Global Bot Service Market, By Type (Personal and Professional), Service (Framework and Platform), Deployment Channel (Websites, Contact Centre and Customer Service, and Social Media), Mode (Text and Rich Media, Audio, and Video), End User (Banking, Financial Services, and Insurance (BFSI), Retail and ecommerce, Healthcare, Media and Entertainment, Telecom, Government, Education, Travel and Hospitality, Real Estate and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The bot service market is witnessing an upsurge in the market value. Currently the numbers of the market value are USD 851.69 million and this will turn into USD 9,452.9 million by the year 2028. This concludes into the fact that the bot service market is set to undergo rapid growth and expansion and will exhibit a CAGR of 30.66% for the forecast period of 2021-2028.
Bot, being short for a robot, is a software program that operates as an agent for the user to perform human activities. This means that a bot is a computer program that is used to stimulate automated actions without the need for human intervention. The program is a result of the application of artificial intelligence and it enhances and promotes a user-friendly interface. In this fast pacing world, companies need to be on their toes all the time. All the activities have to be directed towards achieving the organizational goals and in this regard, companies outsource complaint management and relationship management services by installing an effective and efficient bot service program. As a customer, chatbots can be seen on the websites of the companies that help to gather certain insights about them.
Growing demand for internet and online services is the major reason for fuelling the demand for the bot services market. Bot services are highly used in the BFSI industry and the countries are rapidly investing in bot services to improve the user-friendly interface. Also, with the advancement in artificial intelligence technology and increased expenditure on research and expenditure of the same, the bot service market is projected to flourish for the forecast period. Also, the whole world suffering from coronavirus breakdown has led the companies to focus more and more on bot service programs.
The initial investment, procurement cost and maintenance cost of this technology are very high. Low and medium capital companies resist investing in the same because of this reason. The cost of replacement sensors and software up-gradation too is high. Thus, this is the biggest growth demeaning factor for the bot service market.
This bot service market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on bot service market, contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Bot Service Market Scope and Market Size
Bot service market is segmented on the basis of type, service, deployment channel, mode and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- The bot service market on the basis of type has been segmented into personal and professional niche.
- On the basis of service, the bot service market is segmented into framework and platform. Framework is further sub-segmented into natural language processing, machine learning, artificial neural network and bot analytics. Platform can also be bifurcated into web-based platform and mobile-based platform.
- On the basis of deployment channel the bot service market is fragmented into websites, contact centre and customer service and social media.
- The bot service market can be segmented into text and rich media, audio and video segments on the basis of mode.
- The bot service market is segmented into banking, financial services, and insurance (BFSI), retail and ecommerce, healthcare, media and entertainment, telecom, government, education, travel and hospitality, real estate and others on the basis of end user.
Bot Service Market Country Level Analysis
Bot service market is analysed and market size, volume information is provided by country, type, service, deployment channel, mode and end user as referenced above.
The countries covered in the bot service market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America considerably leads the bot service market by a huge share. This is because of the prevalence of high demand for bot services for personal and professional affairs across the countries in this region. Asia-Pacific is projected to witness the highest growth rate for the forecast period of 2021-2028. This is because of the emerging economies like India, China and Japan who are investing more and more in IT sector. Rapid globalization, industrialization and modernization coupled with increased demand for automated solutions will enable this region to excel in the forecast period.
The country section of the bot service market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Bot Service Market Share Analysis
The bot service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to bot service market.
The major players covered in the bot service market report are Microsoft, IBM Corporation, FACEBOOK, Amazon Web Services, Inc., Nuance Communications, Inc., Aspect Software, Inc., Inbenta Technologies Inc., Creative Virtual Ltd., CogniCor Technologies., Astute Inc., 7.ai, Inc, Smooch Technologies ULC All rights reserved., Botsify., eGain Corporation., Teneo is a Registered Trademark of Artificial Solutions;, Next IT Corp., Amelia US LLC, Kore.ai, Inc., Rasa Technologies Inc and Pypestream Inc. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Bot Service Market
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