The global bot services market was worth $ 1.8 million in 2020 and is expected to reach $ 2.9 million by 2025 at an annual development rate (CAGR) of 31.2% during the outlook period of 2020 to 2025.
A bot is a type of software designed to perform tasks automatically instead of doing them yourself. With continuous improvement in robot technology, it can be assumed that it will be able to handle all kinds of things, even something as complex as taxes. It has wide application in real estate, media and entertainment, telecommunications, retail and e-commerce, and others. Increased user engagement on social media platforms can be seen as the main driver of growth for the bot services market.
Bot applications are increasing daily due to increasing internet penetration and the growth of online services. Robots are useful for booking hotels, airline tickets, movies, and restaurants. The further growth of artificial intelligence is primarily driving the growth of the global bot services market. They are extensively employed in several end-user verticals like BFSI, retail, healthcare, media and entertainment, telecommunications, government, etc.. With the significant presence of companies in North America providing IT services, the bot services market is growing dramatically with the increased growth of cloud technology and artificial intelligence and the adoption of bot services by small businesses, medium and large companies.
Recent Developments:
With the recent COVID-19 outbreak, several organizations have increasingly deployed the Bot to respond to customer inquiries and other related information. Because remote work has been adopted by different organizations due to the national blockade, the company relies heavily on Bots to reduce the burden of customer inquiries due to minimal availability of customer service employees.
In addition, the Bot provides millions of people with the necessary information about COVID-19 daily. For instance, the WHO launched a Facebook Messenger version of its WHO Health Alert platform in April 2020 to offer instant and accurate information related to COVID-19 through Facebook.
Market growth and trends:
Market Drivers and Restraints:
Companies in the United States and Canada have voluntarily adopted bot services to interact with their customers. The rising number of social media users is foreseen to promote the expansion of the global bot services market in future.
Innovative technological developments benefit anyone interested in the bot services market. However, the limited accuracy, the lack of awareness and reluctance to use these bot services may act as challenges for this business growth.
Factors driving the growth of the rich text and media segment include the growing number of social media users and advancements in machine learning, artificial intelligence and NLP technologies. Additionally, text bots due to their scalability are becoming more adaptable and functional.
Market Segmentation:
The global bot services market is segmented based on the service, type, deployment and end-user.
Regional Analysis:
Geographically, the global bot services market is separated mainly into North America, South America, Europe, Middle East and Africa and Asia Pacific. Of these, North America accounts for a major portion of the worldwide market and is foreseen to expand with a notable CAGR in the coming years.
Key market players:
Few of the main competitors currently working in the global bot services market are Microsoft, IBM Corporation, Google, Facebook, Amazon Web Services, Inc., Nuance Communications, Inc., Aspect Software, Inc., Inbenta Technologies Inc., Creative Virtual Ltd ., IPsoft Inc., [24] 7.ai, Inc., CogniCor Technologies, Astute Inc., Next IT Corp., Kore.ai, Inc., Rasa Technologies GmbH, Pypestream, Avaamo, Pandorabots, Inc., LogMeIn, Inc., Soluciones Artificiales, Chatfuel and Webio.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Bot Services Market, By Type
6.1.1 Text
6.1.2 Audio
6.1.3 Video
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Bot Services Market, By Service
6.2.1 Framework
6.2.2 Platform
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Bot Services Market, By Deployment
6.3.1 Social Media
6.3.2 SMS
6.3.3 Website
6.3.4 Cloud
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
6.4 Bot Services Market, By End-User
6.4.1 BFSI
6.4.2 Retail
6.4.3 Healthcare
6.4.4 Media & Entertainment
6.4.5 Telecom
6.4.6 Travel
6.4.7 Government
6.4.8 Market Size Estimations & Forecasts (2019-2024)
6.4.9 Y-o-Y Growth Rate Analysis
6.4.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Service
7.2.4 By Deployment
7.2.5 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Service
7.3.4 By Deployment
7.3.5 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Service
7.4.4 By Deployment
7.4.5 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Service
7.5.4 By Deployment
7.5.5 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Service
7.6.4 By Deployment
7.6.5 By End-User
8. Key Player Analysis
8.1 Microsoft
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Google
8.3 IBM Corp
8.4 Facebook
8.5 Amazon Web Services Inc
8.6 Nuance Communications, Inc
8.7 Aspect Software, Inc
8.8 Inbenta Technologies Inc
8.9 IPsoft Inc
8.10 Kore.ai, Inc
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures