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Chatbot Market in BFSI by Platform (Web-based and Mobile-based), Type (Software and Service), and End User (Bank, Insurance Company, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2024

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BF_182415
Pages: 199
Apr 2018 | 2553 Views
 
Author's : Rachita Rake
Tables: 102
Charts: 48
 

Chatbot Market Overview:

Chatbot Market is a computer program designed to simulate conversation with human users especially over the Internet. Chatbots 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 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.

Factors such as development of artificial intelligence (AI), continuous rise in the demand for intelligent customer engagement, rise in need to understand customer behavior, and increase in penetration of websites and mobile applications drive the growth of the market. In addition, continuous technological advancements in chatbots are expected to present major opportunities for market expansion in the near future.

The web-based segment led the market in 2016, and is expected to continue to remain dominant in the near future. Furthermore, the software segment dominated the overall market in owing to increase in adoption of software among the banks and financial institutions.

Growth in need to improve customer relationship management (CRM) in the BFSI sector and increase in awareness about the advantages offered by chatbots over other customers support option are the major factors that fuel the growth of chatbot in the BFSI market. However, factors such as increased initial installment cost and lack of product differentiation hamper the market growth to a certain extent.

The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

Segment review

The global chatbot market in BFSI is segmented into platform, type, end user, and region. Based on platform, it is divided into web-based and mobile-based. Based on type, it is classified into software and services. By end user, it is categorized into banks, insurance companies, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global chatbot market in BFSI 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.

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by geography

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by platform

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by end user

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Top impacting factors 

Growth in need to improve customer relationship management (CRM), advantages of chatbots over other customer support options, and growth in integration of chatbots with social media drives the growth of the market. However, increase in initial installment cost is expected to hamper the market growth during the forecast period.

Growth in need to improve customer relationship management (CRM)

Adoption of chatbots has increased in banking and financial sectors primarily to maintain customer relationship. The digitization-driven shift in customer engagement also influences the banking and financial sectors to redefine their touchpoints with customers and focus on understanding the customer's intent and their latent needs. Therefore, number of banks integrate chatbots as they have the potential to simplify the entire banking experience for the customers.

Advantages of chatbots over other customer support option

Benefits offered by chatbots include 24/7 availability, increased response capacity, increased return on investment (ROI) for customer support, streamlined processes for repetitive inquiries, and others. Beyond cost reduction, use of chatbots offer business benefits such as improvement in net promoter score (NPS) and customer satisfaction by reducing response times, enhancing customer convenience, and increasing first time resolution.

Rise in integration of chatbots with social media

Social networking platforms help brands to increase brand engagement and interaction between the brand and the customers. The integration of chatbot with these social media platforms assists the user to find a solution to new features, security, and other issues related to the site, which drives the growth of the chatbot market in BFSI. Number of banks and financial institutions offer products and services directly using established messenger services on social media platforms such as Facebook.

Key Benefits

  • This study includes the analytical depiction of the global chatbot market in BFSI along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
  • Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the global cloud-based business analytics software industry.

Chatbot Market Key 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.
 

