Global Bot Services Market was valued at US$ 459.54 Mn in 2019 and is expected to reach US$ 4069.11 Mn by 2027, at a CAGR of 31.34% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Bots are virtual helpers that decrease our need to talk to another human being for query resolution. Bots depend on the concept of artificial intelligence to answer questions and aid to resolve the query in a fast and efficient way.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding bot services market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in bot services market.
User engagement on social media platforms has grown enormously and has been key factor for bot services market. Moreover, highly advanced artificial intelligence and NLP tools boosting bot services market growth. As the overall process is lacking human beings, dependency on bots for deployment platforms has become a tedious job. The market will also notice growth owing to rising demand of voice assistants on smartphones as well as increasing social media platform. However, lack of awareness and reluctance to use bots and accuracy levels below end-user expectations are huge challenge in the bot services market. Growing partnerships and widening ecosystem are opportunities for growing the bot services market.
The bot framework is a service that assistance to build and connect the bots used in various channels like social media, SMS, Skype, and E-mails. Microsoft is the prominent developer of the bot framework across the globe. It hosts the necessities of different bots over different platforms allowing them to connect with each other. Conversely, the bot platforms are online ecosystems where bots can be organized, interact with users, and perform actions on their behalf, including interacting with other platforms. However, the platform segment is dominating the market owing to augmented usage of online services provided by small and medium-sized enterprises using bots over similar platforms.
Social media deployment channel is estimated to play a key role in the bot services market. Bot platform and framework providers offer easy implementation of bot services on social media channels like Kik, WeChat, Facebook Messenger, and Telegram. Customers can easily interact with businesses through bot services on social media platforms. Growing user engagement on social media is one of the key factors driving the growth of the social media segment across the globe.
North America is expected to hold largest market share during the forecast period owing to huge presence of IT companies in the U.S. and primary adoption and advancements of the technology in the U.S and Canada. Conversely, Asia Pacific is estimated to show the highest growth rate owing to emerging economies like China, Japan, and India. However, Europe is the more mature market and projected to show steady growth during the forecasted period.
Scope of the Global Bot Services Market
Global Bot Services Market by Service
• Framework
• Platform
Global Bot Services Market by Deployment Channel
• Websites
• Contact Center and Customer Service
• Mobile Applications
• Social Media
Global Bot Services Market by Mode
• Text and Rich Media
• Audio
• Video
Global Bot Services Market by Vertical
• BFSI
• Government
• Real Estate
• Media and Entertainment
• Telecom
• Retail and Ecommerce
• Education
• Travel and Hospitality
• Healthcare
• Others
Global Bot Services Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players operating in the Global Bot Services Market
• Oracle Corporation
• Facebook Inc.
• Google LLC
• Amazon Web Services Inc.
• Microsoft Corporation
• IBM Corporation
• Astute Solutions
• Nuance Communications Inc.
• CogniCor Technologies
• Creative Virtual Ltd.
• Acuvate
• Kore.ai Inc.
• Microsoft
• IBM
• Aspect Software
• Inbenta Technologies
• Creative Virtual
• IPsoft
• 24/7 Customer
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