Need to Improve Customer Relationship Management Drives Demand for Chatbots in BFSI

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Need to Improve Customer Relationship Management Drives Demand for Chatbots in BFSI
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, 2020-2027

A new study on the global chatbot market in the BFSI sector has been recently published by Report Ocean. The 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, 2020–2027” offers a detailed study of this market on the basis of its past and current performance.

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According to the research report, the global market for chatbots in BFSI is significantly driven by the increasing need for improvement in customer relationship management (CRM) in the BFSI sector. The surge in assimilation of chatbots with social media and the increased awareness among consumers regarding the advantages of chatbots in other customer support options in BFSI are also adding to the growth of the global market. However, the dearth of technically-skilled resources and product differentiation may hamper the market in the near future. Furthermore, continuous technological advancements in chatbots are expected to offer lucrative opportunities for market players in the long run.

Impact of Covid 19 on Global Chatbot Market in BFSI

The demand for chatbots in the BFSI sector has been experiencing a rise during the ongoing Coronavirus pandemic, owing to the dearth of manpower due to the imposed lockdown and declined production activities in end-use industries. With the MSME sector resuming operations, the demand is expected to increase significantly in the near future.

Chatbot Solution Segment Leads Global Market

In this report, the global chatbot market in BFSI has been analyzed on the basis of the component, platform type, end user, application, and the region. In terms of the component, the market has been classified into solution and service. Among the two, the solution segment is dominating the worldwide BFSI chatbot market. On the basis of the platform type, it has been bifurcated into web-based and mobile-based platforms. The web-based platform segment is leading the global market at present is projected to continue doing so over the next few years.

Based on the end user, it has been divided into banks, insurance companies, and others. On the basis of application, it has been segmented into customer support, branding and advertisement, data security and compliance, and others. Geographically, the market has been analyzed across North America, Europe, Asia Pacific, and LAMEA in this study. North America has acquired the lead and is expected to remain the dominant regional market for chatbot in future.

The report analyses the profiles of key market players, including [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 taken up a number of strategies to expand their market penetration and strengthen their foothold in the global market.

Key Findings:

  • Based on the platform type, the web-based segment is leading the global chatbot market.
  • In terms of the component, the solution segment is dominating the worldwide market.
  • North America has acquired the lead and is expected to remain the dominant regional market for chatbot in future.

The global chatbot market in BFSI is segmented into:

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
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Sweden
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Korea
    • Australia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Turkey
    • Rest of LAMEA

Companies Mentioned in the Report

  • [24]7.ai Inc.
  • Acuvate
  • Aivo
  • Artificial Solutions
  • Creative Virtual Ltd.
  • eGain Corp.
  • IBM Corp.
  • Inbenta Technologies Inc.
  • Next IT Corp.
  • Nuance Communications Inc.

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