Rising adoption of smart devices, which includes smartphones and tablets, is expected to fuel growth of the chatbots for banking across the regions during the forecast period.
Seattle, WA -- (SBWIRE) -- 11/12/2019 -- Chatbots for Banking Market Outlook:
A chatbot is a software program that facilitates interactions among humans and virtual assistants with the help of artificial intelligence (AI) capabilities. The AI integrated with chatbot offers security along with handling texts and other forms of inputs from multiple individuals, this allows the applications to be more intuitive and comfortable while chatting. The security it offers allows it to be utilized for banking transactions. The features AI offers aids in ease of access and security and these are the key factors driving adoption of chatbot in banking sector, thus, fuelling growth of the market.
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Competitive Study of this market:
Major players operating in the chatbot for banking market are Maruti Techlabs, Inbenta Technologies, Inc., Nuance Communications, Inc., Next IT Corporation, Kore.ai, Inc., CreativeVirtual, Pypestream, Nano Rep, Inc., Mindmeld, Inc. and Ubisend.
The latest report on 'Chatbots for Banking market' Added by Market Study Report, provides a concise analysis of the industry size, revenue forecast and regional spectrum of this business. The report further illustrates the major challenges and the latest growth strategies adopted by key players who are a part of the dynamic competitive spectrum of this industry
Enumerating a rough coverage of the Chatbots for Banking market report:
- What parameters are encompassed in the report with respect to the geographical scope of Chatbots for Banking market?
- With respect to the regional spectrum, the Chatbots for Banking market is segregated into USA, Europe, Japan, China, India, South East Asia.
- The report is inclusive of details about the product consumption patterns across the many geographies, in conjunction with the valuation that each of these zones account for in the industry, as well as the market share which every geography holds.
What's Driving the market?
Proliferation of smart and connected devices is the major factor driving growth of the market. Rising adoption of smart devices, which includes smartphones and tablets, is expected to fuel growth of the chatbots for banking across the regions during the forecast period. Growing adoption of smartphones is allowing banks to automate various processes required for advertising, promotions, and providing informative messages to client with personalized and customized manner as per category of the client. This includes SMS & MMS, mobile web, mobile video & television, and several other channels.
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Region wise Analysis:
North America held a dominant position in the global chatbots for banking market in 2017, and is expected to retain its dominance throughout the forecast period. This growth is attributed to the region being early adopters of advanced technologies such as chatbots in banking. Furthermore, increasing number of banks in this region are focusing on adopting this technology.
Asia Pacific is expected to exhibit high growth in the global chatbots for banking market over the forecast period. This is owing to increasing support by governments in countries such as Singapore. Increasing government support and other factors have made Singapore as one of the top global fintech hubs. Investments in collaborative fintech companies have rose to 138% and the banks in the country have been increasingly focusing on adopting novel technologies to enhance their share.