Bot Services Market
The Bot Services Market was valued at USD XX.X million in 2017, and is estimated to reach a value of USD XX.X million by 2023 at a CAGR of XX.X%, over the forecast period (2018-2023).
The Bots as a service market has gained traction in the recent past given the fact that developments in AI and machine learning have enabled the players in the industry to come up with products which are capable of performing day to day to tasks that are transforming the human lifestyle. These bots have not only found their use in the common lives of consumers, but are also capable of executing important tasks at the workplace as well. Some of the features which they comprise of include, booking tables at restaurants, scheduling meetings, assigning tasks as per individual skills, and also executing financial transactions.
Increasing application fatigue
Application fatigue is the phase through which a customer goes through when he or she is tired of downloading new applications and learning about them. This is also because the businesses have realised that very few people who download the application actually utilize it and hence they have restricted the heavy spending on mobile applications maintenance, development, and marketing. Even though the number of applications released till date goes in millions, more 50,000 applications were released in 2016 per month for iOS alone. This has opened a new window of opportunity for messenger application owners to use extend their services as the usage of existing applications has become more redundant and given way for integration of bots in these messaging applications.
UK to provide new opportunities
In 2017, the voice commerce sales in the region stood at USD 200 million and is expected to reach USD 5 billion by 2022. Around 75% of the people in the region have not yet spoken to a bot, 57% of the people are aware of bots, and 35% of them want to be implemented by the organizations. Every one consumer out of five (21%) were willing to purchase services and goods through a bot and at an average, are willing to spend GBP 314.74 per individual. The section which is most willing to spend maximum via bots is the age group 26-36, GBP 481.15 per individual. This indicates that the younger generation is more willing to spend using bots. The age group which stands at the second position and is willing to GBP 353.41 per individual, is the 37-47. This implies that the deployment of these bots will not only find its utility among businesses as they will reduce costs and optimize their operations, but also will be widely accepted by the customers. The consumers’ perception of the Companies deploying chat-bots is positive in most of the parameters and hence indicates that the consumers in the region are willing to adopt the use bots just as the Companies deploying them.
Bot Services Market Major Players
- Oracle Corporation
- Facebook, Inc.
- Google LLC
- Amazon Web Services, Inc.
- Microsoft Corporation
- IBM Corporation
- Astute Solutions
- Nuance Communications, Inc.
- CogniCor Technologies
- Creative Virtual Ltd.
- Kore.ai, Inc., amongst others.
Key Developments in Bot Services Market
- May 2018: Astute Solutions acquired Wilke Global, a technology company which specializes in consumer relations software. The acquisition will strengthen the acquiring entities on agent and self-service tools which are backed by AI.
- May 2018: Nuance Communications, Inc.’s, collaborated with Daimler AG to power Mercedes Benz User Experience multimedia system through its conversational AI platform.
- March 2018: Acuvate launched Buddy 365 for which is an AI based bot to equip the organizations to roll out and drive adoption of Office 365, and show measurable results.
Reasons to Purchase Bot Services Market Report
- The increased use of online channels, integration of bots with messaging applications, and enhanced technological developments in AI are expected to drive the market in the near future.
- The report analyzes the various perspectives of the market with the help of Porter’s five forces analysis
- The type of security and solution that are expected to dominate the market
- The regions are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
1.1 Key Study Deliverables
1.2 Market Definition
1.3 Study Assumptions
2. Research Methodology
3. Executive Summary
4. Bot Services Market Insights
4.1 Bot Services Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products and Services
4.2.5 Competitive Rivalry in the Industry
4.3 Industry Value Chain
4.4 Industry Policies
4.5 Technology Snapshots
5. Bot Services Market Dynamics
5.1 Bot Services Market Drivers
5.1.1 Domination of Mobile messenger
5.1.2 Application fatigue
5.1.3 Drastic reduction in bots development costs
5.2 Bot Services Market Restraints
5.2.1 Dependence on a deployment platform
5.3 Bot Services Market Opportunities
5.3.1 Developments in AI
6. Global Bot Services Market Segmentation
6.1 Bot Services Market By Deployment Channel
6.1.2 Customer Care Servcice
6.1.3 Mobile Applications
6.1.4 Social Media
6.2 Bot Services Market By Product Type
6.2.1 Voice assistant
6.2.2 Chat Bots
6.2.3 Smart Speakers
6.2.4 Natural Language Processing
6.3 Bot Services Market By End-User Industry
6.4 Bot Services Market By Region
6.4.1 North America Bot Services Market Size (2018-2023)
126.96.36.199 US Bot Services Market Size (2018-2023)
188.8.131.52 Canada Bot Services Market Size (2018-2023)
184.108.40.206 Rest of North America
6.4.2 Europe Bot Services Market Size (2018-2023)
220.127.116.11 UK Bot Services Market Size (2018-2023)
18.104.22.168 Germany Bot Services Market Size (2018-2023)
22.214.171.124 France Bot Services Market Size (2018-2023)
126.96.36.199 Rest of Europe
188.8.131.52 China Bot Services Market Size (2018-2023)
184.108.40.206 Japan Bot Services Market Size (2018-2023)
220.127.116.11 India Bot Services Market Size (2018-2023)
18.104.22.168 South Korea Bot Services Market Size (2018-2023)
22.214.171.124 Rest of Asia
6.4.4 Latin America Bot Services Market Size (2018-2023)
126.96.36.199 Mexico Bot Services Market Size (2018-2023)
188.8.131.52 Brazil Bot Services Market Size (2018-2023)
184.108.40.206 Argentina Bot Services Market Size (2018-2023)
220.127.116.11 Rest of South America
6.4.5 Middle-East and Africa Bot Services Market Size (2018-2023)
18.104.22.168 UAE Bot Services Market Size (2018-2023)
22.214.171.124 South Africa Bot Services Market Size (2018-2023)
126.96.36.199 Rest of Middle-East and Africa
7. Competitive Intelligence - Company Profiles
7.1 Oracle Corporation
7.2 Facebook, Inc.
7.3 Google LLC
7.4 Amazon Web Services, Inc.
7.5 Microsoft Corporation
7.6 IBM Corporation
7.7 Astute Solutions
7.8 Nuance Communications, Inc.
7.9 CogniCor Technologies
7.10 Creative Virtual Ltd.
7.12 Kore.ai, Inc. *(List Not Exhaustive)
8. Investment Analysis
8.1 Recent Mergers And Acquisitions
8.2 Investment Scenario And Opportunities
9. Future of Global Bot Services Market