Bot Markets Poised for Huge Growth, FMI Finds

Research firm Future Market Insights (FMI) has valued the global bot services market at $1.6 billion today and expects it to reach $18 billion by 2032, growing at a compound annual rate of 27.1 percent.

The research firm says the e-commerce and financial services and insurance sectors are among the biggest users of chatbots for internal and customer service tasks.Other service companies did turn to bots during the pandemic to help customers resolve issues. Among them is the healthcare industry, which did see a spike in chatbots during the pandemic for diagnosing isolated patients and performing basic healthcare assessments, according to FMI.

The research firm said the bot market is benefitting from growing demand for feature phones along with the incorporation of advanced natural language processing and artificial intelligence. Future gains will come as efforts are being made to standardize the ecosystem worldwide, it added.