The
global bot services market size is expected to grow from USD 458.4 Million in
2017 to USD 1,783.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of
31.2%. Increasing user engagement on social media platforms and highly advanced
Artificial Intelligence (AI) and Natural Language Processing (NLP) tools are
boosting the growth of the bot services market across the globe.
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Among
the services, the framework segment is expected to have the larger market share
in the bot services market during the forecast period. The framework segment
comprises Software Development Kits (SDKs) built over different APIs and
operational on several platforms, such as ASP.NET, Node.js (JavaScript),
motion.ai, and REST. The bot framework provides highly integrated tools that
help bot developers in tackling problems, such as language and dialog skills,
user connectivity, and basic input/output modules. The bot framework enables
enterprises to easily deploy bots across websites and various other channels,
such as Facebook Messenger, Skype, Slack, Kik, Twilio, Bing, Cortana, Siri, and
Google Now.
With
technology advancements in bot ecosystem, enterprises are heavily deploying
bots on social media channels. Bot framework and platform providers offer easy
implementation of bot services on social media channels, such as WeChat, Kik,
Facebook Messenger, and Telegram. Customers can easily interact with businesses
via bot services on social media platforms. Increasing user engagement on
social media is one of the major factors driving the growth of the social media
segment across the globe.
APAC is expected to have the
highest growth rate during the forecast period, due to the widespread adoption
of bot services by several end-user verticals in the region. The trend is
expected to increase at a rapid pace during the forecast period. China,
Australia, New Zealand, and India are the frontrunners in adopting bot services.
Additionally, the APAC region has the presence of a pool of social media users
in China, India, Australia, and New Zealand. 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.
Some
of the major vendors in the bot services market are Microsoft (US), IBM (US),
Facebook (US), Google (US), Amazon Web Services (US), Nuance Communications
(US), Aspect Software (US), Inbenta Technologies (US), Creative Virtual (UK),
IPsoft (US), 24/7 Customer (US), CogniCor Technologies (Spain), Astute Solutions
(US), Gupshup (US), Next IT Corp. (US), Kore.ai (US), Rasa Technologies GmbH
(Germany), Pypestream (US), Avaamo (US), Pandorabots (US), LogMeIn (US),
Artificial Solutions (Spain), Botego (Turkey), Chatfuel (US), Webio (Ireland),
and Do You Dream Up (France).
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