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

LIST OF TABLES

TABLE 01. GLOBAL CHATBOT MARKET IN BFSI REVENUE, BY TYPE, 2017–2024 ($MILLION)
TABLE 02. SOFTWARE CHATBOT MARKET IN BFSI REVENUE, BY REGION, 2017–2024 ($MILLION)
TABLE 03. SERVICES CHATBOT MARKET IN BFSI REVENUE, BY REGION, 2017–2024 ($MILLION)
TABLE 04. GLOBAL CHATBOT MARKET IN BFSI REVENUE, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 05. WEB-BASED CHATBOT MARKET IN BFSI REVENUE, BY REGION, 2017–2024 ($MILLION)
TABLE 06. MOBILE-BASED CHATBOT MARKET IN BFSI REVENUE, BY REGION, 2017–2024 ($MILLION)
TABLE 07. GLOBAL CHATBOT MARKET IN BFSI REVENUE, BY END USER, 2017–2024 ($MILLION)
TABLE 08. CHATBOT MARKET IN BFSI REVENUE FOR BANKS, BY REGION, 2017–2024 ($MILLION)
TABLE 09. CHATBOT MARKET IN BFSI REVENUE  FOR INSURANCE COMPANIES, BY REGION, 2017–2024 ($MILLION)
TABLE 10. CHATBOT MARKET IN BFSI REVENUE FOR OTHER FINANCIAL INSTITUTIONS, BY REGION, 2017–2024 ($MILLION)
TABLE 11. CHATBOT MARKET IN BFSI REVENUE, BY REGION, 2017–2024 ($MILLION)
TABLE 12. NORTH AMERICA CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 13. NORTH AMERICA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 14. NORTH AMERICA CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 15. NORTH AMERICA CHATBOT MARKET IN BFSI, BY COUNTRY, 2017–2024 ($MILLION)
TABLE 16. U.S. CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 17. U.S. CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 18. U.S. CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 19. CANADA CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 20. CANADA CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 21. CANADA CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 22. MEXICO CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 23. MEXICO CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 24. MEXICO CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 25. EUROPE CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 26. EUROPE CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 27. EUROPE CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 28. EUROPE CHATBOT MARKET IN BFSI, BY COUNTRY, 2017–2024 ($MILLION)
TABLE 29. UK CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 30. UK CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 31. UK CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 32. GERMANY CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 33. GERMANY CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 34. GERMANY CHATBOT MARKET IN BFSI, BY END USER, 2017–2024 ($MILLION)
TABLE 35. FRANCE CHATBOT MARKET IN BFSI, BY TYPE, 2017–2024 ($MILLION)
TABLE 36. FRANCE CHATBOT MARKET IN BFSI, BY PLATFORM, 2017–2024 ($MILLION)
TABLE 37. FRANCE CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 38. ITALY  CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 39. ITALY  CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 40. ITALY  CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 41. REST OF EUROPE CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 42. REST OF EUROPE CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 43. REST OF EUROPE CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 44. ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 45. ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 46. ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 47. ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY COUNTRY, 2017–2024 ($MILLION)
TABLE 48. CHINA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 49. CHINA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 50. CHINA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 51. INDIA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 52. INDIA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 53. INDIA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 54. JAPAN CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 55. JAPAN CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 56. JAPAN CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 57. AUSTRALIA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 58. AUSTRALIA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 59. AUSTRALIA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 60. REST OF ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 61. REST OF ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 62. REST OF ASIA-PACIFIC CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 63. LAMEA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 64. LAMEA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 65. LAMEA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 66. LAMEA CHATBOT MARKET IN BFSI, BY COUNTRY, 2017–2024 ($MILLION)
TABLE 67. LATIN AMERICA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 68. LATIN AMERICA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 69. LATIN AMERICA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 70. MIDDLE EAST CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 71. MIDDLE EAST CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 72. MIDDLE EAST CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 73. AFRICA CHATBOT MARKET IN BFSI, BY TYPE , 2017–2024 ($MILLION)
TABLE 74. AFRICA CHATBOT MARKET IN BFSI, BY PLATFORM , 2017–2024 ($MILLION)
TABLE 75. AFRICA CHATBOT MARKET IN BFSI, BY END USER , 2017–2024 ($MILLION)
TABLE 76. 24/7 INC: COMPANY SNAPSHOT
TABLE 77. 24/7 INC: PRODUCT CATEGORY
TABLE 78. 24/7 INC: PRODUCT PORTFOLIO
TABLE 79. AIVO: COMPANY SNAPSHOT
TABLE 80. AIVO: PRODUCT CATEGORY
TABLE 81. AIVO: PRODUCT PORTFOLIO
TABLE 82. ANBOTO: COMPANY SNAPSHOT
TABLE 83. ANBOTO: PRODUCT PORTFOLIO
TABLE 84. ARTIFICIAL SOLUTIONS: COMPANY SNAPSHOT
