Scope of the Study
Bot Services also known as Chat bots are the automated robots, which are used to interact with human beings on variety of platforms. These bots can be used to simulate and examine human behavior with the help of set of questions in case of static chat bots and the customized questionnaires in case of AI enabled or other dynamic bot services. The bot services are primarily used to stimulate conversations, to increase consumer engagements, to promote products and services and many other applications.
The market study is being classified by Type (Framework and Platform) and major geographies with country level break-up. According to AMA, the Global Bot Services market is expected to see growth rate of 31.58% and may see market size of USD19.23 Billion by 2024.
Microsoft (United States), IBM (United States), Facebook (United States), Google (United States), Amazon Web Services (United States), Nuance Communications (United States), Aspect Software (United States), Inbenta Technologies (United States), Creative Virtual (United Kingdom), 24/7 Customer (United States), Cognicor Technologies (Spain) and Astute Solutions (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Next IT Corp. (United States), Kore.ai (United States), Rasa Technologies GmbH (Germany), Pypestream (United States), Avaamo (United States) and Pandorabots (United States).
Since the bot services can be developed by an open source tools, thus the threat of new entrants will be in high. On the other hand some of the top players including Amazon, Microsoft, Facebook, and Google are having a strong uphold on the Global Market. Thus, the market will show moderate competitive rivalry. Many players will try and differentiate the product portfolio to gain competitive advantage over other players. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Bot Services market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Bot Services market by Type, Application and Region.
On the basis of geography, the market of Bot Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Mode of Delivery, the sub-segment i.e. Text and Rich Media will boost the Bot Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use Industry, the sub-segment i.e. Banking, Financial Services, and Insurance (BFSI) will boost the Bot Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Channel, the sub-segment i.e. Websites will boost the Bot Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Robust Increase in Social Media Users
- Provides Fast and Accurate Solutions
- Introduction to artificially enabled as well as NLP tools
- Upsurging User Engagement on Social Networks
- Increasing Dependency on Deployment Platform
- Limited Audience
- Provision of Personalized Chat Bots
- Growing Digitalization and Internet Connectivity
- Lack of Awareness in Underdeveloped Regions
- Skilled Workforce is required for Bot Development
Market Leaders and their expansionary development strategies
On November 14th, 2018, Microsoft has agreed to acquire XOXCO, a startup that develops conversational artificial intelligence i.e. chat bots. A company name ‘XOXCO’ is known for Howdy, which is a bot for Slack that assists in scheduling meetings, and Bot-kit, a program that provides tools for developers on GitHub, according to Microsoft's blog post.
Key Target AudienceBot Service Providers, Social Site Developers, Application Developers, Government Agencies and Others
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