Bot Services Market: By Product Type, Industry Challenges, Development & Innovation, Verticals
The bot services market will touch USD 1800 billion at a healthy 24% CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis. Bots are basically virtual assistants that reduce people’s need to talk to others being for query resolution. Bots typically perform tasks that are structurally repetitive, at a higher rate, which would not have been possible for humans alone.
Various factors are propelling the global bots services market share. According to the recent MRFR market estimates, such factors include increasing user engagement on social media platforms, highly advanced natural language processing and artificial intelligence tools, the focus of most companies to use bots over human workforce for cost-effectiveness and better efficiency, increasing use in e-commerce and BFSI, rising penetration of online and internet services, and dependence on bot services by companies to reduce the burden of customer queries for minimal availability of customer service employees during the COVID-19 pandemic.
On the contrary, limited accuracy, lack of reluctance and awareness to use these services, lack of knowledge about virtual bots, need for lifetime maintenance, and the COVID-19 impact are factors that may limit the global bots services market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global bot services market based on deployment, service, end users, and type.
By type, the global bot services have been segmented into video, audio, and text. Of these, the text type segment will lead the market over the forecast period.
By end users, the global bot services have been segmented into government services, travel, telecom, media and entertainment, healthcare, retail, banking and financial services, and others. Of these, the retail end user segment will dominate the market over the forecast period for increased consumer demand and rising applications of online retail.
By service, the global bot services have been segmented into platform and framework. Of these, the platform segment will spearhead the market over the forecast period.
By deployment, the global bot services have been segmented into cloud, website, SMS, and social media. Of these, social media will command the largest share in the market over the forecast period.
By region, the bot services market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America is predicted to dominate the market over the forecast period. Huge presence of IT companies in the United States, adoption of technological advances, growing adoption in Canada and the US by leading companies to engage with customers for better customer retention, early adoption and innovations in technology in Canada and the US, and presence of several bot service providers are adding to the global bot services market growth in the region. Additional factors adding market growth include the presence of well-defined & controlled economies with regards to GDP, innovations, and technology infrastructure, and a rising number of social media users.
In the APAC region, the global bot services market is predicted to have healthy growth over the forecast period. Presence of emerging economies India, Japan, and China adopting bot services by different end-user verticals, huge presence of social media users in India and China, growing adoption across different end user industries such as government, retail, healthcare, travel, and BFSI, and an increasing number of mobile users are adding to the global bot services market growth in the region.
In Europe, the global bot services market is predicted to have steady growth over the forecast period, and in the Rest of the World is predicted to have sound growth over the forecast period.
Prominent contenders profiled in the global bot services market report include Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Inbenta Technologies Inc. (U.S.), International Business Machines Corporation (U.S.), Google LLC (U.S.), Facebook, Inc. (U.S.), Creative Virtual Ltd (U.K.), Astute, Inc (U.S.), Aspect Software, Inc (U.S.), Amazon Web Services, Inc (U.S.), and 7.ai, Inc (U.S.), and others.
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