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Chatbot Market in BFSI by Platform, Type, and End User - Global Opportunity Analysis and Industry Forecast, 2018-2024

  • ID: 4580640
  • Report
  • Region: Global
  • 199 pages
  • Allied Analytics LLP
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Chatbot is a computer program used by technology startups to develop a communication link that works with today’s digital generation and provides them with advice, actions, and plans. Chatbots simulate human conversations through artificial intelligence, but applications are being developed that enable the chatbots to communicate with each other. These bots, setup on various kinds of platforms, ensure overall enquirers satisfaction by solving their queries in the best possible manner.

Factors such as 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 drives the growth of the market. However, lack of technically skilled resources and lack of product differentiation are expected to impede the market growth. Furthermore, continuous technological advancements in chatbots are expected to present major opportunities for market expansion in the near future.

The global chatbot market in BFSI is segmented based on type, platform, and end user. Based on type, the market is divided into software and service. Based on platform, it is bifurcated into web-based and mobile-based. The end user segment covered in this study includes bank, financial service, and insurance company. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global chatbot market in BFSI is dominated by key players such as 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.

KEY BENEFITS
  • The study provides an in-depth analysis of the global chatbot market in BFSI and current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
  • Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global chatbot market in BFSI from 2016 to 2023 is provided to determine the market potential.
KEY MARKET SEGMENTS

BY PLATFORM
  • Web-based
  • Mobile-based
BY TYPE
  • Software
  • Service
BY END USER
  • Bank
  • Insurance Company
  • Others
BY REGION
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
  • LAMEA - Latin America
  • Middle East
  • Africa
KEY MARKET PLAYERS
  • 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.
Note: Product cover images may vary from those shown
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CHAPTER 1: INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. RESEARCH METHODOLOGY
1.3.1. Secondary research
1.3.2. Primary research
1.3.3. Analyst tools & models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE

CHAPTER 3: MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies
3.2.3.1. Top winning strategies, by year 2015-2018
3.2.3.2. Top winning strategies, by development 2015-2018
3.2.3.3. Top winning strategies, by company 2015-2018
3.3. PORTER'S FIVE FORCES ANALYSIS
3.4. KEY PLAYER POSITIONING, 2017
3.5. MARKET DYNAMICS
3.5.1. Drivers
3.5.1.1. Increase in need to improve customer relationship management (CRM)
3.5.1.2. Advantages of chatbots over other customer support options
3.5.1.3. Surge in integration of chatbots with social media
3.5.2. Restraints
3.5.2.1. Increased initial installment cost
3.5.2.2. Lack of product differentiation
3.5.3. Opportunity
3.5.3.1. Continuous technological advancements in chatbots

CHAPTER 4: CHATBOT MARKET IN BFSI, BY TYPE
4.1. OVERVIEW
4.2. SOFTWARE
4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast, by region
4.2.4. Market analysis, by country
4.3. SERVICES
4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast, by region
4.3.4. Market analysis, by country

CHAPTER 5: CHATBOT MARKET IN BFSI, BY PLATFORM
5.1. OVERVIEW
5.2. WEB-BASED
5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast, by region
5.2.4. Market analysis, by country
5.3. MOBILE BASED
5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast, by region
5.3.4. Market analysis, by country

CHAPTER 6: CHATBOT MARKET IN BFSI, BY END USER
6.1. OVERVIEW
6.2. BANKS
6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast, by region
6.2.4. Market analysis, by country
6.3. INSURANCE COMPANIES
6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast, by region
6.3.4. Market analysis, by country
6.4. OTHERS
6.4.1. Key market trends
6.4.2. Key growth factors and opportunities
6.4.3. Market size and forecast, by region
6.4.4. Market analysis, by country

