Delhi, Delhi/NCR -- (SBWire) -- 12/02/2019 --Based on the latest insights in the report title "Chatbot Market in BFSI by Platform (Web-based and Mobile-based), Type (Software and Service), and End User (Bank, Insurance Company, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2024" by Report Ocean, the Market is projected to reach $2,186 million by 2024, growing at a CAGR of 29.7%.
The global chatbots market has witnessed a tectonic surge over the past few years and is likely to retain its position in the global market, as reported in a latest report by Report Ocean. The chief factors attributing the growth of the chatbots market includes the rising need to enhance customer relationship management in the BFSI industry. The surging awareness associated with the benefits offered by chatbots over other customer support opinion is another major factor augmenting the growth of the chatbot market in BFSI sector.
The increasing implementation of chatbots with social media will further propel the demand for the market during the anticipated timeframe. The development of artificial intelligence, increasing need to identify customer behavior, constant demand for intelligent customer engagement, and proliferation of mobile applications and websites are likely to encourage the growth of the chatbot market in the coming years. In the BFSI industry, the attempt to mitigate the need for live call centers and reduce extra cost can be achieved with the advent of chatbot. This can be considered as another major reason for the growth of the market across the globe.
Chatbots is highly becoming popular, especially in the BFSI sector as they allow their users to create bots by offering a user-friendly interface. Such platforms help to ease the entire process of chatbots by offering the entire communication and infrastructure features, which is required for solving customer queries.
On the contrary, the dearth of technically skilled resources along with the dearth of product differentiation are likely to restrict the growth of the chatbot market in BFSI sector over the forecast period. Despite such constraints, the constant technological advancements identified in chatbots will create new doors of opportunities for the chatbot market in BFSI sector.
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Market Segmentation
The global chatbot market in BFSI has been segmented on the basis of type, platform, and end user.
By type, the global chatbot market in BFSI is segmented into service and software. Of these, the software segment is likely to gain prominence due to its increased adoption among the BFSI sector.
Based on the platform, the global chatbot market in BFSI is segmented into mobile-base and web-based.
Speaking of end users, the global chatbot market in BFSI is segmented into financial services, banks, and insurance company.
Regional Insights
Geographically, the global chatbot market in BFSI spans across Europe, North America, Asia Pacific, and LAMEA.
Considering the global scenario, the chatbot market in BFSI in the North American region will attain significant growth due to constant technological advancements in the region. Moreover, the region is home to several industry behemoths, which is likely to propel the adoption of chatbots in the BFSI sector. Moreover, the region is an early adopter of technology, which is likely to create new growth opportunities for the market.
On the other hand, the Asia Pacific will record rapid growth in the coming years, with the introduction of AI, which is likely to reshape the future of the region. Also, countries such as, Singapore, China, and Japan are highly leveraging AI technologies, with chatbot being one of the leading trends. This is likely to augment the market growth in the coming years.
Competitive Landscape
The chief players operational in the global chatbot in BFSI include Nuance Communications, Inc., Artificial Solutions, Creative Virtual Ltd., eGain Corporation, 24/7 Customer Inc., Next IT Corp., Anboto, Inbenta Technologies Inc., Codebaby (Idavatars), Inc., and Aivo.
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Global Chatbot Market in BFSI Expected to Move Ahead with Notable Growth Rate
Reportocean.com have announced the addition of a new report titled "Global Chatbot Market in BFSI Market and Forecast to 2024"