Chatbot Market Expected to Reach $ 2,186 Million by 2024 - Global Demand Analysis, Trends and Forecast

The web-based segment dominated the global chatbot market in BFSI in 2016 due to its advanced connectivity and user-friendly interfaces. 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. In 2017, the web-based segment accounted for the highest revenue share in the 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.

Factors such as development of artificial intelligence (AI), continuous rise in the demand for intelligent customer engagement, rise in need to understand customer behavior, and increase in penetration of websites and mobile applications drive the growth of the market. In addition, continuous technological advancements in chatbots are expected to present major opportunities for market expansion in the near future.

The web-based segment led the market in 2016, and is expected to continue to remain dominant in the near future. Furthermore, the software segment dominated the overall market in owing to increase in adoption of software among the banks and financial institutions.

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Growth in need to improve customer relationship management (CRM) in the BFSI sector and increase in awareness about the advantages offered by chatbots over other customers support option are the major factors that fuel the growth of chatbot in the BFSI market. However, factors such as increased initial installment cost and lack of product differentiation hamper the market growth to a certain extent.

The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

Top impacting factors-

Growth in need to improve customer relationship management (CRM), advantages of chatbots over other customer support options, and growth in integration of chatbots with social media drives the growth of the market. However, increase in initial installment cost is expected to hamper the market growth during the forecast period.

Growth in need to improve customer relationship management (CRM):

Adoption of chatbots has increased in banking and financial sectors primarily to maintain customer relationship. The digitization-driven shift in customer engagement also influences the banking and financial sectors to redefine their touchpoints with customers and focus on understanding the customer's intent and their latent needs. Therefore, number of banks integrate chatbots as they have the potential to simplify the entire banking experience for the customers.

Advantages of chatbots over other customer support option:

Benefits offered by chatbots include 24/7 availability, increased response capacity, increased return on investment (ROI) for customer support, streamlined processes for repetitive inquiries, and others. Beyond cost reduction, use of chatbots offer business benefits such as improvement in net promoter score (NPS) and customer satisfaction by reducing response times, enhancing customer convenience, and increasing first time resolution.

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Rise in integration of chatbots with social media:

Social networking platforms help brands to increase brand engagement and interaction between the brand and the customers. The integration of chatbot with these social media platforms assists the user to find a solution to new features, security, and other issues related to the site, which drives the growth of the chatbot market in BFSI. Number of banks and financial institutions offer products and services directly using established messenger services on social media platforms such as Facebook.

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