TABLE 85. ARTIFICIAL SOLUTIONS:  PRODUCT CATEGORY
TABLE 86. ARTIFICIAL SOLUTIONS: PRODUCT PORTFOLIO
TABLE 87. IDAVATARS: COMPANY SNAPSHOT
TABLE 88. IDAVATARS:  PRODUCT CATEGORY
TABLE 89. CREATIVE VIRTUAL LTD: COMPANY SNAPSHOT
TABLE 90. CREATIVE VIRTUAL LTD: PRODUCT PORTFOLIO
TABLE 91. EGAIN CORPORATION: COMPANY SNAPSHOT
TABLE 92. EGAIN CORPORATION: PRODUCT CATEGORY
TABLE 93. EGAIN CORPORATION: PRODUCT PORTFOLIO
TABLE 94. INBENTA TECHNOLOGIES INC: COMPANY SNAPSHOT
TABLE 95. INBENTA TECHNOLOGIES INC: PRODUCT CATEGORY
TABLE 96. INBENTA TECHNOLOGIES INC: PRODUCT PORTFOLIO
TABLE 97. VERINT SYSTEMS INC: COMPANY SNAPSHOT
TABLE 98. VERINT SYSTEMS INC: OPERATING SEGMENTS
TABLE 99. VERINT SYSTEMS INC: PRODUCT PORTFOLIO
TABLE 100. NUANCE COMMUNICATIONS, INC: COMPANY SNAPSHOT
TABLE 101. NUANCE COMMUNICATIONS, INC: OPERATING SEGMENTS
TABLE 102. NUANCE COMMUNICATIONS, INC: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01. GLOBAL CHATBOT MARKET IN BFSI, 2017–2024
FIGURE 02. CHATBOT MARKET IN BFSI, BY REGION, 2017–2024
FIGURE 03. GLOBAL CHATBOT MARKET IN BFSI: KEY PLAYERS
FIGURE 04. GLOBAL CHATBOT MARKET IN BFSI SEGMENTATION
FIGURE 05. TOP IMPACTING FACTORS
FIGURE 06. TOP INVESTMENT POCKETS
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR 2015-2018*
FIGURE 08. TOP WINNING STRATEGIES, BY DEVELOPMENT 2015-2018 (%)
FIGURE 09. TOP WINNING STRATEGIES, BY COMPANY 2015-2018 (%)
FIGURE 10. MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIER
FIGURE 11. LOW-TO-HIGH BARGAINING POWER OF BUYER
FIGURE 12. MODERATE THREAT OF SUBSTITUTES
FIGURE 13. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 14. HIGH COMPETITIVE RIVALRY
FIGURE 15. KEY PLAYER POSITIONING, 2017
FIGURE 16. CHATBOT MARKET IN BFSI: DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF SOFTWARE CHATBOT MARKET IN BFSI, BY COUNTRY, 2016 & 2023 (%)
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF SERVICES CHATBOT MARKET IN BFSI, BY COUNTRY, 2016 & 2023 (%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF WEB-BASED CHATBOT MARKET IN BFSI, BY COUNTRY, 2018 & 2024(%)
FIGURE 20. COMPARATIVE SHARE ANALYSIS OF MOBILE-BASED CHATBOT MARKET IN BFSI, BY COUNTRY, 2018 & 2024(%)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF CHATBOT MARKET IN BFSI FOR BANKS, BY COUNTRY, 2018 & 2024(%)
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF CHATBOT MARKET IN BFSI FOR INSURANCE COMPANIES, BY COUNTRY, 2018 & 2024(%)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF F CHATBOT MARKET IN BFSI FOR OTHER FINANCIAL INSTITUTIONS, BY COUNTRY, 2018 & 2024(%)
FIGURE 24. U.S. CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 25. CANADA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 26. MEXICO CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 27. UK CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 28. GERMANY CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 29. FRANCE CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 30. ITALY  CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 31. REST OF EUROPE CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 32. CHINA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 33. INDIA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 34. JAPAN CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 35. AUSTRALIA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 36. REST OF ASIA-PACIFIC CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 37. LATIN AMERICA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 38. MIDDLE EAST CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 39. AFRICA CHATBOT MARKET IN BFSI, 2017–2024 ($MILLION)
FIGURE 40. EGAIN CORPORATION: REVENUE, 2015–2017 ($MILLION)
FIGURE 41. EGAIN CORPORATION: REVENUE SHARE BY OPERATION, 2017 (%)
FIGURE 42. EGAIN CORPORATION: REVENUE SHARE BY GEOGRAPHY, 2017 (%)
FIGURE 43. VERINT SYSTEMS INC: REVENUE, 2016–2018 ($MILLION)
FIGURE 44. VERINT SYSTEMS INC: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 45. VERINT SYSTEMS INC: REVENUE SHARE BY GEOGRAPHY, 2018 (%)
FIGURE 46. NUANCE COMMUNICATIONS, INC: REVENUE, 2015–2017 ($MILLION)
FIGURE 47. NUANCE COMMUNICATIONS, INC: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 48. NUANCE COMMUNICATIONS, INC: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

 

Chatbot is a computer program used by technology startups to develop a communication link that would work with today’s digital generation and provide them with advice, actions, and plans. Adoption of artificial intelligence based chatbots has increased over a period of time for activities such as bank statement requisition, checking balances, spend breakdown analysis, credit card balance, and payments. BFSI sector is one of the earliest adopters of chatbot, which have witnessed an increase in demand from its large customer base. In addition, the vast development in artificial intelligence (AI) and machine learning, because of which chatbots have evolved from simple answer machines to a smart platform for engaging consumers fuel the growth of the chatbot market in BFSI sector.

Furthermore, emerging trends such as increase in integration of chatbots with social media, growth in popularity of live chat software, and rise in adoption of chatbot as a service create lucrative opportunities for the market. Some of the key 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. The market players have adopted various strategies to enhance their product portfolio and to increase their market penetration. Moreover, rise in investment for research to develop new products to increase their customer base strengthens their foothold in the global chatbot market in BFSI.

 

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