Business Industries

Bot Services Market Future Insights, Market Revenue and Threat Forecast by 2023

Press Release

Market Highlights

The global bot services market comprises of some of the key players and other vendors such as [24]7.ai, Inc (U.S.), Amazon Web Services, Inc (U.S.), Aspect Software, Inc (U.S.), Astute, Inc (U.S.), Creative Virtual Ltd (U.K.), Facebook, Inc.(U.S.) among others. The market of the global bot services is expected to grow at a significant CAGR of 25 %. Increased internet penetration, advancements in the cloud technologies, and advancements in the artificial intelligence drive the growth of the market.

The bot service market is segmented on the basis of service, type, deployment, and end user. Increasing user engagement on social media channels is driving the growth of the bot services market. The bot service market attracts many end users such as banking and financial services, online retail, healthcare, media & entertainment, telecom, travel, and government services. The bots rely on the concept of the artificial intelligence to answer our questions and help us resolve our query in a fast and efficient way. Bots are available majorly in many websites dealing with the customer support and services. They are present in social media, for instance, Facebook Messenger, Skype, and sometime even through a short messaging service. With the huge presence of companies in North America delivering the IT services, growth for the Bot Services Market is increasing significantly with the increased growth of cloud and artificial intelligence technology and the adoption of bot services by small, medium, and large enterprises.

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Segmentation

The market segmented on the basis of service, type, deployment, and end user. On the basis of the service segment, it is further segmented into framework and platform. The bot framework is a service that helps to build and connect the bots used in different channels like social media, Skype, SMS, and E-mails. Microsoft is the leading developer of the bot framework across the globe. It hosts the requirements of different bots over different platforms allowing them to connect with each other. On the other hand, the bot platforms are online ecosystems where bots can be deployed, interact with users, and perform actions on their behalf, including interacting with other platforms. Both of them have their significance and benefits. However, the platform segment is leading the market owing to increased usage of online services provided by small and medium enterprises using bots over similar platforms.

On the basis of type, the segments are divided into text, audio, and video. At present, most of the Bot Services are indulging in the text service type as it becomes an interactive way to interact with the customers. However, the image and video services are increasing making it easy to resolve the customer query.

On the basis of end users, the segments are divided into banking and financial services, retail, healthcare, media & entertainment, telecom, travel, and government services. The Bot Services are majorly used in the retail market due to increased applications of the online retail and increased consumer demand. However, the retail end user is majorly using the text and image as the type of bot service; there is a significant growth of image and videos services in media & entertainment, travel and healthcare in providing the services like flight ticket booking, movie tickets etc. The other segments like banking, telecom, and government show steady growth.

Regional Analysis

The global bot services market is also segmented on the basis of region by North America, Europe, Asia Pacific and rest of the world. North America is dominating in the global market and is expected to continue over the review period. North America is the most advanced region when it comes to the technology due to huge presence of IT companies in the U.S. The adoption of the bot services has increased in the U.S. and Canada by the leading companies to engage with their customers to better the customer retention. Also, due to early adoption and advancements in the technology in the U.S and Canada, the market is projected to continue to dominate in this region.

On the other hand, Asia pacific is expected to show the highest growth rate due to emerging economies like China, Japan, and India adopting the bot services by several end-user verticals in the region. This trend is expected to increase at a rapid pace during the forecast period. Also, the APAC region has a huge presence of social media users in China, India. The Banking, Financial Services, and Insurance (BFSI), travel, healthcare, retail, and government verticals are the end-user verticals driving the bot services market growth in APAC. Additionally, the growing number of mobile users across social media in APAC is expected to drive the growth of the APAC bot services market. However, Europe being the more mature market is expected to show a steady growth during the forecasted period of 2017-2023.

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Key Players

The global bot services market comprises of some of the key players and other vendors: [24]7.ai, Inc (U.S.), Amazon Web Services, Inc (U.S.), Aspect Software, Inc (U.S.), Astute, Inc (U.S.), Creative Virtual Ltd (U.K.), Facebook, Inc.(U.S.), Google LLC (U.S.), International Business Machines Corporation (U.S.), Inbenta Technologies Inc. (U.S.), Microsoft Corporation (U.S.), Nuance Communications, Inc. (U.S.)

Intended Audience

  • Storage providers
  • Network providers
  • Chat bot service providers
  • Research firms
  • Software investors
  • Software Developers
  • Online retailers
  • Medical institutions
  • Software Testers
  • IT enablers
  • Database solutions
  • Cloud providers
  • Telecommunication companies
  • Government service providers

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This post was originally published on Trading Herald

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