Chatbot Market in BFSI Expected to Reach $ 2,186 Million, by 2024

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CHATBOT MARKET IN BFSI

Opportunities and Forecasts, 2018 – 2024

Pages : 199 Publish Date: Apr 2018


CHATBOT MARKET IN BFSI

“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 is segmented into platform, type, end user, and region. Based on platform, it is divided into web-based and mobile-based. Based on type, it is classified into software and services. By end user, it is categorized into banks, insurance companies, and others. By region, it is analyzed across North America, Europe, AsiaPacific, and LAMEA.

Rachita Rake Research Analyst, BFSI at AMR


CHATBOT MARKET OVERVIEW • 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. • 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.

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CHATBOT MARKET KEY BENEFITS

• By platform, the mobile-based segment is expected to exhibit significant increase in the global chatbot market in BFSI during the forecast period. • In 2017, North America accounted for the highest revenue among the other regions. • Based on type, the software segment generated the highest revenue in 2016. • By end user, insurance companies are anticipated to exhibit substantial growth during the forecast period.


CHATBOT MARKET IN BFSI


CHATBOT MARKET BY GEOGRAPHY


CHATBOT MARKET BY PLATFORM


CHATBOT MARKET BY END USER


KEY PLAYERS IN INDUSTRY

• • • • • • • • • •

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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CHATBOT MARKET SEGMENTS

• By Platform o Web-based o Mobile-based

CHATBOT MARKET IN BFSI

• By Type o Software o Service • By End User o Bank o Insurance Company o Others


CHATBOT MARKET BY GEOGRAPHY North America, Europe, Asia-Pacific, LAMEA


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