With the successful implementation of genetic bots, many organisations in various industries are demanding industry-specific bots. Separate frameworks are available to develop industry-specific bots for the BFSI, media and healthcare sectors. These bots are also expected to alter their basic features as per the requirements of the end-user resulting in offering a sophisticated, interactive experience to the customers.
Seattle, WA -- (SBWIRE) -- 11/13/2019 -- The objective of the report is to define, describe, and forecast the bot services market size on the basis of services, deployment channels, modes, end-user verticals, and regions. The report aims to provide detailed information regarding the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth, and it tracks and analyses the market scenario on the basis of the technological developments, product launches, and mergers and acquisitions related to the bot services market. The report also forecasts the market size of the different market segments with respect to the 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
This research study involves the extensive use of secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva, to identify and collect information useful for the technical, market-oriented, and commercial aspects of the bot services market.
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After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with Key People, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), Chief Marketing Officers (CMOs), directors, and executives.
Microsoft (US), IBM (US), Facebook (US), Google (US), Amazon Web Services (US), Nuance Communications (US), Aspect Software (US), Inbenta Technologies (US), Creative Virtual (UK), IPsoft (US), 24/7 Customer (US), CogniCor Technologies (Spain), Astute Solutions (US), Gupshup (US), Next IT Corp. (US), Kore.ai (US), Rasa Technologies GmbH (Germany), Pypestream (US), Avaamo (US), Pandorabots (US), LogMeIn (US), Artificial Solutions (Spain), Botego (Turkey), Chatfuel (US), Webio (Ireland), and Do You Dream Up (France) These Bot Services Vendors are rated and listed by us on the basis of product quality, reliability, and their business strategy. Please visit 360Quadrants to see the vendor listing of Bot Services.
WMR forecasts the global bot services market size to grow from 458.4 Million in 2017 to USD 1,783.9 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 31.2%. Increasing user engagement on social media platforms and highly advanced Artificial Intelligence (AI) and Natural Language Processing (NLP) tools are boosting the growth of the market across the globe.
By mode, the text and rich media segment is expected to have the largest market share during the forecast period. Text and rich media is an efficient mode for consumers to interact with bots. The factors driving the growth of the text and rich media segment include the increasing number of social media users and the advancements in NLP, AI, and machine-learning technologies. Additionally, text bots are more adaptable and functional, in terms of scalability. Therefore, users can easily interact with bots via texts on messengers, social media platforms, Interactive Video Response (IVR), websites, and mobile applications.
Among the end-user verticals, the government segment is estimated to have the second largest market share in the bot services market in 2017, after the Banking, Financial Services, and Insurance (BFSI) segment. In the government sector, digital-first customer engagement strategies are significantly gaining traction across the globe.
Innovative technological developments are benefiting all stakeholders in the bot services market. However, the limited accuracy of bot services and the lack of awareness and reluctance to use bot services may act as challenges to the growth of the market.
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