Global Bot Service Market Service (Framework, Platform); Mode (Text and Rich Media, Audio, Video); Deployment Channel (Websites, Contact Center & Customer Service, Social Media, Mobile Applications); End-user (BFSI, Government, Real Estate, Media & Entertainment, Telecom, Retail & E-Commerce, Education, Travel & Hospitality, Healthcare); Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) - Industry Trends and Forecast to 2026
Market Analysis: Global Bot Service Market
Global Bot Service Market is driven by increasing number of internet users, which is projecting a rise in estimated value from USD 700.28 million in 2018 to an estimated value of USD 6493.73 million by 2026, registering a CAGR of 32.10% in the forecast period of 2019-2026.
Market Definition: Global Bot Service Market
A bot is a type of software that is designed to get the tasks done automatically rather than doing on your own. With the continuous improvement in bot technology it can be assumed that it will become capable of handling all kinds of things, comprising of something that is as complex as tax. It has its wide application in real estate, media and entertainment, telecom, retail and e-commerce, and others. Increasing user engagement on social media platforms may be considered as the major factor in driving the growth of bot service market.
- Rise in the number of social media users & their engagement on internet across the globe.
- Rapid technological development within artificial intelligence industry & machine learning drives the demand for this particular market.
- The process for deployment of the bots platform is highly dependent which restraints the market.
- Lack of awareness & knowledge about the bot service is hampering the growth of the market.
Market Segmentation: Global Bot Service Market
- By Service
- Natural Language Processing
- Machine Learning
- Artificial Neural Network
- Bot Analytics
- By Mode
- Text and Rich Media
- By Deployment Channel
- Contact Center & Customer Service
- Social Media
- Mobile Applications
- By End-user
- Banking, Financial Services & Insurance (BFSI)
- Real Estate
- Media & Entertainment
- Retail & E-commerce
- Travel & Hospitality
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In August 2018, HubSpot launched “Conversations”, which is a free platform of Bots, Live Chat, and Team Email to push the fast growing business.
- In December 2017, A chat Bot has been launched on facebook messenger by the luxury brand Louis Vuitton which has been powered by mode.ai
Competitive Analysis: Global Bot Service Market
Global bot service market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of bot service market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors/Players: Global Bot Service Market
Few of the major competitors currently working in Bot Service 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., 7.ai, Inc., CogniCor Technologies, Astute Inc., Next IT Corp., Kore.ai, Inc., Rasa Technologies GmbH, Pypestream, Avaamo, Pandorabots, Inc., LogMeIn, Inc., Artificial Solutions, Chatfuel and Webio.
Research Methodology: Global Bot Service Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved