Bot Services Market Projected to Grow at 1,783.9 Million USD by 2022

(IT-NEWSWIRE.COM, October 16, 2017 ) According to a new research report "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", published by MarketsandMarkets™, the 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.

The framework segment is expected to dominate the Bot Services Market during the forecast period.

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.

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The social media deployment channel is expected to play a key role in the Bot Services Market

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.

The Asia Pacific (APAC) region is expected to witness the highest growth rate in the Bot Services Market during the forecast period.

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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Bot Services Market Projected to Grow at 1,783.9 Million USD by 2022