The most recent study conducted by Report Ocean, titled “Global Bot Services Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Bot Services. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Bot Services Market is valued at approximately USD $ million in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. A bot is a software application that performs automated tasks such as messaging, on a large scale, which is designed to emulate human activity on the Internet. Bot service is a web service that uses a conversational interface and communicates with the bot framework service to send and receive events and messages. Factors such as the growing integration of chatbots with social media such as Telegram, Facebook, WeChat, etc., increasing innovations in AI and ML technologies for chatbots for better customer experience, and rising inclination for offering 247 customer support at a lower operational cost are driving the global market growth. For instance, in November 2021, Baidu declares the introduction of its PLATO-XL- an AI model for dialogue generation.
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This chatbot is designed with over a billion samples collected from social media chats in Chinese and English that are available on various conversational benchmarks, achieving state-of-the-art performance. Accordingly, the introduction of technological advanced, along with AI and ML integrated bots is accelerating the market growth across the globe. However, the lack of accuracy in voice authentication of users and dearth of skilled workforce for better execution of the AI-based projects hinders the market growth over the forecast period of 2022-2028. Also, the rising user engagement on social media platforms and increasing initiatives for the development of self-learning chatbots to present a more human-like conversational experience are anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Bot Services Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the rising innovation and increasing AI technological developments. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the increasing usage of social media users and rising penetration of the Internet and online services would create lucrative growth prospects for the Bot Services Market across the Asia-Pacific region.
Major market players included in this report are:
Microsoft
IBM
Oracle
AWS
Artificial Solutions
Enterprise Bot
Inbenta
Alvaria
eGain Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
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Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
Framework
Platform
By Deployment:
Websites
Contact Center
Social Media
Mobile Applications
By Mode:
Text
Audio
Video
By End-User:
Banking, Financial Services, and Insurance (BFSI)
Retail and E-commerce
Telecom
Healthcare
Others
By Region:
North America
U.S.
Canada
Europe
UK
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Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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We are the best market research reports provider in the industry. Report Ocean is the world’s leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.
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