Bot services market worth US$1,783.9m by 2022 – APAC the driver
FYI, this story is more than a year old
A new research report from MarketsandMarkets has forecast very positive times ahead for the bot services market.
Titled ‘Bot Services Market by Service (Framework and Platform), Deployment Channel (Websites, Contact Center and Customer Service, and Social Media), Mode (Text and Rich Media, Audio, and Video), End-User Vertical, and Region - Global Forecast to 2022’, the report found the market size is expected to grow from US$458.4 million in 2017 to $1,783.9 million by 2022 at a compound annual growth rate (CAGR) of 31.2 percent.
According to MarketsandMarkets, the main drivers behind this growth are increasing user engagement on social media platforms, highly advanced artificial intelligence (AI), and natural language processing (NLP) tools.
MarketsandMarkets asserts the bot framework provides highly integrated tools that help bot developers in tackling problems, such as language and dialogue skills, user connectivity, and basic input/output modules. This then enables enterprises to easily deploy bots across websites and various other channels, including Facebook Messenger, Skype, Slack, Kik, Twilio, Bing, Cortana, Siri, and Google Now.
One of the key roles within the market is the social media deployment channel, with enterprises heavily deploying bots on social media channels – both Bot framework and platform providers offer easy implementation of bot services on social media channels, such as WeChat, Kik, Facebook Messenger, and Telegram.
During the forecast period, Asia Pacific is expected to have the highest growth rate, something that has been put down to the widespread adoption of bot services by several end-user verticals in the region.
This trend is expected to increase rapidly, with China, Australia, New Zealand and India being the frontrunners in adopting bot services.
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.
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), 24/7Customer (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).