BOT SERVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 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.

The Global Bot Services Market is expected to register a CAGR of 20.5% during the forecast period. The COVID-19 crisis forced businesses to adhere to strict requirements and ensure the ongoing safety of their employees and customers. There was a noticeable move away from the traditional workplace due to the need for remote work, which became the new norm.

Bots are finding considerable traction and acceptance, as they have applications in various industries. 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. These bots also help understand customer behavior and purchasing patterns and provide the company with the best customer analytics so that enterprises try to retain their customers and offer better products and services.

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