Global Chatbot Market in BFSI Forecast 2020-2030

Posted May 31, 2021 by sonikashukla98

The Global Chatbot Market in BFSI was valued at USD 586 million in 2019, and is expected to reach USD 6.83 billion by 2030 at a CAGR of 24.9% during the forecast period from 2020 to 2030.
Bharat Book Bureau Provides the Trending Market Research Report on "Chatbot Market in BFSI by Type, by Platform,by End User - Global Opportunity Analysis and Industry Forecast, 2020-2030"under Media Industry Analysis Report section. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

The Global Chatbot Market in BFSI was valued at USD 586 million in 2019, and is expected to reach USD 6.83 billion by 2030 at a CAGR of 24.9% during the forecast period from 2020 to 2030.

A chatbot is a software application used to simulate online conversation using text or text-to-speech. Chatbot establishes communication between the company or an organization and their consumers to provide customer support, important information, query resolution, or a brief essence of the organization.

The requirement for chatbots is rising in the BFSI sector, as face-to-face interactions are not feasible all the time. According to Chatbots Magazine, organizations can decrease the cost for traditional customer services by nearly 30%, with the adoption of conversational solutions such as chatbots and virtual agents.

Market Dynamics and Trends

Cost advantages offered by chatbots are fueling the growth of the chatbot market in BFSI sector. Also, expansion of the BFSI industry, increasing penetration of artificial intelligence (AI) in client servicing, emergence of Internet of Things (IoT), and application programming interface (API) technologies; and rising demand for intelligent customer engagement technologies are fueling the global chatbot market in BFSI. Further, benefits offered by chatbots in the BFSI sector, such as quick query resolution, 24 hours customer support, and improved customer relationship management (CRM) are expected to drive the market.

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• Global Chatbot Market in BFSI – By Component

• Global Chatbot Market in BFSI – By Platform Type

• Global Chatbot Market in BFSI – By End User
Insurance Company

• Global Chatbot Market in BFSI – By Application
Customer Support
Branding & Advertisement
Data Security
Data Security & Compliance

• Global Chatbot Market in BFSI – By Geography
North America
Rest of Europe
Rest of Asia-Pacific
Saudi Arabia
South Africa
Remaining Countries

• [24], Inc
• Acuvate, Aivo
• Artificial Solutions
• Creative Virtual Ltd.
• eGain Corporation
• IBM Corporation
• Inbenta Technologies Inc.
• Next IT Corp.
• Nuance Communications, Inc.Connected Logistics market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 - 2030–Technological advancements, increase in demand for real-time access, and improvements in infrastructure are factors driving the Connected Logistics market.

Connected logistics refer to a set of hardware and software that enables real-time access, track shipments, enhanced productivity and efficiency through the use of various integrated platforms. Connected logistics integrate multiple devices into single operational platform to enable informed decision making regarding the logistics process. Connected logistics service providers have developed various solutions for ease of accessibility and extensive interoperability. These solutions offer interconnected services from both ends that help in easing the entire operational process.

On the basis of devices, the market is segmented into gateways, RFID tags, and sensor nodes. Based on geography, the connected logistics market is fragmented into North America, Europe, Asia-Pacific, and Rest of World (RoW).

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Last Updated May 31, 2021