Global Bot Services Market | Size, Trends, Growth

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Global Bot Services Market - Segmentation By Service (Framework, Platform), Type (Text, Audio, Video), Deployment (Social Media, SMS, Website, Cloud), End-Users (BFSI, Retail, Healthcare, Media & Entertainment, Telecom, Travel, Government) and Region – Forecast to 2025

Pulished: August, 2020

ID: 10075

Pages: 150

Global Bot Services Market Analysis (2020 – 2025)

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:

In August 2018, HubSpot launched "Conversations," a free bot, live chat, and team email platform to drive the fast-growing business.
In December 2017, the luxury brand Louis Vuitton launched a Chat Bot on Facebook Messenger, which works with mode.ai

Impact of Covid-19 on Bot Services Market:

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:

Increasing user engagement on social media platforms and highly advanced natural language processing and artificial intelligence tools are driving the growth of the global bot services market. However, a lack of knowledge and trust in bot implementation platforms is hampering market growth.
With the overall process devoid of humans, reliance on bots for deployment platforms has become tedious work. The market will also notice growth due to the growing demand for voice assistants on smartphones. Growing partnerships and the expanding ecosystem are opportunities to develop the global bot services market.
Bot services are widely used in the retail market due to the increased application of online retailing and increased buyer demand. However, the retail end customer primarily uses text and image as the bot service type. There is significant growth in travel and health, media and entertainment imaging and video services, providing services such as the purchase of movie tickets and airline tickets.

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.

Based on the service segment, it is then segmented into the framework and the platform. The bot framework is a service that allows to create and connect the bots used in different channels such as social networks, Skype, SMS and emails. Microsoft is the world's leading developer of the bot framework. It hosts the requirements of different robots on different platforms, allowing them to connect with each other. On the other hand, robot platforms are online ecosystems in which robots can deploy, interact with users, and take action on their behalf, including interacting with other platforms. Both have their meanings and their benefits. However, the platform segment is leading the market due to the increased use of online services provided by small and medium sized businesses that use bots on similar platforms.
Depending on the type, the segments are divided into text, audio and video. Currently, most bot services appreciate the text service type as it becomes an interactive way to interact with customers. However, imaging and video services are on the rise, making it easier to resolve customer queries.
Based on the deployment, the global market is separated into social media, SMS, website, and cloud.
Based on end-users, the segments are divided into banking and financial services, retail, health, media and entertainment, telecommunications, travel and government services. Bot services are mainly used in the retail market due to the rise of online retail applications and increased consumer demand. However, the retail end user primarily uses text and image as the type of bot service. There is a significant growth in image and video services in media and entertainment, travel and medical care in the provision of services such as booking airline tickets, movie tickets, etc. Other segments such as banking, telecommunications and government are showing steady growth.

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

Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of Service, Type, Deployment, End-Users along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.