Chatbot Market in BFSI: Growth, Industry Trends, Key Players Analysis & Forecast 2018 – 2024

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.

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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.

Growth in need to improve customer relationship management (CRM) in BFSI sector, increase in awareness about the advantages offered by chatbots over other customer support option, and rise in integration of chatbots with social media and others drive the growth of the market. However, factors such as lack of technically skilled resources and lack of product differentiation hamper the growth of the chatbot market in BFSI to a certain extent.

Based on type, the software segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to enhanced technological features in chatbots software such as natural language processor (NLP), cloud-based deployment, multilingual, interference engine, and others. Furthermore, the service segment is expected to grow at the highest CAGR during the forecast period owing to increase in adoption of software-as-a-service trend.

The global chatbot market in BFSI was led by the banks segment in 2017, and the segment is projected to maintain its dominance during the forecast period. However, the insurance companies segment is expected to witness the highest growth, owing to increase in adoption of artificial intelligence based chatbots to sell policies and assist customers with insurance advice.

In 2017, the global chatbot market in BFSI was dominated by the web-based segment and is expected to remain dominant during the forecast period. However, the mobile-based segment is also expected to witness highest growth, owing to rise in adoption of smart mobile advisors in banks and financial institutions.

Chatbot Market Key Segments:

By Platform
• Web-based
• Mobile-based
By Type
• Software
• Service
By End User
• Bank
• Insurance Company
• Others
By Region
• North America
• Europe
• Asia-Pacific
• LAMEA

Key Reasons to Buy the Report:

•This study includes the analytical depiction of the global chatbot market in BFSI along with current trends and future estimations to determine the imminent investment pockets.

•The report presents information related to key drivers, restraints, and opportunities.

•The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.

•Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the global cloud-based business analytics software industry.

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Table of Content:

Chapter: 1: INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. RESEARCH METHODOLOGY

1.3.1. Secondary research
1.3.2. Primary research
1.3.3. Analyst tools & models

Chapter: 2: EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3: MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies

3.2.3.1. Top winning strategies, by year 2015-2018
3.2.3.2. Top winning strategies, by development 2015-2018
3.2.3.3. Top winning strategies, by company 2015-2018

3.3. PORTER'S FIVE FORCES ANALYSIS
3.4. KEY PLAYER POSITIONING, 2017
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Increase in need to improve customer relationship management (CRM)
3.5.1.2. Advantages of chatbots over other customer support options
3.5.1.3. Surge in integration of chatbots with social media

3.5.2. Restraints

3.5.2.1. Increased initial installment cost
3.5.2.2. Lack of product differentiation

3.5.3. Opportunity

3.5.3.1. Continuous technological advancements in chatbots

Chapter: 4: CHATBOT MARKET IN BFSI, BY TYPE

4.1. OVERVIEW
4.2. SOFTWARE

4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast, by region
4.2.4. Market analysis, by country

4.3. SERVICES

4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast, by region
4.3.4. Market analysis, by country

Chapter: 5: CHATBOT MARKET IN BFSI, BY PLATFORM

5.1. OVERVIEW
5.2. WEB-BASED

5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast, by region
5.2.4. Market analysis, by country

5.3. MOBILE BASED

5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast, by region
5.3.4. Market analysis, by country

Chapter: 6: CHATBOT MARKET IN BFSI, BY END USER

6.1. OVERVIEW
6.2. BANKS
6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast, by region
6.2.4. Market analysis, by country

6.3. INSURANCE COMPANIES

6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast, by region
6.3.4. Market analysis, by country

6.4. OTHERS

6.4.1. Key market trends
6.4.2. Key growth factors and opportunities
6.4.3. Market size and forecast, by region
6.4.4. Market analysis, by country

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