Chatbot Market in BSFI to Grow at 24.9% CAGR by 2030
Increase in the knowledge about integration of chatbots with social media & other platforms and huge demand for customer relationship management (CRM) tools in banking and insurance sector are the major factors which are expected to drive the growth of Chatbot Industry in BSFI industry during the forecast period of 2020-2030.
The Chatbot Market in BSFI is expected to witness a CAGR of around 24.9% from 2020-2030, as per a new report published by Next Move Strategy Consulting.
According to the report, increase in consumer expectations, increase in the use of artificial intelligence, and growth in sophistication of mobile technology are major factors that may drive the chatbot market growth in BSFI during the forecast period.
Based on platform, the global market is segmented into web-based and mobile-based platform. The web-based segment accounted for the largest chatbot market share in BSFI in 2018and it is likely to maintain the lead in the coming years. The growth of web-based segment is driven by rapid adoption of web-based chatbots in BSFI and growing number of customer becoming aware about use of chatbot in these fields. Additionally, increasing number of software companies developing web-based chatbots and use of artificial intelligence to improve customer experience with the service provider brings innovation in the chatbots market trends. The mobile-based segment is likely to gain market share and is expected to grow at a fastest CAGR during the forecast period and the factors driving the growth of the segment are increasing use of customers using mobile-based chatbots and exponential increase in the number of mobile phone users across the globe.
Based on type, the global market is segmented into software and service. The software segment is likely to be the fastest growing segment and the growth of the segment is driven by increase in availability of software for chatbots used in online banking and finance.
Based on end user, the global market is segmented into banks, insurance company and others. The banks segment accounted for the largest share in this market in 2019 and it is likely to maintain the lead in the coming years. The growth of banks segment is driven by increase in use of software programs using Artificial Intelligence Markup Language (AIML) for creating chatbots that offer seamless processing of customer payments and increasing number of applications for chatbots in banking.
The prominent players in this market are Gain Corporation, Artificial Solutions, Codebaby (Idavatars), Inc., Nuance Communications, Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Next IT Corp., 24/7 Customer Inc., Anboto, and Aivo.
Browse key industry insights spread across 170 pages with 222 market data tables & 26 figures & charts from the report, “Chatbot market size in BSFI by Platform (Web-based, Mobile-based), by Type (Software, Service), by End User (Banks, Insurance Company, Others), Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Chatbot market in BSFI Share & Forecast, 2020-2030” in detail along with the table of contents:
Key Insights from the Chatbot market in BSFI Report:
- North America is the global leader in the global chatbot market in BSFI and is expected to maintain is lead during the forecast period
- The market share for banks end user segment is expected to be largest segment due to rise in the demand for chatbots in banking sectors to enhance customer experience and improve work efficiency
- Next Move Strategy Consulting has identified key players in chatbot market in BSFIincludeseGain Corporation, Artificial Solutions, Codebaby (Idavatars), Inc., Nuance Communications, Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Next IT Corp., 24/7 Customer Inc., Anboto, and Aivo.
The Report Chatbot market in BSFI– Segmented by Platform, Type, End User and Geography
About Next Move Strategy Consulting
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
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