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 customer service automation during and post COVID-19 pandemic
coupled with rise in the need for real-time customer support at a lower
operational cost are expected to drive the adoption of bot services in the
market.
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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), [24]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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