Dublin, July 27, 2022 (GLOBE NEWSWIRE) -- The "Bot Services Market" report has been added to ResearchAndMarkets.com's offering.
The global bot services market is projected to grow from USD 1.6 billion in 2022 to USD 6.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 33.2%
Various factors such as initiatives toward the development of self-learning chatbots to deliver a more human-like conversational experience, ability to replace human agents in customer service, and increased user engagement on social media platforms are expected to offer opportunities for the bot services market across the globe.
Bots are primarily used as conversational tools to improve end user engagement, thereby enhancing user experience. Bots have become a predominant component of Artificial Intelligence (AI)-driven technologies over the past few years. There have been continuous developments in building highly advanced frameworks and platforms catering efficiently to end users. Recently, the deployment of bots has increased significantly across various verticals.
Factors such as integration of chatbots with social media to augment marketing strategy, innovations in AI and ML technologies for chatbots resulting in better customer experience, rise in the need for 24x7 customer support at a lower operational cost, customer service automation during and post COVID-19, and minimization of human errors leads to an increase in accuracy to boost the demand for bot services in the market. Organizations across the globe are dedicatedly investing in AI and ML technologies to improve user experience and stay competitive in the changing market environment.
COVID-19 has wreaked havoc on people's lives and livelihoods across the world. Individuals and customer service teams found it challenging to handle client inquiries and maintain satisfaction metrics to respond to the urgent needs of their customers. Customer interactions with firms, particularly during times of crisis, can have an instant and lasting impact on their sense of trust and loyalty.
Customer experience (CX) leaders need to adapt and react to longer-term changes in customer behavior. Both the decrease in disposable income and the psychological impact of COVID-19 have an impact on consumer spending. Consumers in Brazil, Japan, Italy, and Spain, for example, have ceased making non-essential purchases and have become pickier, feeling more financially overwhelmed and prioritizing financial recovery.
The content management segment to register for the highest CAGR during the forecast period
Based on applications, the bot services market is segmented into customer engagement & retention, workforce management, agent performance management, content management, appointment scheduling, employee onboarding, and others. The content management segment is estimated to witness highest growth rate during the forecast period. Customers these days want to read bite-sized content.
Bots can be programmed to just offer news summaries and share specifics as users inquire about them. Thus, bots become a great technique for media publishers to communicate with their audiences and track engagement to acquire useful information about reader interests. Moreover, bot services provide users with a rich set of responses by incorporating various different response types to improve the user experience.
The social media segment to account for the highest CAGR during the forecast period
Based on mode of channel, the bot services market is segmented into website, contact centers, social media, and mobile applications. The social media segment is expected grow at a higher CAGR during the forecast period. Social media platforms include messenger apps and social media networks, such as Facebook, YouTube, Twitter, Skype, Kik, Telegram, WeChat, and Line.
A massive number of active users on social media platforms is driving businesses to communicate with the end users via bots on these social media platforms. Bots implemented on social media platforms help organizations deliver personalized, self-service, and social experiences to their customers.
Asia Pacific to hold highest CAGR during the forecast period
The Asia Pacific bot services market is expected to grow at the highest CAGR of 36.3% from 2022 to 2027, due to growing industrialization in this region.
This market is also expected to account for the significant adoption of bot services. Countries such as China, Japan, and India are leveraging information-intensive AI technologies, and bot service is one of the leading technology trends. IBM, Google, and AWS are the vendors operating in the market in the region, along with several other significant bot service providers.
The adoption of AI technologies by companies across different verticals, such as BFSI, travel, hospitality, and retail, is expected to contribute to the growth of the bot services market in Asia Pacific.
Premium Insights
- Integration of Chatbots with Social Media Platforms to Augment Marketing Strategy and Innovations in AI and ML Technologies
- The Content Management Segment to Grow at the Highest CAGR During the Forecast Period
- North America to Hold the Largest Market Share in 2022
- The Customer Engagement & Retention Application and the BFSI Vertical to Account for the Largest Shares in the Market in 2022
Market Dynamics
Drivers
- Integration of Chatbots with Social Media to Augment Marketing Strategy
- Innovations in AI and ML Technologies for Chatbots Resulting in Better Customer Experience
- Rise in the Need for 247 Customer Support at a Lower Operational Cost
- Customer Service Automation During and Post COVID-19
- Minimization of Human Error Leads to Increased Accuracy
Restraints
- The Inability of Bots to Make Dynamic Decisions
- Lack of Accuracy in Voice Authentication of Users
Opportunities
- Increased User Engagement on Social Media Platforms
- Ability to Replace Human Agents in Customer Service
- Initiatives Toward the Development of Self-Learning Chatbots to Deliver a More Human-Like Conversational Experience
Challenges
- Reluctance to Use Bots for Various Applications
- Shortage of Skilled Workforce for Better Execution of the AI-Based Projects
- Cumulative Growth Analysis
Industry Trends
- Bot Services Market: Evolution
Ecosystem
- Supply Chain Analysis
- Market: COVID-19 Impact
- Trends/Disruptions Impacting Buyers/Clients of the Market
Technology Analysis
- Machine Learning and Bot Services
- Deep Learning and Bot Services
- Natural Language Processing and Bot Services
- Cloud Computing and Bot Services
Case Study Analysis
BFSI
- Case Study: Bradesco and IBM Worked Together to Develop a Team That Taught Watson About the Bank's Products and Services to Have Better Interaction with Clients
- Case Study: Elevating Customer Support for the World's Leading Insurance Company Using AI
- Case Study: Enabling Citibank to Provide Seamless Customer Experience
Healthcare and Life Sciences
- Case Study: Simplifying Prescription Refills Through a Contextual AI Assistant
- Case Study: Tia Selected Rasa's NLU to Incorporate HIPAA Compliance and Improve Efficiency
IT and Telecom
- Case Study: Transforming Vodafone's Customer Care Strategy with a Digital Assistant Built on Azure Cognitive Services
- Case Study: Elisa Estonia Deployed Mindtitan's Chatbot to Analyze Incoming Chats and Improve Customer Experience
- Case Study: Indian Information Systems Company Processes Huge Number of Records a Day
Retail and e-Commerce
- Case Study: Leading UK Integrated Digital Retailer and Financial Services Provider Fully Embraced Conversational Customer
Engagement
- Case Study: Enabling Retailers to Deliver Personalized Conversational Experiences Across a Range of Customer Touchpoints
Government
- Case Study: Built the World's Largest WhatsApp Chatbot for the Government of India's Ocial COVID-19 Helpline
Media and Entertainment
- Case Study: Dream 11 Implemented Haptik's Support Bot to Enhance Customer Support During Seasonal Spike
- Case Study: Pandorabots Provides Superfish with a Standardized Solution for English Language Learning in Rural Areas of China
Regulatory Implications
- General Data Protection Regulations
- Health Insurance Portability and Accountability Act
- Payment Card Industry Data Security Standards
- Sarbanes-Oxley Act of 2002
- SOC 2 Type II Compliance
- ISO/IEC 27001
- The Gramm-Leach-Bliley Act
Companies Mentioned
- [24]7.AI
- Alvaria
- Artificial Solutions
- Avaamo
- AWS
- Baidu
- Botego
- Chatfuel
- CM.com
- Cognigy
- Creative Virtual
- eGain
- Engati
- Enterprise Bot
- Gupshup
- Haptik
- IBM
- Inbenta
- Kore.AI
- Meta
- Microsoft
- Morph.AI
- Oracle
- Pandorabots
- Pypestream
- Rasa
- SAP
- ServisBOT
- Webio
For more information about this report visit https://www.researchandmarkets.com/r/xwhux2
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