Bot Services Market Share, Size, Trends, Industry Analysis Report, By Mode Type (Text and Rich Media, Audio, and Video); By Deployment; By End-Use; By Region; Segment Forecast, 2022 - 2030
- Published Date:Nov-2022
- Pages: 117
- Format: PDF
- Report ID: PM2776
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global bot services market was valued at USD 1.27 billion in 2021 and is expected to grow at a CAGR of 33.67% during the forecast period.
A wide range of applications using bot services, including banking, retail, healthcare, financial service, media & entertainment, telecom, and government across the globe, is a major driving factor for the growth of the global market. The efficiency and performance of bots have significantly increased owing to continuous development in artificial intelligence and machine learning that enables devices to improve their functions automatically is further anticipated to propel the demand and growth of the global market over the forecast period.
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Moreover, several factors, such as the rising focus on improved customer experience and continuously growing investments in the research & development sector, have paved the way for the growth of the market for the coming years at a significant growth rate.
In addition, high engagement on various social media platforms coupled with the rising deployment of natural language processing tools is estimated to impact the global market positively during the forecast period. For instance, in September 2022, akaBot, an emerging robotics solution provider in the Asia Pacific region, a subsidiary of FPT software and global no-code enterprise WEM combined with supporting more advanced and intelligent Invoicing Automation Application.
The global outbreak of the COVID-19 pandemic has significantly affected almost every industry, and the hardware business segment is estimated to be the most impacted sector during the pandemic. The growth and demand for the IT sector have slowed down due to the significant decrease in supply and manufacturing capacity. However, several applications, including analytics, security solutions, and artificial intelligence, are projected to rise soon. Moreover, due to the COVID-19 pandemic, consumer demand is likely to migrate towards online channels, which could have an irreversible impact on global consumers and expand businesses’ online presence.
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Industry Dynamics
Growth Drivers
The rising integration of several types of chatbots with social media to augment the marketing strategy as consumers search online for the information in which they are interested, which is fast and easier, is one of the key major factors driving the growth of the global market during the forecast period.
Preference for choosing to automate customer care on various social media platforms with the help of a chatbot can help businesses in many ways, such as a smart assistant who can talk or communicate with consumers in a manner and gather information about products in which customers are most interested in, that is propelling the global market growth over the forecast period.
However, the inability of bots to make dynamic decisions, as they are completely trained only to know what they have been taught. Bots are not able to get to know what is good or what is bad and are incapable of comprehending the context of humans, which is likely to be the major factor restraining the global market growth throughout the forecast period.
Moreover, high shortage of skilled workforce for better and improved execution of artificial intelligence-based projects, which includes several complex tools like NLP and ML. These factors are anticipated to become the most influencing challenges from which global organizations is likely to have some negative impact on the demand for bot services.
Report Segmentation
The market is primarily segmented based on mode type, deployment, end-use, and region.
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By Mode Type |
By Deployment |
By End-Use |
By Region |
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Audio segment is expected to witness significant market growth
The audio segment is expected to witness a significant rate of growth over the forecast period owing to the wide usage of audio-based bot services by global telecom service providers. In addition, audio bots offer various services like product & service analysis, information provision, task integration, and question management, which has led to high growth of the segment market across the globe.
Furthermore, text and media segment accounted for the largest revenue share. An extensive rise in social media influencers, natural language processing, machine learning, and availability of highly advanced artificial intelligence technologies, especially in developed nations, including the United States, Canada, France, and Japan, are the key factors driving the segment’s growth.
Website segment accounted for the largest market share in 2021
A tremendous growth in the number of internet users coupled with the rising prevalence of advanced chat interfaces to attract visitors is the major factor driving the growth of the website segment over the coming years. Additionally, features of chatbots to simplify things for visitors on the website and the ability to convert visitors into potential customers are also anticipated to be some other factors driving the growth of the segment throughout the forecast period.
In addition, social media segment is projected to have fastest growth rate during the forecast period due to the significantly rising user engagement on various online platforms. Moreover, technological advancements across the globe, coupled with the increasing focus by major companies to enhance their social media presence to attract new customers, are likely to drive the revenue growth of the social media segment.
BFSI segment is expected to hold the significant revenue share
An increasing number of services providing by chatbots, including balance inquiries, bank account detail, several loan queries, and others to the global customers of BFSI companies, is fueling the growth of the market during the forecast period. This variety of services offered by chatbots allows companies’ customer service representatives to resolve complex problems or issues and helps to create an improved banking experience.
High usage of bot services in several retail applications owing to rise in use of online shopping and growing consumer demand. Many consumers around the globe are shifting towards online shopping due to ease of finding products and speedy checkouts, which is expected to have a positive impact on the segment growth in the coming years.
Furthermore, the government segment accounted for a healthy revenue share in 2021 due to the high implementation of various digital-first customer engagement strategies and other initiatives in government sectors. Governments of several countries are implementing these strategies to cater to the rising consumer need by serving them with the help of bot services.
The North America region held the largest market share in 2021
The high adoption rate of innovative and advanced technologies and the large presence of key market players such as Microsoft Corporation, IBM Corporation, Creative Virtual, and Oracle, are the major factors driving the growth of the bot services market in the region. Additionally, changing consumer lifestyles towards online shopping, online games, and others are projected to foster the demand for these services during the forecast period.
Furthermore, Asia Pacific region is witnessing fastest growth rate over the forecast period, which is attributed to the high industrialization and rapid urbanization in developing economies such as India, China, and Brazil along with the extensive growth of the IT industry is likely to be the major factors anticipated to boost the growth of the regional market in the coming years. Moreover, the emergence of various online shopping platforms, such as Amazon and Flipkart, has made a significant contribution to the market growth.
Competitive Insight
Some of the key market players operating in the global market are Amazon Web services, Astute Inc., Google LLC, Microsoft Corporation, Nuance Corporation, IBM Corporation, RASA Technologies, Next IT Corporation, Avaamo, CogniCor Technologies, Facebook Inc., Creative Virtual Ltd., Aspect Software, Enterprise Bot, Haptik, Artificial Solutions, and Oracle Corporation.
Recent Developments
In January 2022, Emirates NBD, a finance giant in the Middle-Eastern region, announced the launch of its voice banking “Alexa skill” The purpose of this launch is to enable customers to set this service on their various smart speakers and other gadgets and to enhance voice banking in the UAE.
Furthermore, in December 2021, Matrixport, has launched its “Grid Trading Bot Service”. This service is in its initial phase and is expected to support trading between the ETH, BTC, BCH, and USDT. It will help crypto buyers to set purchase and sell orders under a price range according to their choice.
Bot Services Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 1.68 billion |
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Revenue forecast in 2030 |
USD 17.14 billion |
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CAGR |
33.67% from 2022 – 2030 |
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Base year |
2021 |
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Historical data |
2018 – 2020 |
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Forecast period |
2022 – 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments Covered |
By Mode Type, By Deployment, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Archer Midland Daniels (ADM), Allied Biotech Corporation, EQT AB, DDw The Color House, Diana Food, Dohler, Aromata Group, Incoltec, GNT Group, DSM, Naturex, LycoRed, and Sensient Technologies. |
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