Bots refer to virtual assistants which aid in the reduction of our need to talk to another human being for query resolution. Bots rely on artificial intelligence to answer questions and aid in resolving the query in an efficient way. Bots can be integrated primarily with websites that deal with customer support and services. They are also present in social media such as Facebook Messenger and Skype.
Bots have several applications in different end-user industries such as healthcare, retail, media & entertainment, travel, telecom, insurance, banking, financial services, and government. Applications of bots are on the rise owing to the proliferation in the adoption of the internet penetration and upscaling provision of online services. Further, the global bot services market is also expected to gain traction owing to the acceleration in the development of artificial intelligence technology.
The global bot services market is anticipated to register a robust Compound Annual Growth Rate – CAGR of 25% over the forecast period, as per the latest report provided by Market Research Future (MRFR). Increasing user engagement and the advancements noted in cloud technologies are expected to foster the global bot services market growth. The bot service market is expected to attract many end-users owing to the automation of redundant tasks and engagement of personnel in better tasks.
The global Bot Services Market is segmented on the basis of service, type, deployment, and end-user. On the basis of service, the global bot service market is segmented into the framework and platform.
Based on type, the global bot service market is segmented into audio, video, and text. Presently, the bot services market is found to be dominated by the text segment. This can be ascribed to it becoming an interactive way to communicate with customers. However, audio and video services segments are expected to experience fast-paced growth through the assessment period. Such growth can be accredited to the capability of these services to easily sort customer query.
Based on deployment, the Bot Service Market is segmented into SMS, websites, social media, and cloud. Based on end-user, the global bot service market is segmented into retail, BFSI, media & entertainment, healthcare, travel, government, and telecom. The retail segment is anticipated to lead the global bot services market over the forecast period. This can be accredited to the ascension in applications of bot services in online retail and rising emergence of e-commerce. The organizations present in the retail segment are anticipated to undertake the text bots on a larger scale. Further, a significant ascension is noted in the deployment of text and image bots in different end-user industries such as travel, healthcare, and media and entertainment. Bots can be used to avail services such as booking hotels, flight tickets, and movie tickets. Other end-user segments such as banking, telecom, and government are expected to upscale at a steady pace over the forecast period.
Detailed Regional Analysis
The global bot services market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. North America is currently holding the largest share of the global bot services market at the beginning of the forecast period. The region is expected to retain its dominant share of the bot service market through the conjecture period. This can be owed to the prevalence of most advanced technologies in the region and a massive presence of IT companies in the US. Adoption of bot services is expected to snowball in the US and Canada, aiding the regions to account for the largest country-specific markets in North America.
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.) are the key players prevalent in the market.
September 2019: Yes Bank recently entered into a strategic partnership with Microsoft to reinvigorate YES ROBOT, a one of its kind, artificial intelligence-enabled chatbot
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