Growing use of Social Media across the Globe to Boost the Growth of Bot Services Market in the Coming Years

With the advent of technology, businesses are nowadays adopting bot services for enhanced customer experience. Bot services help enterprises to connect with users on various channels in order to resolve customer queries and offer enhanced customer support. Due to the deployment of bots on websites, contact centers, social media platforms, and mobile apps, business scenarios have witnessed a lot of improvement in the form of enhanced customer experience and accelerated business processes. Bot services find usage in various end-user verticals, such as BFSI, retail, healthcare, travel, education, and government. Increased social media users across the world have led to the growth of the global market for bot services.

Market overview

The global bot services market which is expected to be valued at USD 458.4 Million in 2017 is projected to reach a value of USD 1,783.9 Million by 2022, growing at a CAGR of 31.2% between 2017 and 2022.

Based on services, the framework segment is expected to hold the largest market share, whereas the platform segment is estimated to witness a higher growth over the forecast period. This growth is mainly because of the huge demand for bot platforms due to the ease of availability and various features and functionalities offered. Moreover, the increased adoption of bot services by small, medium, and large enterprises is expected to majorly drive the growth of this segment.

On the basis of mode, the text and rich media segment is expected to account for the largest share of the market, owing to the increasing number of social media users and advancements in NLP, AI, and machine-learning technologies.

Among end-users, the BFSI segment is expected to hold the largest market share in 2017, followed by the government segment.

How is the bot services market progressing, geographically?

Among regions, the market in North America is predicted to account for the largest market share over the forecast period, mainly due to the early adoption of technology and the presence of a large number of bot service providers. This region is one of the well-defined and controlled economies when it comes to Gross Domestic Product (GDP), technology infrastructure, and advancements in technology. In order to keep their customers engaged, the enterprises in the U.S. and Canada are increasingly adopting bot services. However, the market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of bot services by many end-user verticals in this region. Among countries, China, Australia, New Zealand, and India are the key regions to adopt bot services. In addition, the growing number of social media users in these countries is expected to majorly drive this market towards good growth ahead. The end-user verticals like BFSI, travel, healthcare, retail, and government are also expected to drive this market APAC.

What are the factors influencing the market growth?

The growth of the worldwide market for bot services is being majorly driven by the following factors:

  • Growing user engagement on social media platforms
  • Highly advanced AI and NLP tools

In addition, growing demand for feature phones, rising usage of social media platforms, and growing partnerships and widening ecosystem are further expected to create a number of growth opportunities for this market.

However, dependency on deployment platforms for bots is the major factor that may restrain the growth of this market. Moreover, lack of awareness and reluctance to use bots and limited accuracy of bot services are the major challenges being faced by the players operating in this market.

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Key players and strategies adopted by them

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), (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) are the major players involved in the global market for bot services. These companies are adopting various growth strategies, such as new product developments, acquisitions, partnerships, agreements, collaborations, and business expansions in order to cater to the needs and demands of bot services market.

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