Chatbot Market in BFSI by market estimations between 2018 and 2024

Chatbot is a computer program used by technology startups to develop a communication link that would work with today’s digital generation and provide them with advice, actions, and plans. Adoption of artificial intelligence based chatbots has increased over a period of time for activities such as bank statement requisition, checking balances, spend breakdown analysis, credit card balance, and payments. BFSI sector is one of the earliest adopters of chatbot, which have witnessed an increase in demand from its large customer base. In addition, the vast development in artificial intelligence (AI) and machine learning, because of which chatbots have evolved from simple answer machines to a smart platform for engaging consumers fuel the growth of the chatbot market in BFSI sector.

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Furthermore, emerging trends such as increase in integration of chatbots with social media, growth in popularity of live chat software, and rise in adoption of chatbot as a service create lucrative opportunities for the market. Some of the key players profiled in the report include Artificial Solutions, Nuance Communications, Inc., eGain Corporation, Creative Virtual Ltd., Next IT Corp., 24/7 Customer Inc., Codebaby (Idavatars), Inc., Anboto, Inbenta Technologies Inc., and Aivo. The market players have adopted various strategies to enhance their product portfolio and to increase their market penetration. Moreover, rise in investment for research to develop new products to increase their customer base strengthens their foothold in the global chatbot market in BFSI.

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Chatbot Market is a computer program designed to simulate conversation with human users especially over the Internet. Chatbots has become a preferred option in the BFSI sector to describe the essentials of an organization or solving queries owing to the fact that every time face-to-face conversation with the required banking technical/managerial support is not feasible. The global chatbot market in BFSI was valued at $357 million in 2017, and is projected to reach at $2,186 million by 2024, growing at a CAGR of 29.7% from 2018 to 2024.

The global chatbot market in BFSI is segmented into platform, type, end user, and region. Based on platform, it is divided into web-based and mobile-based. Based on type, it is classified into software and services. By end user, it is categorized into banks, insurance companies, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The key players operating in the global chatbot market in BFSI include Artificial Solutions, Nuance Communications, Inc., eGain Corporation, Creative Virtual Ltd., Next IT Corp., 24/7 Customer Inc., Codebaby (Idavatars), Inc., Anboto, Inbenta Technologies Inc., and Aivo.

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