PMI, the popular market research platform, recently revealed its latest report. The global bot service market is expected to reach $8.69B by 2030.
In addition, the market is expected to grow at a whopping 32.4% CAGR. The global bot services domain was valued at $2.1 billion in 2020. Now, PMI estimates that the industry will score a 27.6% CAGR to reach $20.9 billion in the next 8 years.
Bots are programs designed to execute specific particular tasks without any manual involvement. These programs were derived from performing mundane tasks effectively and quickly. These bots usually operate and connect with other online pages and bots via the internet. Broadly categorized into good and bad bots, users can now easily choose a suitable bot for their purpose from among the popular cryptocurrency trading bots available.
As for the report, PMI has mentioned two key industry highlights. It was Matrixport that initiated the ongoing growth in the market back in December 2021. As Asia’s quickest-growing financial services platform, Matrixport launched its Grid Trading Bot service. It allows users to establish trading pairs between USDC/USDT and ETH, BCH, and BTC.
Similarly, it was during this time that FANTOO by Hanryu Bank introduced its AI Chatbot service. The service is called Sejong T-bot, and users can easily learn about it by talking with King Sejong.
Besides these highlights, the report also dictates that the global normalization of the internet is propelling the BOT services industry. Thousands of platforms and tools are being used to build and integrate bot services nowadays.
This has increased their usage in eCommerce and BFSI, leading to accelerated market expansion. The growing demand for NLP and AI techniques is also influencing the market. In addition, growing urbanization and digitization are also resulting in increased investments in the BOT services domain.
Names like Google LLC, Aspect Software, Amazon Web Services, etc., are expected to lead the market in the coming years. PMI has used methods like PEST, SWOT, and Porter’s five forces analysis to curate the report. As more users are getting acquainted with these bots, these numbers can even outperform all expectations.