Market Size – USD 603.4 Million in 2018, Market Growth – CAGR of 29.8%, Market Trends – The advent of cloud bot-as-a-service.
The global bot services market is forecast to reach USD 4,834.9 Million by 2026, according to a new report by Reports and Data. Bot services provide virtual assistance, which uses the concept of artificial intelligence to answer questions and help to find a solution in a fast and efficient way. The bots or chatbots are robots that are used to chat with humans in various platforms for customer support and services. Bot services find applications in various end-use industries such as banking, financial services, and insurance (BFSI), retail, healthcare, media & entertainment, telecom, travel, and government, among others. The market for bot services is influenced by the rising number of social media users and the demand for adopting industry specified bots.
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The above-mentioned factors collectively create opportunities for market growth, while factors such as dependency on deployment platforms for bots pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the artificial intelligence market owing to innovative efforts have enhanced the efficiency of the bot service market.
North America is a key region for the bot services market during the forecast period. The region is among the fastest adopter of advanced and innovative technologies for bot development, and the presence of several established industries which are located in the region is affecting the market for bot services significantly.
Further key findings from the report suggest
- The platform segment is forecasted to grow with a higher CAGR of 29.9% during the forecast period. This is due to the high demand for bot platforms, as it offers a wide range of features, functionalities, and ease of availability. The growth is attributed to the rising adoption of bot services by small, medium, and large firms.
- The text and rich media segment held the largest market share of 54.5% in the year 2018. Text and rich media is an effective mode for consumers to interact with bots. The elements driving the growth of the text and rich media segment incorporate the expanding number of social media users and the developments in AI, NLP, and machine learning technologies.
- By deployment channel, the social media segment is forecasted to grow with the highest CAGR of 30.3% during the forecasted period. This is due to the increasing user engagement on online platforms and technological advancements that are happening throughout the world.
- The government segment held a market share of 22.1% in the year 2018. The implementation of digital-first customer engagement strategies and omnichannel strategy in the government sectors in order to fulfill consumer needs by serving them through bit services are significantly gaining traction throughout the world.
- North America held the largest market share of 38.2% in the year 2018. The growth is due to the presence of a large number of bot service providers in the region. Companies in the U.S. and Canada have willingly adopted the bot services to serve their clients.
- Key participants Microsoft, IBM, Facebook, Google, Amazon Web Services, Nuance Communications, Aspect Software, Inbenta Technologies, Creative Virtual, and Cognicor Technologies among others.
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For the purpose of this report, Reports and Data have segmented into the global Bot Services market on the basis of service, mode type, deployment channel, end-use industries, and region:
Service Outlook (Revenue, USD Billion; 2016-2026)
- Framework
- Platform
Mode Type Outlook ( Revenue, USD Billion; 2016-2026)
- Text and Rich Media
- Audio
- Video
Deployment Channel Outlook ( Revenue, USD Billion; 2016-2026)
- Websites
- Contact Center and Customer Service
- Social Media
- Mobile Applications
End-use Industries Outlook ( Revenue, USD Billion; 2016-2026)
- BFSI
- Retail
- Government
- Telecom
- Media and Entertainment
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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The research report answers the following key questions:
- What is the growth rate of the market during the forecast period between 2019 to 2026?
- What are the crucial drivers and restraints that will impact the Bot Services market in the future?
- What is the market size and share speculated to be in the forecast period?
- Who are the key industry players and which executive strategies will they employ that can substantially impact the growth of the Bot Services market globally?
- What are the most notable trends observed in the historical data that can be expected to influence the CAGR of the Bot Services market?
- What are the predictions for the Bot Services industry in the forecast period based on the detailed analysis of its critical aspects?
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