LONDON--(BUSINESS WIRE)--The global bot services market is expected to grow at a CAGR of over 28% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global bot services market by end-user (BFSI, retail, healthcare, media, and others), by services (framework and platform), and by deployment channel (social media, website, mobile application, and contact center). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: cost benefits of bot services
Owing to the expansion of the customer base and the growing business needs, companies are focusing on replacing the human workforce with bots for better efficiencies and cost-effectiveness. Many organizations are facing challenges when it comes to estimating profits within the departments of the organization because of the cumbersome allocation of budgets and unequal use of shared resources.
For instance, the return on investment for companies is unknown when it comes to the customer handling departments other than marketing. With the help of chatbots with AI capabilities, customer satisfaction can be measured, and measures can be taken to improve the service quality. Bot service providers offer various tools and platforms to develop and deploy chatbots as per the need of the end-user. Thus, the cost benefits of bot services are expected to fuel the growth of the global bot services market during the forecast period.
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Market trend: industry-specific bots
With the successful implementation of genetic bots, many organizations in various industries are demanding industry-specific bots. Though the technology is advanced, and the algorithms are complex, genetic bots are easy to be implemented. In the current scenario, bots are developed using specific frameworks and are deployed on various platforms. However, in the coming years, bots are likely to be developed for specific industries with various capabilities.
According to a senior analyst at Technavio for cloud computing research, “Separate frameworks will be available to develop industry-specific bots for the BFSI, media, and healthcare sectors. These bots will also have the capability to alter their basic features as per the requirements of the end-user. This will help in offering a sophisticated, interactive experience to the customers.”
Market challenge: data privacy and security risks
Data privacy and security risks are some of the major barriers to the adoption of bots in organizations. Intelligent bots have the capability to track, retrieve, and analyze data from the connected server. The data of the organizations needs to be secured from unauthorized access to the IT infrastructure. The convenience in procuring and accessing cloud services can also give bots the ability to scan, identify, and exploit loopholes and vulnerabilities in a system.
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Some of the major contributors in the global bot services market:
- Amazon.com
- IBM
- Microsoft
- Oracle
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