Bot Services Market size 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% during the forecast period according to report published by MarketsandMarkets. Various factors such as rise in need for 25x7 customer support at a lower operational cost coupled with minimizing of human errors leads to an increase in accuracy are expected to drive the adoption of bot services in the market. Bot services in the sales & marketing business function enables internal communication between the business and its customer base in a form of one-on-one communication that directly targets the audience.
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According to Microsoft, Azure Bot Service provides an integrated development environment for bot building. Its integration with Power Virtual Agents, a fully hosted low-code platform, enables developers of all technical abilities to build conversational AI bots without the need for any further coding. The integration of Azure Bot Service and Power Virtual Agents enables a multidisciplinary team with a range of expertise and abilities to build bots inside a single software as a service (SaaS) solution.
Healthcare and Life Sciences vertical to witness the highest CAGR during the forecast period
The segmentation of the bot services market by vertical includes BFSI, retail & eCommerce, healthcare & life sciences, media & entertainment, travel & hospitality, IT & telecom, government, and others (automotive, utilities, education and real estate). The healthcare industry is developing rapidly due to many major technological advancements to enhance the overall patients experience. Hospitals and other health institutions are increasingly adopting bot services to improve the overall experience of patients, doctors, and other staff. Additionally, bot services can enhance patient experience and build patient loyalty, while improving organizational efficiency. Moreover, bots, also known as virtual health assistants, notify patients about their medication plan, address concerns, deliver diagnosis reports, educate them regarding certain diseases, motivate them to exercise, and personalize user experience.
Large Enterprises segment to register for the higher market size during the forecast period
Based on organization size, the bot services market is segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. Large enterprises have a large customer base that is to be managed via collaborative work teams to enhance customer experience. Bots can handle a large number of queries in multiple formats and languages, and provide self-support services to customers and help them get whatever information they seek, thus enhancing customer service.
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Asia Pacific to have the highest CAGR during the forecast periods
The bot services market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting cloud-based bot services, as these services help improve their operational efficiency, streamline their operations, and enhance the prevailing customer experience. China, Japan, and India are displaying ample growth opportunities in the bot services market.
Some major players in the Bot Services Market include Microsoft (US), IBM (US), Google (US), Oracle (US), AWS (US), Meta (US), Artificial Solutions (Sweden), eGain (US), Baidu (China), Inbenta (US), Alvaria (US), SAP (Germany), CM.com (Netherlands), Creative Virtual (UK), Kore.ai (US), 7.ai (US), Gupshup (US), Rasa (US), Pandorabots (US), Botego (US), Chatfuel (US), Pypestream (US), Avaamo (US), Webio (Ireland), ServisBOT (US), Morph.ai (India), Cognigy (Germany), Enterprise Bot (Switzerland), Engati (US), and Haptik (US).
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Last updated September 20, 2022