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Chatbot Market Size Value US$ 3,392.96 Million by 2027, Growth Rate (CAGR) of 27.3% From 2020-2027.

Chatbot Market Size Value US$ 3,392.96 Million by 2027, Growth Rate (CAGR) of 27.3% From 2020-2027.

NEW CASTLE, DELAWARE, UNITED STATES, April 24, 2024 / -- Chatbot is a computer program designed to simulate conversation with human users especially over the Internet. Chatbot has become a preferred option in the BFSI sector to describe the essentials of an organization or solving queries, owing to the fact that every time face-to-face conversation with the required banking technical/managerial support is not feasible. The major factors that drive the market growth include increase in need to improve customer relationship management (CRM), advantages of chatbots over other customer support options, and rise in integration of chatbots with social media platforms.

Allied Market Research published a report, titled, "Chatbot Market in BFSI by Component (Solution and Service), Platform Type (Web-based and Mobile-based), End User (Banks, Insurance Companies, and Others), and Application (Customer Support, Branding & Advertisement, Data Security & Compliance, and Others: Global Opportunity Analysis and Industry Forecast, 2020โ€“2027." According to the report, the global chatbot market in BFSI generated $494.68 million in 2019, and is expected to generate $3.39 billion by 2027, witnessing a CAGR of 27.3% from 2020 to 2027.

โžก๏ธ๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž & ๐“๐Ž๐‚ :

Drivers, restraints, and opportunities

Increase in integration of chatbots in social media, surge in awareness regarding chatbot, and need to improve customer relationship management (CRM) drive the growth of the global chatbot market in BFSI. However, rise in initial cost of installation of chatbots and lack of product differentiation hinder the market growth. On the other hand, implementation of innovative technologies including interference engine, application programing interface (API), cloud-based deployment, and natural language processor (NLP) would offer new opportunities throughout the forecast period.

The solution segment to maintain its lead status during the forecast period

By component, the solution segment accounted for the largest market share in 2019, holding nearly two-thirds of the total share of the global chatbot market in BFSI, and is projected to maintain its lead status during the forecast period. This is due to improved technological features in chatbot software including cloud-based deployment, natural language processor (NLP), interference engine, multilingual features, and others. However, the service segment is estimated to portray the highest CAGR of 28.1% from 2020 to 2027, owing to comprehensive installing, scheduling, and configuration of the services package along with personalized assistance & optimized performance.

โžก๏ธ๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง ๐–๐ž ๐จ๐Ÿ๐Ÿ๐ž๐ซ ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐ž๐ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐š๐ฌ ๐ฉ๐ž๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ฆ๐ž๐ง๐ญ :

The web-based segment to maintain its dominance by 2027

By platform type, the web-based segment held the highest market share, contributing to nearly three-fifths of the total market share of the global chatbot market in BFSI in 2019, and is expected to maintain its dominance by 2027. This is due to control over bot behavior & personality and helping users by implementing their own bot through premium options. However, the mobile-based segment is estimated to witness the largest CAGR of 28.7% during the forecast period, owing to development of chatbots for mobile devices with text and voice control features for offering easy self-service mobile experience.

North America to maintain its leadership status throughout the forecast period

Based on region, North America accounted for the highest contribution in terms of revenue of the global chatbot market in BFSI, contributing to more than one-third of the total share in 2019, and will maintain its leadership status throughout the forecast period. This is due to high adoption of financial technologies as well as large IT spending in the BFSI sector. However, Asia-Pacific is projected to grow at the highest CAGR of 29.0% from 2020 to 2027, owing to potential in emerging countries, adoption of advanced technologies, and shift toward digital & mobile banking in nations such as India and China.

Leading market players

[24], Inc.
Artificial Solutions
Creative Virtual Ltd.
eGain Corporation
IBM Corporation
Inbenta Technologies Inc.
Next IT Corp.
Nuance Communications, Inc.

โžก๏ธ๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐ :

Covid-19 Scenario

Customer service centers have been closed due to lockdown implemented by governments of many countries. Moreover, businesses and organizations implemented chatbots on their websites and chats to address panic created among people.
Banking, insurance, and financial sectors have implemented chatbots for lowering down pressure of contact centers as people have been rushing toward them for waivers and extensions for paying mortgages and premiums.
There have been a lot of queries related to different policies of healthcare as people began opting for health insurance. For addressing queries rapidly and luring customers to avail their policies, insurers have deployed chatbots on their websites.

Key benefits for stakeholders

The study provides in-depth analysis of the global chatbot market share 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.
Porterโ€™s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the trends in the global chatbot industry in BFSI.
The quantitative analysis of the global chatbot market in BFSI from 2020 to 2027 is provided to determine the market potential.

โžก๏ธ๐๐ฎ๐ฒ ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐š๐ญ ๐ƒ๐ข๐ฌ๐œ๐จ๐ฎ๐ง๐ญ๐ž๐ ๐๐ซ๐ข๐œ๐ž @

โžก๏ธ๐“๐จ๐ฉ ๐“๐ซ๐ž๐ง๐๐ข๐ง๐  ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ:
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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


David Correa

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