Market Trends of Bot Services Industry
This section covers the major market trends shaping the Bot Services Market according to our research experts:
Chat bots Expected to Witness Significant Growth
- Chatbots can assist businesses in turning website visitors into paying clients. They are growing in popularity among companies looking for an easy solution to boost customer service and provide a well-rounded client experience without adding extra employees. By providing a handy way to assist clients without involving a human, chatbots help businesses save money, thereby increasing the demand for bot services.
- Chatbots built using the bot frameworks can offer more advanced features like shipment tracking, inquiries about product specifics, Complaints, payment, etc. According to the survey conducted by clickz.com in the USA for the type of inquiry customers use chatbot services, shipment tracking stood at the top with 52%, followed by order information with 44%, and payment at 35%.
- 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 chatbot-integrated B2B systems can further reduce the workload. The chatbots automate all these operations by reorienting everything to the Instant Messaging Platform. Chatbots equipped with artificial intelligence (AI) and NLP can answer all questions about products, invoicing, payments, and more.
- As the public increasingly uses chatbots, WhatsApp, and live chat in their daily lives, the local government plays a significant role in catching up and revising its service offerings to meet customer needs. For instance, The Indian Railways, Bangalore Metro Rail Corp Ltd., etc., are increasingly using chatbots to answer user queries and even accept bookings. Anyone can access 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, 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 funded by the Department of Transport. With over 1,200 employees, the DVLA contact center is the largest single-site contact center in the UK.
- Similarly, the Government of India and the transportation department launched a WhatsApp chatbot, which would become a one-stop solution to access official documents like driver's licenses, income tax certificates, and pan cards for its citizens.
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North America Expected to Witness Significant Growth
- The region is witnessing significant investments and innovations for e-commerce chatbots, healthcare chatbots, and financial chatbots. The market is driving toward AI chatbots, voice recognition chatbots technology, and various vendors aimed towards customer service enhancement in the region with chatbots.
- Enterprises do utilize chatbots for internal functions as well as consumer support. Growing demand for feature phones and the incorporation of cutting-edge NLP and AI technology are two factors driving the market for bot services. The region has revolutionized due to urbanization, digitization, and bot services. Additionally, efforts are being undertaken to standardize the environment globally.
- Partnerships drive the region, and AI chatbot innovations further create significant market investments. For instance, Sprinklr partnered with Aramex, the Dubai-based logistics and transportation provider, to use AI chatbots on Sprinklr Modern Care to improve its digital customer service efficiency and scale. Agents will quickly enter and exit customer conversations through the chatbot interface, quickly resolving requests 24/7 by connecting with Sprinklr Modern Care.
- With the outbreak of COVID-19, several cities in the region launched chatbots to help residents and provide 24/7 service. Further, many interactions are voice-based, coming in from the telephone network. Market telecom vendors are leveraging these opportunities and expanding their business with voice and telephony access to chatbots. For instance, 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.
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