Portland, OR -- (SBWIRE) -- 03/16/2018 -- Chatbots are basically software programs which use business-to-consumer (B2C) text-based messaging as the interface to carry out any number of tasks. It can allow 24/7 customer service on simple matters, check bank statements, set up recurring payments, initiate fund transfers, and analyze customers spending habits. Banking industry is rapidly using chatbots as it is most promising and conversational interfaces available.
Growth in need for improvements in customer relationship management (CRM) drives the market. In addition, chatbots automate manual back-end tasks, which saves money on salaries and allow some operations to run 24/7 as well as they require less coding and are cheaper than banking apps, which propels the growth of the market. However, integration issues between front-end and back-end knowledge base and lack of standardization limits the growth of this market. Furthermore, development of intelligent bots built on Machine Learning (ML) and Natural Language Processing (NLP) and its integration with social media is expected to provide numerous opportunities for this market.
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The chatbots market in BFSI is segmented on the basis of type, organization size, technology, usage, deployment type, and region. Type segment covered in this study include software and services. Based on organization size, the market is segmented into small and medium enterprises and large enterprises. By technology, the market is bifurcated into machine learning, natural language processing, text-to-speech, and speech recognition. Based on usage, the market is classified into websites, social media, mobile platform, and contact centers. By deployment type the market is bifurcated into cloud and on-premise. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- The study provides an in-depth analysis of the market in BFSI and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities is provided.
Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
Chatbots Market Key Segments:
By Type
- Software
- Services
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Technology
- Machine Learning
- Natural Language Processing
- Text-To-Speech
- Speech Recognition
By Usage
- Websites
- Social Media
- Mobile Platform
- Contact Centers
By Deployment Type
- Cloud
- On-Premise
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Key Market Players Profiled In The Report
- Anboto
- eGain
- Creative Virtual Ltd.
- Botsify
- Inbenta Technologies Inc.
- Nuance Communications, Inc.
- CX Company
- ECREATION
- Artificial Solutions
- 24/7 Customer Inc.