Portland, OR -- (SBWIRE) -- 06/28/2018 -- The web-based segment dominated the global chatbot market in BFSI in 2016 due to its advanced connectivity and user-friendly interfaces.
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, according to the latest report published by Allied Market Research. 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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Based on type, the software segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to enhanced technological features in chatbots software such as natural language processor (NLP), cloud-based deployment, multilingual, interference engine, and others. Furthermore, the service segment is expected to grow at the highest CAGR during the forecast period owing to increase in adoption of software-as-a-service trend.
The global chatbot market in BFSI was led by the banks segment in 2017, and the segment is projected to maintain its dominance during the forecast period. However, the insurance companies segment is expected to witness the highest growth, owing to increase in adoption of artificial intelligence based chatbots to sell policies and assist customers with insurance advice.
In 2017, the global chatbot market in BFSI was dominated by the web-based segment and is expected to remain dominant during the forecast period. However, the mobile-based segment is also expected to witness highest growth, owing to rise in adoption of smart mobile advisors in banks and financial institutions.
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.
Key Findings Of The Chatbot Market:
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.
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Some of the key market players profiled in the report include 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.