Factors, such as increase in need to improve customer relationship management (CRM) in the BFSI sector, The rise in integration of chatbots with social media, and increased awareness & advantages of chatbots over other customer support options, drive the growth of the global chatbot market in BFSI. However, a lack of technically-skilled resources and product differentiation is expected to hinder the market growth. Furthermore, continuous technological advancements in chatbots are expected to present major opportunities for the market expansion in the coming years.
The global chatbot market in BFSI is segmented into component, platform type, end user, application, and region. In terms of component, it is classified into solution and service. On the basis of platform type, it is bifurcated into web-based and mobile-based. Based on end user, it is divided into banks, insurance companies, and others. On the basis of application, it is segmented into customer support, branding & advertisement, data security & compliance, and others Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the market, which include [24]7. ai, Inc, Acuvate, Aivo, Artificial Solutions, Creative Virtual Ltd., eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Next IT Corp., and Nuance Communications, Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.
Key benefits for stakeholders
- The study provides in-depth analysis of the global chatbot market in BFSI along with the current trends and future estimations to identify the imminent investment pockets.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis 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 2020 to 2027 is provided to determine the market potential.
KEY MARKET SEGMENTS
By Component
- Solution
- Service
By Platform Type
- Web-based
- Mobile-based
By End User
- Banks
- Insurance Companies
- Others
By Application
- Customer Support
- Branding & Advertisement
- Data Security & Compliance
- Others
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Singapore
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- [24]7. ai, Inc
- Acuvate
- Aivo
- Artificial Solutions
- Creative Virtual Ltd.
- eGain Corporation
- IBM Corporation
- Inbenta Technologies Inc.
- Next IT Corp.
- Nuance Communications, Inc.
Table of Contents
Methodology
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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