global chatbot market size in BFSI was valued at $494.68 million in 2019, and is projected to reach $3,392.96 million by 2027, growing at a CAGR of 27.3% from 2020 to 2027.

Chatbot Market in BFSI by Component (Solution and Service), Platform Type (Web-based and Mobile-based), End User (Banks, Insurance Companies, and Others), and Application (Customer Support, Branding & Advertisement, Data Security & Compliance, and Others: Global Opportunity Analysis and Industry Forecast, 2020-2027

global chatbot market size in BFSI was valued at $494.68 million in 2019, and is projected to reach $3,392.96 million by 2027, growing at a CAGR of 27.3% from 2020 to 2027.

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ise in need to improve the customer relationship management (CRM)
Adoption of chatbots has increased in the banking, financial services, and insurance sectors primarily to accelerate lifelong relationship with their customers, provide timely services, and maintain brand loyalty in the market. Customer relationship management serves as an important factor for the growth and profitability of banks in the present age to seek competitive advantages. In addition, chatbot helps in customer engagement and focuses on understanding the customer's needs & customized requirements in the market. Therefore, this has led to significant increase in integration of chatbots, as it has the potential to simplify the entire user experience and improve customer relationship management (CRM) in the banking, financial services, and insurance sectors.

Continuous technological advancements in chatbots

Incorporation of enhanced technological features into chatbot software, such as natural language processor (NLP), interference engine, cloud-based deployment, application programing interface (API), and multichannel, is expected to provide lucrative opportunities for the market. Moreover, the demand for artificial intelligence and audio speech-based chatbots is expected to increase in the coming years. Therefore, this is expected to become the major factor to provide potential benefits to the chatbot market in BFSI.

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Key benefits for stakeholders

The study provides in-depth analysis of the global chatbot market share along with the current trends and future estimations to identify the imminent investment pockets.
The report provides information regarding drivers, restraints, and opportunities with impact analysis.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the trends in the global chatbot industry in BFSI.
The quantitative analysis of the global chatbot market in BFSI from 2020 to 2027 is provided to determine the market potential.

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