CHAPTER 7: CHATBOT MARKET IN BFSI, BY GEOGRAPHY
7.1. OVERVIEW
7.2. NORTH AMERICA
7.2.1. Key market trends
7.2.2. Key growth factors and opportunities
7.2.3. Market size and forecast
7.2.3.1. Market size and forecast, by type
7.2.3.2. Market size and forecast, by platform
7.2.3.3. Market size and forecast, by end user
7.2.3.4. Market size and forecast, by country
7.2.3.5. U.S.
7.2.3.5.1. Market size and forecast, by type
7.2.3.5.2. Market size and forecast, by platform
7.2.3.5.3. Market size and forecast, by end user
7.2.3.6. Canada
7.2.3.6.1. Market size and forecast, by type
7.2.3.6.2. Market size and forecast, by platform
7.2.3.6.3. Market size and forecast, by end user
7.2.3.7. Mexico
7.2.3.7.1. Market size and forecast, by type
7.2.3.7.2. Market size and forecast, by platform
7.2.3.7.3. Market size and forecast, by end user
7.3. EUROPE
7.3.1. Key market trends
7.3.2. Key growth factors and opportunities
7.3.3. Market size and forecast
7.3.3.1. Market size and forecast, by type
7.3.3.2. Market size and forecast, by platform
7.3.3.3. Market size and forecast, by end user
7.3.3.4. Market size and forecast, by country
7.3.3.5. UK
7.3.3.5.1. Market size and forecast, by type
7.3.3.5.2. Market size and forecast, by platform
7.3.3.5.3. Market size and forecast, by end user
7.3.3.6. Germany
7.3.3.6.1. Market size and forecast, by type
7.3.3.6.2. Market size and forecast, by platform
7.3.3.6.3. Market size and forecast, by end user
7.3.3.7. France
7.3.3.7.1. Market size and forecast, by type
7.3.3.7.2. Market size and forecast, by platform
7.3.3.7.3. Market size and forecast, by end user
7.3.3.8. Italy
7.3.3.8.1. Market size and forecast, by type
7.3.3.8.2. Market size and forecast, by platform
7.3.3.8.3. Market size and forecast, by end user
7.3.3.9. Rest of Europe
7.3.3.9.1. Market size and forecast, by type
7.3.3.9.2. Market size and forecast, by platform
7.3.3.9.3. Market size and forecast, by end user
7.4. ASIA-PACIFIC
7.4.1. Key market trends
7.4.2. Key growth factors and opportunities
7.4.3. Market size and forecast
7.4.3.1. Market size and forecast, by type
7.4.3.2. Market size and forecast, by platform
7.4.3.3. Market size and forecast, by end user
7.4.3.4. Market size and forecast, by country
7.4.3.5. China
7.4.3.5.1. Market size and forecast, by type
7.4.3.5.2. Market size and forecast, by platform
7.4.3.5.3. Market size and forecast, by end user
7.4.3.6. India
7.4.3.6.1. Market size and forecast, by type
7.4.3.6.2. Market size and forecast, by platform
7.4.3.6.3. Market size and forecast, by end user
7.4.3.7. Japan
7.4.3.7.1. Market size and forecast, by type
7.4.3.7.2. Market size and forecast, by platform
7.4.3.7.3. Market size and forecast, by end user
7.4.3.8. Australia
7.4.3.8.1. Market size and forecast, by type
7.4.3.8.2. Market size and forecast, by platform
7.4.3.8.3. Market size and forecast, by end user
7.4.3.9. Rest of Asia-Pacific
7.4.3.9.1. Market size and forecast, by type
7.4.3.9.2. Market size and forecast, by platform
7.4.3.9.3. Market size and forecast, by end user
7.5. LAMEA
7.5.1. Key market trends
7.5.2. Key growth factors and opportunities
7.5.3. Market size and forecast
7.5.3.1. Market size and forecast, by type
7.5.3.2. Market size and forecast, by platform
7.5.3.3. Market size and forecast, by end user
7.5.3.4. Market size and forecast, by country
7.5.3.5. Latin America
7.5.3.5.1. Market size and forecast, by Type
7.5.3.5.2. Market size and forecast, by platform
7.5.3.5.3. Market size and forecast, by end user
7.5.3.6. Middle East
7.5.3.6.1. Market size and forecast, by type
7.5.3.6.2. Market size and forecast, by platform
7.5.3.6.3. Market size and forecast, by end user
7.5.3.7. Africa
7.5.3.7.1. Market size and forecast, by type
7.5.3.7.2. Market size and forecast, by platform
7.5.3.7.3. Market size and forecast, by end user

CHAPTER 8: COMPANY PROFILES
8.1. 24/7 INC.
8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Operating business segments
8.1.4. Product portfolio
8.1.5. Key strategic moves and developments
8.2. AIVO
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Product portfolio
8.2.5. Key strategic moves and developments
8.3. ANBOTO
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Product portfolio
8.4. ARTIFICIAL SOLUTIONS
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Product portfolio
8.4.5. Key strategic moves and developments
8.5. INTELLIGENT DIGITAL AVATARS, INC
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Operating business segments
8.5.4. Key strategic moves and developments
8.6. CREATIVE VIRTUAL LTD
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Product portfolio
8.6.4. Key strategic moves and developments
8.7. EGAIN CORPORATION
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Operating business segments
8.7.4. Product portfolio
8.7.5. Business performance
8.8. INBENTA TECHNOLOGIES INC.
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Operating business segments
8.8.4. Product portfolio
8.8.5. Key strategic moves and developments
8.9. VERINT SYSTEMS INC (NEXT IT CORPORATION)
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.10. NUANCE COMMUNICATIONS, INC.
8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Operating business segments
8.10.4. Product portfolio
8.10.5. Business performance
8.10.6. Key strategic moves and developments
Note: Product cover images may vary from those shown
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According to a recent report titled, Chatbot Market in BFSI by Platform, Type and End User: Global Opportunity Analysis and Industry Forecast, 2018-2024, 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.

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.

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.

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.
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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