The global bot services market to grow at a CAGR of 28.49% during the period 2018-2022.
Global Bot Services Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market revenue, we have considered the revenues generated from bot framework services, which are used to develop bots, and bot platform services, which are used to deploy bots.
The latest trend gaining momentum in the market is The advent of cloud bot-as-a-service. Various large organizations are adopting cloud bot services owing to their easy accessibility and cost-effectiveness. For instance, Microsoft launched cloud bot services that provides a platform to register, build, deploy, and manage intelligent bots. This cloud service uses Microsoft Azure bot service and enables the user to integrate Microsoft Cognitive Services to enhance the user experience.
According to the report, one of the major drivers for this market is cost benefits of bots services. Several organizations are replacing human workforce with bots to enhance the efficiency and cost-effectiveness. The expansion of the customer base and the growing business needs will also result in cumbersome allocation of budget and unequal use of shared budget.
Bots services is one of the primary growth factors for the bot services market. Implementation of chatbots with AI capabilities will measure the customer satisfaction and improve the service quality. Bot service providers are also offering various tools and platforms to develop and deploy chatbots as per the need of the end-user. The several cost benefits provided by chatbots platform will drive the growth of the customer service bots market.
Further, the report states that one of the major factors hindering the growth of this market is 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. They can also manipulate their functioning by altering their algorithms using AL capabilities. The data of the organizations needs to be secured from unauthorized access to the IT infrastructure. IT infrastructures are based on many patchworks of open-source code, which can bring flaws to the systems.
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