The 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. Various factors such as rise in the need for 24X7 customer support at a lower operational cost, integration of chatbots with social media to augment marketing strategy, and innovations in AI and ML technologies for chatbots resulting in better customer experience are expected to drive the adoption of bot services.
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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.
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). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global bot services market.
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Artificial Solutions (Sweden) is a leading specialist in Conversational AI solutions and services. The solution offered by the company enables communication with applications, websites, and devices in everyday, human-like natural language via voice, text, touch, or gesture inputs. Artificial Solutions’ conversational AI technology makes it easy to build, implement, and manage a wide range of natural language applications, such as virtual assistants, conversational bots, and speech-based conversational UIs for smart devices. Artificial Solutions offers bot services and solutions to various industries, such as financial services, retail, automotive, telecom, energy and utilities, travel and leisure, and entertainment. Artificial Solutions has won several awards, such as the 2019 Stevie Awards for Sales and Customer Service, the 2018 Speech Industry Awards, and the 2018 AICONICS: Best Intelligent Assistant Innovation. The company’s major customers include AT&T, Shell, Vodafone, TIAA, Volkswagen Group, Deutsche Post, Widiba, Telenor Group, Accenture, KPMG, Cognizant, Wipro, and Publicis Sapient. It has development centers in Barcelona, Hamburg, London, and Stockholm and offices across Europe, Asia Pacific, and South America.
In the bot services market, it provides Teneo, a platform that enables business users and developers to collaborate to create intelligent conversational AI applications. These applications operate across 35 languages, multiple platforms, and channels in record time.
eGain (US) is a leading cloud customer engagement hub software supplier. eGain products have been used to improve customer experience, streamline service processes, and increase revenue across the online, social media, and phone channels for over a decade. eGain helps hundreds of the worlds leading organizations turn their disjointed sales and customer service operations into unified customer engagement hubs (CEHs). In North America, Europe, the Middle East, Africa, and Asia Pacific, eGain Corporation develops, licenses, implements, and supports customer service infrastructure software solutions. It offers a unified cloud software platform to automate, augment, and orchestrate consumer interactions. It also provides subscription services, which give users access to its software via a cloud-based platform, as well as professional services, including consultation, implementation, and training. The company caters to the financial services, telecommunications, retail, government, healthcare, and utilities industries.
In the bot services market, the company offers AI Chatbot Virtual Assistant software which improves customer engagement. The VA acts as a guide, helping customers navigate the website and taking them to the relevant places on a page. The virtual assistant provides answers to any queries, even helping in making shopping decisions.
Baidu (China) provides internet search services. It is divided into two segments: Baidu Core and iQIYI. The Baidu app helps customers to access search, feed, and other services through their mobile devices. Baidu Search helps users to access the companys search and other services. Baidu Feed gives users a customized timeline based on their demographics and interests. The company provides products, including Baidu Knows, an online community where users can ask questions to other users; Baidu Wiki; Baidu Healthcare Wiki; Baidu Wenku; Baidu Scholar; Baidu Experience; Baidu Post; Baidu Maps, a voice-enabled mobile app that provides travel-related services; Baidu Drive; Baijiahao; and DuerOS, a smart assistant platform. The company also provides online marketing services such as pay for performance, an auction-based service that enables customers to bid for priority placement of paid sponsored links and reach users searching for information about their products or services. Other marketing services offered by the company are display-based marketing services and other online marketing services based on performance criteria other than cost per click. The company offers a mobile ecosystem, which includes Baidu A, a portfolio of applications. Further, the company provides iQIYI, an online entertainment service, including original and licensed content; video content and membership; and online advertising services.
In the bot services market, Baidu offers Baidu Bot, a search bot software used by Baidu, which collects documents from the web to build a searchable index for the Baidu search engine.
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