In Bot Services Market 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.
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.
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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.
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.
The bot services market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting cloud-based bot services, as these services help improve their operational efficiency, streamline their operations, and enhance the prevailing customer experience. China, Japan, and India are displaying ample growth opportunities in the bot services market.
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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