Bot Services Market is Estimated to Grow with a 25% of CAGR During Forecast Period 2018-2023 - Reuters

 

Bot Services Market is Estimated to Grow with a 25% of CAGR During Forecast Period 2018-2023

Bot Services Market is Estimated to Grow with a 25% of CAGR During Forecast Period 2018-2023

Mon Apr 9, 2018 - 16:15pm UTC

Bot Services market, by service (framework, platform), type (text, audio, video) by deployment (social media, SMS, website, cloud), end-users (BFSI, retail, healthcare, media & entertainment, telecom, travel, government)

Pune, India – April 9, 2018

Market Highlights
The global bot services market comprises of some of the key players and other vendors such as [24]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.) among others. The market of the global bot services is expected to grow at a significant CAGR of 25 %. Increased internet penetration, advancements in the cloud technologies, and advancements in the artificial intelligence drive the growth of the market.

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The bot service market is segmented on the basis of service, type, deployment, and end user. Increasing user engagement on social media channels is driving the growth of the bot services market. The bot service market attracts many end users such as banking and financial services, online retail, healthcare, media & entertainment, telecom, travel, and government services. The bots rely on the concept of the artificial intelligence to answer our questions and help us resolve our query in a fast and efficient way. Bots are available majorly in many websites dealing with the customer support and services. They are present in social media, for instance, Facebook Messenger, Skype, and sometime even through a short messaging service. With the huge presence of companies in North America delivering the IT services, growth for the Bot Services Market is increasing significantly with the increased growth of cloud and artificial intelligence technology and the adoption of bot services by small, medium, and large enterprises.

Regional Analysis
The global bot services market is also segmented on the basis of region by North America, Europe, Asia Pacific and rest of the world. North America is dominating in the global market and is expected to continue over the review period. North America is the most advanced region when it comes to the technology due to huge presence of IT companies in the U.S. The adoption of the bot services has increased in the U.S. and Canada by the leading companies to engage with their customers to better the customer retention. Also, due to early adoption and advancements in the technology in the U.S and Canada, the market is projected to continue to dominate in this region.

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On the other hand, Asia pacific is expected to show the highest growth rate due to emerging economies like China, Japan, and India adopting the bot services by several end-user verticals in the region. This trend is expected to increase at a rapid pace during the forecast period. Also, the APAC region has a huge presence of social media users in China, India. The Banking, Financial Services, and Insurance (BFSI), travel, healthcare, retail, and government verticals are the end-user verticals driving the bot services market growth in APAC. Additionally, the growing number of mobile users across social media in APAC is expected to drive the growth of the APAC bot services market. However, Europe being the more mature market is expected to show a steady growth during the forecasted period of 2017-2023.

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Bot Services market, by service (framework, platform), type (text, audio, video) by deployment (social media, SMS, website, cloud), end-users (BFSI, retail, healthcare, media & entertainment, telecom, travel, government) Pune, India – April 9, 2018 — Market Highlights The global bot services market comprises of some of the key players and other vendors such as [24]7.ai, […]

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