The global bot services market size was USD 1.22 Billion in 2021 and is expected to register a revenue CAGR of 33.68% during the forecast period, according to latest analysis by Emergen Research. Growing advancements in chatbot technologies and rising initiatives from the government are factors projected to support market revenue growth between 2021 and 2030. For example, on 07 December 2022, London’s Violence Reduction Unit (VRU) financed a new chatbot service to assist children who are in danger of exploitation in collaboration with the nonprofit Missing People.
Chatbot service will provide youths between the ages of 13 and 18 with free, private support using online chatbots and one-on-one conversations with qualified support staff. Young Londoners who are concerned about something that is happening to them can contact the one-to-one messaging platform seven days a week from 4 pm to 11 pm, with the bot and online counseling available 24 hours a day thanks to funding from London’s VRU.
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Moreover, chatbots are assisting financial institutions in surviving and thriving in the industry while the pandemic continues. Because nobody expected this to happen, there was terrible wait time at call centers when the pandemic first started, and some clients experienced financial difficulties due to budget cuts and layoffs. It became challenging to make ends meet to pay a mortgage. Due to the need for social distancing, many institutions also experience staffing challenges in the call center along with high call volumes. Many businesses have implemented chatbots to aid and improve the range of customer service to handle all these challenges. Companies now use bots to automate and manage basic routine inquiries while maintaining human resources on standby to help consumers with more complicated problems.
Not knowing and understanding customers’ context is creating annoyance among customers and is a major factor hampering revenue growth of the market
Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 1.22 Billion |
| CAGR (2021–2030) | 33.68% |
| Revenue Forecast to 2030 | USD 16.43 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2021 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Technology, mode of interaction, deployment, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | IBM, Microsoft, Google, Amazon.com, Inc., Nuance Communications, Inc., Inbenta Holdings Inc., Creative Virtual Ltd., Enterprise Bot, Chatfuel, Artificial Solutions, Alvaria, Pandorabots, Inc., Creative Virtual Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global bot services market is fairly fragmented with small medium and large-sized companies accounting for the majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective bot services. Some major companies included in the global bot services market report are:
- IBM
- Microsoft
- Amazon.com, Inc.
- Nuance Communications, Inc.
- Inbenta Holdings Inc.
- Creative Virtual Ltd.
- Enterprise Bot
- Chatfuel
- Artificial Solutions
- Alvaria
- Pandorabots, Inc.
- Creative Virtual Ltd.
Strategic Development
- On 22 November 2022, Trading Master announced the release of Master Bot, an AI-enabled Bot that can assist traders in automatically gathering Buy & Sell signals across the stock market. To democratize financial services and apply automated and artificial intelligence to customers’ investments, Master Bot is a wise step. It is intended to provide traders with a chance to learn quickly about the market while also limiting the danger of losing money due to price volatility. Users can trade stocks automatically with this pleasant bot. Traders frequently miss market opportunities during downtime, which can lead to subpar portfolio performance. The Master Bot will serve to close the gap and assist users in increasing their revenue.
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Some Key Highlights From the Report
- The marketing & sales segment is expected to register rapid revenue CAGR due to rising demand for bot services. To cut expenses, many organizations automate their labor-intensive, repetitive procedures. To significantly save expenses, businesses are primarily focusing on automating customer service and sales.
- The travel & hospitality segment is expected to register significant revenue CAGR during the forecast period. Artificial Intelligence (AI)-driven chatbots offer a simple and affordable replacement for expensive and complex customer service. Chatbot-based customer service is ideal for the travel and hotel industries. Chatbots provide a better and simpler way to communicate with clients in tourism, travel, and hospitality.
- Market in North America accounted for the largest revenue share in 2021. This is attributed to availability of top competitors and the rapid adoption of cutting-edge technologies in the region’s various industries.
- On 06 January 2021, Microsoft introduced Azure Health Bot for the healthcare sector. Users now have even more power to make use of Azure’s improved tools, security, and compliance options due to the healthcare bot service.
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Emergen Research has segmented the global bot services market on the basis of technology, mode of interaction, deployment, application, end-use, and region:
- Technology Outlook (Revenue, USD Billion; 2019–2030)
- Platform
- Framework
- Mode of Interaction Outlook (Revenue, USD Billion; 2019–2030)
- Text and Rich Media
- Video
- Audio
- Deployment Outlook (Revenue, USD Billion; 2019–2030)
- Social Media
- Website
- Mobile Applications
- Contact Center
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Human Resources (HR)
- Marketing & Sales
- Information Technology (IT)
- Logistics & Supply Chain
- Others
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- E-commerce & Retail
- Banking, Financial Services, and Insurance (BFSI)
- Media & Entertainment
- Healthcare
- Travel & Hospitality
- Education
- Government Organizations
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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