Bot Platform Services Market to Grow Significantly

  • The global bot service market is expected to grow significantly during the forecasted period due to increased demand from online service providers.
  • Cloud based deployment is showing the fastest growth, especially, in the U.S, and some parts of Europe because of the advancements and early adoption.
  • North America dominates the global bot services market and likely to continues to dominate.

According to Market Research Future Analysis, the global bot service market is anticipated to grow at a significant rate over the forecast period, 2018-2023. The global bot service market has been segmented into service, type, deployment, end user, and region.

Bots rely on the concept of the artificial intelligence to answer the customer questions and help us resolve our query in a fast and efficient way.

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The global bot service market is expected to grow significantly during the forecasted period due to increased demand from online service providers and advancements in the artificial intelligence technology. The market by type segment of bot service is at present dominated by the text type services in many of the industrial applications like retail, banking, insurance, travel, and others.

Bots rely on the concept of the artificial intelligence to answer the customer 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 such as Facebook messenger, Skype, and sometime even through a short messaging service.

They are helpful in booking hotels, flight tickets, movie shows, and restaurants. With the huge presence of companies in North America delivering the IT services, bot services market is increasing significantly with the increased growth of the cloud and artificial intelligence technology and the adoption of Bot Services by small, medium, and large enterprises.

Regional Analysis

The global bot service market is segmented on the basis of region: North America, Europe, Asia Pacific, and rest of the world. North America dominates the global bot services market and likely to continues to dominate over the forecasted period. Following North America is the Asia pacific region with the fastest growth during the forecasted period due to technological advancements in the emerging countries like India, China and Japan. However, Europe is mature market and is expected to grow at a steady pace over the given period.

The Bot Services Market is expected to reach approximately $1.8 trillion by the end of 2023 at a CAGR of 24% during the forecasted period 2018-2023.

Segmentation

On the basis of service, it is further segmented into framework and platform. A bot framework is a service that helps to build and connect the bots used in different channels for example, social media, Skype, SMS, E-mails, etc. Companies like Microsoft prove to be the leader in developing the bot framework. It hosts the requirements of different bots over different platforms allowing them to connect with each other.

A bot framework is a service that helps to build and connect the bots used in different channels for example, social media, Skype, SMS and E-mails.

On the other hand the bot platforms are online ecosystems where bots can be deployed, and interact with users, and perform actions on their behalf, including interacting with other platforms. Both of these have their own significance and benefits. However, platform by service segment is leading the market because of the increased usage of online services provided by small and medium enterprises using bots over similar platforms.

On the basis of type, the segment is divided into text, audio, and video. At present, most of the bot services are indulging in the text service type as it becomes an interactive way to interact with the customers. However, the image and video service is increasing and resolving the customer query easily. The bot services by text type provide a detailed human like conversation to resolve the customer query and also to identify the customer experience. The fundamentals of bot services is taken from the artificial intelligence and analytics to identify the customer behavior and improve the services.

On the basis of deployment, the segments are divided into social media, SMS, websites, and cloud. Among these, the social media segment is leading the market by deployment. This is majorly due to the increased usage of social media and internet in every organization. Companies, like Facebook, are developing bots for messenger that deliver the image, video, and text to any individual connected to that organization services. However, the cloud based deployment is showing the fastest growth, especially, in the U.S, and some parts of Europe because of the advancements and early adoption of the cloud technologies.

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