Global Bot Services Market Size, Outlook, Opportunity and Forecast By 2023

Posted by Aditi Desai on January 30th, 2019

According to the reports, the Bot Services Market is going to show impressive growth in terms of revenue value during the forecast period of 2018-2023. The report presents the strategy, shares as well as the forecast of the market on the global level. During the research methodology, it is forecasted that market value will have an impressive hike in terms of revenue value from USD XXX Billion in 2017 to USD XXX Million by 2023. Also, the compound annual growth rate (CAGR) is anticipated to grow by a notable percentage in the coming years. The numbers clearly illustrate how bot services have covered its huge market worldwide and are going to increase at a faster pace.

What is bot service and how it works?
An internet bot is a software application that has the ability to run an automatic task over the internet. This helps in increasing user interaction and solves some basic problems. For example, a bot perform repetitive and simple task which is nearly impossible for a human to respond. Coming to its working, a chatbot is designed in the way that it is independent of the human operator. It can answer formulated questions and answer like a real person. It allows interaction between human and bot via messages or voice command.

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How to Improve your Bot service?
· Use Natural language processing to make chatbot more friendly
· Adding on new information on a regular basis will improve the service
· Use interaction analytics to make chatbots more conversational
· Making chatbots more empathetic
· Use chatbots to collect initial part of information like order ID, date and time

Bot Services Market Insights 
To find out the valuable & useful insights into the bot services market research has been divided into phases. Beginning from an executive summary, the research offers the main advantages and challenges of the market, applications, global regions that are likely to foster the growth of the market, strategies, and policies attempted by key market players as well dividing the segments into sub-segments to deliver accurate results in a concise manner. The bot services market has been segmented on the basis of service, deployment channel, mode and end-user vertical.

By services, the market has been divided into the framework and platform. The deployment channel is sub-segmented as websites, contact center, customer services, social media, and mobile applications. Based on the mode, the market has been sub-divided into text, rich media, audio, and video. The end-user vertical varies from Banking, Financial Services, and Insurance (BFSI), Retail and eCommerce, Healthcare, Media and Entertainment, Telecom, Government, Education, Travel and Hospitality, Real Estate and others (utilities, recruitment portals, and automotive). Moreover, along with figures and tables, market attractiveness and BPS analysis have been provided for every segment. A separate timeline has been considered for research methodology, here 2017 is considered as the base year, 2018 as estimated year and 2019-2023 as the forecasted period.

Competitor Analysis -
The experts of the bot service market are Microsoft, IBM, Facebook, Google, Amazon Web Services, Nuance Communications, Aspect Software, Inbenta Technologies, Creative Virtual, IPsoft, 24/7 Customer, CogniCor Technologies (Spain), Astute Solutions, Gupshup, Next IT Corp.,, Rasa Technologies GmbH, Pypestream, Avaamo, Pandorabots, LogMeIn, Artificial Solutions, Botego, Chatfuel, Webio, Do You Dream Up and Other Major Key Players.

For example, IBM Watson Assistant, one of the leading industry conversational AI technology powering bots. It interacts and understands your questions in a better way.

North America to dominate the Market –
A separate regional outlook was a part of the research, as it tells that which region will provide maximum output and growth. The countries considered are North America, Europe, Middle East and Africa, Latin America and Asia Pacific region. North America is home for most of the industries with large operation base and also for startup. This is the specific reason why North America will boon the forecasted period as their technology adoption is little faster as compared to another region of the world. Moreover, social media users are going to drive the market share.

Lastly, we can say that the bot service market share is rising at a much faster pace. No, doubt Bot service is a new trend in better customer management and conversions. It is safe to say that this market is going to boom and will give maximum revenue benefits too.

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Aditi Desai

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Aditi Desai
Joined: December 20th, 2018
Articles Posted: 171

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