Bot Services Market - Introduction
- Bot services are managed bot support and development services offered by software and service-based companies that help clients to connect with their end-users through various popular channels.
- Service providing companies offer customized bot services for client companies to build, deploy, test, and manage all bot services in one place or platform. Most cloud service providers are offering artificial intelligence (AI) chatbots as a service with cloud services. This service can be integrated with business websites and applications that include personalized apps such as email, Facebook Messenger, Skype, Microsoft Team, and Cortana.
- In Bot services, service providers focus on a user-friendly interface and better application of artificial intelligence technologies with a Bot system to minimize human interaction and increase the efficiency of handling end-user queries.
- Most customer-centric product development companies and customer service-based companies are adopting Bot service to improve the query handling time and reduce the burden on employees for initial interaction with end-users.
Key Drivers of the Bot Services Market
- Increasing adoption of online and internet-based services among end-users is expected to drive the growth of the market. Increasing consumer spending on industrial sectors for outsourced advanced technologies and solutions, is also expected to boost the growth of the Bot services market.
- Increasing adoption of advanced technologies such as machine learning and Artificial Intelligence (AI) for customer services is expected to create better business and revenue opportunities for service providers of Bot services.
High initial investment and lack of awareness in small & medium enterprises expected to hinder the growth of the market
- The high initial investment in implementation and integration of Bot services with existing websites or resources restrains the growth of the market.
- Lack of awareness about the benefits of Bot services among small & medium enterprises as well as budget constraints for advanced technologies is expected to hamper the growth of the market.
Impact of COVID-19 on the Global Bot Services Market
- Bot services help companies to manage end-user complaints with predefined Bot services without any human interaction. Many healthcare and pharmaceutical product companies are adopting the advanced customer interaction system or automated solutions to maintain the response time of end-user complaints and inquiries during the COVID-19 situation.
- Demand for Bot services is increasing in sectors such as healthcare and e-commerce during the COVID-19 lockdown situation due to the increasing dependency of companies on an advanced digital solution to manage the business process with employee safety.
North America to Hold Major Share of the Global Bot Services Market
- North America holds a prominent share of the Bot services market due to the presence of leading players and the early adoption of advanced technologies in different industries in the region
- The Bot services market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide the solution and service across the region and also due to the increasing adoption of advanced and smart digital solutions in commercial offices and banking sectors.
Key Players Operating in the Global Bot Services Market
- Amazon Web Services, Inc.
Amazon Web Services, Inc. is a global provider of on-demand cloud computing platforms and industrial API to different industries. The company offers managed cloud platform solutions and services in the AWS IoT segment for all connected devices for interacting with the cloud application. The company provides IoT solutions in different technologies such as Infrastructure as a Service (IaaS), analytics & modeling, Cloud Chatbot as a Service, application infrastructure & middleware, and platforms as a services for oil & gas and other major industries.
- Google, LLC.
Google, LLC. is a multinational company developing Internet-based products and services for different industries. The company’s core products include Google Search, Maps, Android Platform, Chrome Browser, YouTube, Google Play, Gmail, and smartphones. The company provides Google Chat apps and Google Bot services for different commercial applications.
Other key players operating in the global Bot services market include International Business Machines Corporation, Microsoft Corporation, Nuance Communications, Inc., Creative Virtual Ltd., Astute, Inc. and Inbenta Technologies Inc.
Global Bot Services Market: Research Scope
Global Bot Services Market, by Service Type
- Natural Language Processing
- Machine Learning
- Artificial Neural Network
Global Bot Services Market, by Application
- Contact Centers and Customer Service
- Social Media
Global Bot Services Market, by Industry
- IT & Telecom
- Manufacturing & Automobile
- Sports & Entertainment
Global Bot Services Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Automate Customer Support
- Chatbot as a Service
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.