Chatbot Market in BFSI Expected to Reach $3.39 Billion by 2027


quote The Asia-Pacific region is expected to attain significant growth in the upcoming years, owing to emerging economies and increased use of chatbot software among banking, financial services, and insurance companies to communicate with their customers. quote

Pramod Borasi
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a recent report published by Allied Market Research, titled, “Chatbot Market in BFSI by Component, Platform Type, End User, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” The global chatbot market size was valued at $0.49 billion in 2019, and is projected to reach $3.39 billion by 2027, growing at a CAGR of 27.3% from 2020 to 2027.

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.
However, increased initial installment cost and lack of product differentiation are anticipated to hamper the market growth.

By end user, the banks segment dominated the chatbot market in BFSI in 2019, and is projected to continue this trend during the forecast period. However, the insurance companies segment is expected to witness the highest growth, owing to increase in adoption of AI-based chatbots to sell policies and assist customers with insurance advice.

The global chatbot market share was dominated by North America in 2019, and is expected to maintain this trend during the forecast period. This is attributed to high growth of financial technologies as well as large IT spending in the BFSI sector in this region. Furthermore, Asia-Pacific and LAMEA are expected to witness significant growth in the near future, owing to lucrative opportunities offered by countries such as China, India, Singapore, and Brazil. Major shift toward digital and mobile banking in countries, such as India and China, majorly contributes to the chatbot market growth. 

The chatbot market in BFSI has experienced increased revenue, owing to complete lockdown & shutdown of banks, insurance companies, and financial institutions, including the ones that provide online services across the globe. In addition, the unprecedented pandemic situation and social distancing norms limited the use of physical channels. Therefore, companies in the BFSI sector have been implementing chatbot technology to overcome the negative impact and develop better user experience in the market. 

Key findings of the study

  • By platform type, the web-based segment led the chatbot market in BFSI in terms of revenue in 2019.
  • Depending on component, the solution segment garnered the highest market share in 2019.
  • North America generated the highest revenue in 2019.

The key players profiled in the report 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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com


For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote 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 quote

View Report

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.


Why Allied Market Research?


Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Chatbot Market"
Purchase Enquiry