Global Bot Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Bot Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Bot Services Market is expected to grow at a CAGR of 20.5% over 2021 - 2026. The impact of the COVID-19 crisis has forced businesses to adhere to strict requirements and ensure the ongoing safety of their employees and customers alike. The need for remote working has resulted in a sudden shift from traditional workplaces to remote working. This may be observed as a notable trend in the foreseeable future, as remote working may become the new standard.

• Bots are finding considerable traction and acceptance, as they have found applications in a wide range of industries. As several industries are shifting toward omnichannel platforms to optimize operations better, leverage enhanced customer insights, and increase focus on enhanced customer experience, which is expected to increase the scope of bots in the market.
• One of the primary target industries of the market studied is the retail sector. Various companies such as Amazon have invested significantly and developed bots utilized in retail to better understand customer behavior and cross-sell or upsell with increased precision to cater to the retail sector.
• IBM's current updates revealed a 40% increase in traffic to Watson Assistant from February to April 2020. Furthermore, in April, Google launched the Rapid Response Virtual Agent, a special version of its Contact Center AI, by lowering the price of its service in response to increasing client demand.
• Further, Messaging App bots, the most common and significant type of chatbot integrated into different messaging apps, allow enterprises to deploy these from already built platforms to connect with a large customer base without developing a full-fledged application from scratch.

• Chatbots built using the bot frameworks currently have the capability to offer more advanced features like slot filling or other simple transactional capabilities, such as taking pizza orders. But, only the advanced conversational AI chatbots have the intelligence and capability to deliver the sophisticated chatbot experience that most enterprises are interested in deploying.
• Large businesses are frequently overburdened with tasks such as placing orders, requesting information about products and services, and making payments for supplies. Enterprise-grade chatbots can readily handle these B2B operations, and the overall workload can be lowered with such chatbot-integrated B2B systems. The chatbots automate all these operations by reorienting everything to the Instant Messaging Platform. Chatbots equipped with AI and NLP can answer all questions about products, invoicing, payments, and more.
• As the public increasingly uses chatbots, WhatsApp, and live chat in daily lives, the local government plays a significant role in catching up and revising its service offerings to meet customer needs. For instance, in March 2020, The United Kingdom Government Launched a Coronavirus WhatsApp Chatbot. The chatbot provides a variety of information about the coronavirus. Anyone can gain access to it by adding the number as a WhatsApp contact and sending the message hi.
• In addition, the market is witnessing an increased adoption of chatbots in the licensing business. For instance, in April 2020, The Driver and Vehicle Licensing Agency (DVLA) incorporated a chatbot into its webchat channel to provide more efficient self-service to millions of customers. The DVLA is a government agency that is funded by the Department of Transport. With over 1,200 employees, the DVLA contact center is the largest single-site contact center in the United Kingdom.

• The region is witnessing significant investments, innovations for health care chatbots, financial chatbots, and the market is driving towards AI chatbots, voice recognition chatbots technology, and various vendors are aimed towards customer service enhancement in the region with chatbots.
• The region is driven by partnerships, and AI chatbots innovations are further creating significant investments in the market. For instance, in April 2021, Mindsayannounced AI Chatbots on Genesys AppFoundry. Agents will quickly enter and exit conversations with customers through the chatbot interface, quickly resolving requests 24/7 by connecting Mindsaychatbots to Genesys Cloud.
• Further, a significant number of interactions are voice-based, coming in from the telephone network, and market telecom vendors are leveraging these opportunities and expanding their business with voice and telephony access to chatbots. For instance, in December 2020, Interactive Media, a prominent developer of telecommunications software, Conversational AI, and customer experience applications, announced the accessibility of PhoneMyBot. The cloud solution gives chatbots voice and telephony access.
• With the outbreak of COVID-19, several cities in the region are launching chatbots to help residents and to provide 24/7 service. For instance, in April 2020, the City of Markham and IBM collaborated to provide 24-hours customer service for residents seeking COVID-19 information through the artificial intelligence-driven virtual agent IBM Watson Assistant for Citizens.

The Global Bot Services Market is moderately competitive in nature. Product launches, high expense on research and development, partnerships, and acquisitions are the prime growth strategies adopted by the companies in the market to sustain the intense competition.

• September 2021 - IBM Watson Assistant announced an add-on option that allows connecting to a contact center platform that uses the SIP protocol, including Genesys and NICE inContact. Voice assistants built with Watson Assistant's no-code interface will answer customer calls within the call center, assist with first contact resolution, and reduce hold times.
• September 2020 - Speakeasy AI and Creative Virtual announced an integrated solution for conversational AI within IVR that went live with their first shared corporate customer. This collaboration brings next-generation speech AI to the IVR channel by combining Speakeasy AI's solution with Creative Virtual's V-Person virtual agent technology for a better customer experience.

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