According to Market Research Future Analysis, the global bot service market is anticipated to grow at a significant rate over the forecast period, 2018-2023.
Bots are virtual assistants that reduce our need to talk to another human being for query resolution. Bots rely on the concept of the artificial intelligence to answer questions and help to resolve the 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 such as Facebook Messenger, Skype and sometimes even through an SMS. The applications of bots are increasing each day owing to growing internet penetration and growing online services. Bots are helpful in booking hotels, flight tickets, movie shows, and restaurants. Increased growth of artificial intelligence is majorly driving the growth of the global bot services market. They are widely used in industry verticals like banking, financial services, and insurance, retail, healthcare, media & entertainment, telecom, travel, and government. With the considerable presence of companies in North America delivering the IT services, the bot services market is increasing significantly with the increased growth of the cloud and artificial intelligence technology and the adoption of bot services by small, medium, and large enterprises.
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The market for bot services is segmented on the basis of region: North America, Europe, Asia Pacific, and rest of the world. The market has seen a substantial growth and continued to dominate in North America. This growth accounts for the factors like the huge presence of IT companies in the U.S. Additionally, owing to early adoption and advancements of the technology in the U.S and Canada, the market is projected to continue its dominance 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. However, Europe is the more mature market and expected to show a steady growth during the forecasted period.
The bot services market is expected to reach approximately USD 1800 billion by the end of 2023 at a CAGR of 24 % during the forecasted period 2017-2023.
The global bot services market comprises of some of the key players and other vendors: 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.)
According to market research future, the global Bot Services Market has been segmented into service, type, deployment, end user, and region.
The global bot service market is expected to grow significantly during the forecasted period due to increased demand for online service providers and advancements in the artificial intelligence technology. The market by type segment of bot service is at present dominated by the text type services in many of the industrial applications like retail, banking, insurance, travel, and others. Bots rely on the concept of the artificial intelligence to answer the customer 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 such as Facebook messenger, Skype, and sometime even through a short messaging service. They are helpful in booking hotels, flight tickets, movie shows, and restaurants. With the huge presence of companies in North America delivering the IT services, bot services market is increasing significantly with the increased growth of the cloud and artificial intelligence technology and the adoption of Bot Services by small, medium, and large enterprises.
On the basis of service, it is further segmented into framework and platform. A bot framework is a service that helps to build and connect the bots used in different channels for example, social media, Skype, SMS, E-mails, etc. Companies like Microsoft prove to be the leader in developing the bot framework. 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, and interact with users, and perform actions on their behalf, including interacting with other platforms. Both of these have their own significance and benefits. However, platform by service segment is leading the market because of the increased usage of online services provided by small and medium enterprises using bots over similar platforms.
On the basis of type, the segment is 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 service is increasing and resolving the customer query easily. The bot services by text type provide a detailed human like conversation to resolve the customer query and also to identify the customer experience. The fundamentals of bot services is taken from the artificial intelligence and analytics to identify the customer behavior and improve the services.
On the basis of deployment, the segments are divided into social media, SMS, websites, and cloud. Among these, the social media segment is leading the market by deployment. This is majorly due to the increased usage of social media and internet in every organization. Companies, like Facebook, are developing bots for messenger that deliver the image, video, and text to any individual connected to that organization services. However, the cloud based deployment is showing the fast growth, especially, in the U.S, and some parts of Europe because of the advancements and early adoption of the cloud technologies.
The global bot service market is segmented on the basis of region: North America, Europe, Asia Pacific, and rest of the world. North America dominates the global bot services market and likely to continues to dominate over the forecasted period. Following North America is the Asia pacific region with the fastest growth during the forecasted period due to technological advancements in the emerging countries like India, China and Japan. However, Europe is mature market and is expected to grow at a steady pace over the given period.
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- 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
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH BOT SERVICES
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
LIST OF TABLES
TABLE 1 BOT SERVICES MARKET, BY SERVICE
TABLE 2 BOT SERVICES MARKET, BY TYPE
TABLE 3 BOT SERVICES MARKET, BY DEPLOYMENT
TABLE 4 BOT SERVICES MARKET, BY END USER
TABLE 5 BOT SERVICES MARKET, BY REGION
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LIST OF FIGURES
FIGURE 1 RESEARCH BOT SERVICE
FIGURE 2 BOT SERVICES MARKET, BY SERVICE (%)
FIGURE 3 BOT SERVICES MARKET, BY TYPE (%)
FIGURE 4 BOT SERVICES MARKET, BY DEPLOYMENT (%)
FIGURE 5 BOT SERVICES MARKET, BY END USER (%)
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