into text, audio, and video. By deployment, it is segmented into websites, contact center, social media, and mobile applications. On the basis of end user, it is segmented into banking, financial services, and insurance (BFSI), retail & ecommerce, healthcare, media & entertainment, telecom, government, education, travel and hospitality, real estate, and others. The market is mainly studied across North America, Europe, Asia Pacific and LAMEA.
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Based on mode, the audio segment contributed to around two-thirds of the total market share in 2020, and is anticipated to dominate by 2030. Simultaneously, the text segment would cite the fastest CAGR of 31.9% throughout the forecast period.
Based on technology, the framework segment accounted for around two-thirds of the total market revenue in 2020, and is expected to lead the trail by 2030. The platform segment, on the other hand, would register the fastest CAGR of 31.9% during the forecast period.
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Based on region, North America held the major share in 2020, garnering nearly two-fifths of the global bot services market. At the same time, the market across Asia-Pacific would showcase the fastest CAGR of 33.0% from 2021 to 2030. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global bot services market report include IBM Corporation, Facebook, Google, Amazon Web Services, 24/7 Customer, Nuance Communications, Aspect Software, Inbenta Technologies, Microsoft Corporation, and Creative Virtual.
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Impact of COVID-19 on Bot Services Market-
► As the world started relying more and more on digital alternatives to enact social distancing norms, chat and voice bots were extensively adopted across several industries.
► For example, some of the foodservice industry-based businesses employed voice and chatbots for booking appointments, getting hold of customer orders, and taking feedback from their clients. Similar methods were also used by many small (or medium) consumer-facing businesses.
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