Press release
Adoption of chatbots has increased in banking and financial sectors with a CAGR of 29.7%
Chatbot Market
Factors such as 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 drives the growth of the market. However, lack of technically skilled resources and lack of product differentiation are expected to impede the market growth. Furthermore, continuous technological advancements in chatbots are expected to present major opportunities for market expansion in the near future.
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The global chatbot market in BFSI is segmented based on type, platform, and end user. Based on type, the market is divided into software and service. Based on platform, it is bifurcated into web-based and mobile-based. The end user segment covered in this study includes bank, financial service, and insurance company. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global chatbot market in BFSI is dominated by key players such as 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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KEY BENEFITS
The study provides an in-depth analysis of the global chatbot market in BFSI and current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
Porter's Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global chatbot market in BFSI from 2016 to 2023 is provided to determine the market potential.
KEY MARKET SEGMENTS
BY PLATFORM
Web-based
Mobile-based
BY TYPE
Software
Service
BY END USER
Bank
Insurance Company
Others
BY REGION
North America *U.S.
Canada
Mexico
Europe *UK
Germany
France
Italy
Rest of Europe
Asia-Pacific *China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA *Latin America
Middle East
Africa
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KEY MARKET PLAYERS
Artificial Solutions
Nuance Communications, Inc.
eGain Corporation
Creative Virtual Ltd.
Next IT Corp.
24/7 Customer Inc.
Codebaby (Idavatars), Inc.
Anboto
Inbenta Technologies Inc.
Aivo.
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