PUBLISHER: KBV Research | PRODUCT CODE: 1335667
PUBLISHER: KBV Research | PRODUCT CODE: 1335667
Asia Pacific Insurance Chatbot Market Size, Share & Industry Trends Analysis Report By Type, By User Interface (Text-based Interface and Voice-based Interface), By Country and Growth Forecast, 2023 - 2030
The Asia Pacific Insurance Chatbot Market would witness market growth of 25.9% CAGR during the forecast period (2023-2030).
Chatbots for insurance can do various tasks, such as providing quotations, assisting with claims, addressing client questions, and even selling plans. The process of purchasing insurance is sped up, made simpler, and more effective by the chatbot's ability to comprehend, and interpret the customer's message. Additionally, chatbots can assist insurers in reducing operational expenses, such as labor or training, by automating repetitive operations and consumer interactions. This frees up resources that could be used for other purposes, like improving the product or luring in new clients. Insurance chatbots can also be built to adhere to industry standards and best practices, guaranteeing that client interactions are legal & lowering the possibility of mistakes or misunderstandings. This can assist insurance firms in avoiding exorbitant fines and preserving their reputation for dependability and reliability.
The swift expansion of the market is also attributed to the rising demand from customers for immediate assistance from their insurance providers. Insurance chatbots can offer 24/7 support, eliminating the need for consumers to call or visit a physical branch, and the emergence of machine learning (ML) and natural language processing (NLP) technologies for developing sophisticated chatbots that can offer more individualized and accurate responses. Further, the market is anticipated to expand over the next years as insurance businesses look to use chatbots to enhance their business processes and customer service.
The insurance industry holds one of the top spots amongst all growing industries in total premium volumes, with a projected share of 1.9% in India. The average annual premium rise over the coming years is expected to be 9%. India is predicted to have one of the top insurance sectors with the fastest growth in the next years. India has 67 insurers as of March 2022, 24 being life insurers, 26 general insurers, 5 independent health insurers, and 12 re-insurers.
India's insurance industry has grown significantly during the past 20 years due to greater private sector participation, improved distribution capacities, and notable advances in operational performance. As a result, the expanding insurance industry will use blockchain technology more frequently as the trend toward digital transformation grows.
The China market dominated the Asia Pacific Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $193.5 million by 2030. The Japan market is exhibiting a CAGR of 25.1% during (2023 - 2030). Additionally, The India market would register a CAGR of 26.6% during (2023 - 2030).
Based on Type, the market is segmented into Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots and Others. Based on User Interface, the market is segmented into Text-based Interface and Voice-based Interface. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Oracle Corporation, Nuance Communications, Inc. (Microsoft Corporation), Verint Systems, Inc., LivePerson, Inc., Inbenta Technologies, Inc., AlphaChat, Botsify and 200 Labs, Inc. (Chatfuel).
Scope of the Study
Market Segments covered in the Report:
By Type
- Customer Service Chatbots
- Sales Chatbots
- Claims Processing Chatbots
- Underwriting Chatbots
- Others
By User Interface
- Text-based Interface
- Voice-based Interface
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Companies Profiled
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- LivePerson, Inc.
- Inbenta Technologies, Inc.
- AlphaChat
- Botsify
- 200 Labs, Inc. (Chatfuel)
Unique Offerings from KBV Research
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Asia Pacific Insurance Chatbot Market, by Type
- 1.4.2 Asia Pacific Insurance Chatbot Market, by User Interface
- 1.4.3 Asia Pacific Insurance Chatbot Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlight
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter's Five Force Analysis
Chapter 4. Strategies Deployed in Insurance Chatbot Market
Chapter 5. Asia Pacific Insurance Chatbot Market by Type
- 5.1 Asia Pacific Customer Service Chatbots Market by Country
- 5.2 Asia Pacific Sales Chatbots Market by Country
- 5.3 Asia Pacific Claims Processing Chatbots Market by Country
- 5.4 Asia Pacific Underwriting Chatbots Market by Country
- 5.5 Asia Pacific Others Market by Country
Chapter 6. Asia Pacific Insurance Chatbot Market by User Interface
- 6.1 Asia Pacific Text-based Interface Market by Country
- 6.2 Asia Pacific Voice-based Interface Market by Country
Chapter 7. Asia Pacific Insurance Chatbot Market by Country
- 7.1 China Insurance Chatbot Market
- 7.1.1 China Insurance Chatbot Market by Type
- 7.1.2 China Insurance Chatbot Market by User Interface
- 7.2 Japan Insurance Chatbot Market
- 7.2.1 Japan Insurance Chatbot Market by Type
- 7.2.2 Japan Insurance Chatbot Market by User Interface
- 7.3 India Insurance Chatbot Market
- 7.3.1 India Insurance Chatbot Market by Type
- 7.3.2 India Insurance Chatbot Market by User Interface
- 7.4 South Korea Insurance Chatbot Market
- 7.4.1 South Korea Insurance Chatbot Market by Type
- 7.4.2 South Korea Insurance Chatbot Market by User Interface
- 7.5 Singapore Insurance Chatbot Market
- 7.5.1 Singapore Insurance Chatbot Market by Type
- 7.5.2 Singapore Insurance Chatbot Market by User Interface
- 7.6 Malaysia Insurance Chatbot Market
- 7.6.1 Malaysia Insurance Chatbot Market by Type
- 7.6.2 Malaysia Insurance Chatbot Market by User Interface
- 7.7 Rest of Asia Pacific Insurance Chatbot Market
- 7.7.1 Rest of Asia Pacific Insurance Chatbot Market by Type
- 7.7.2 Rest of Asia Pacific Insurance Chatbot Market by User Interface
Chapter 8. Company Profiles
- 8.1 IBM Corporation
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Regional & Segmental Analysis
- 8.1.4 Research & Development Expenses
- 8.1.5 Recent strategies and developments:
- 8.1.5.1 Partnerships, Collaborations, and Agreements:
- 8.1.5.2 Product Launches and Product Expansions:
- 8.1.6 SWOT Analysis
- 8.2 Amazon Web Services, Inc. (Amazon.com, Inc.)
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental Analysis
- 8.2.4 Recent Strategies and Developments:
- 8.2.4.1 Product Launches and Product Expansions:
- 8.2.5 SWOT Analysis
- 8.3 Oracle Corporation
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expense
- 8.3.5 Recent strategies and developments:
- 8.3.5.1 Partnerships, Collaborations, and Agreements:
- 8.3.6 SWOT Analysis
- 8.4 Nuance Communications, Inc. (Microsoft Corporation)
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expenses
- 8.4.5 Recent Strategies and Developments:
- 8.4.5.1 Product Launches and Product Expansions:
- 8.4.6 SWOT Analysis
- 8.5 Verint Systems, Inc.
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Regional Analysis
- 8.5.4 Research and Development Expense
- 8.5.5 SWOT Analysis
- 8.6 LivePerson, Inc.
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Regional & Segmental Analysis
- 8.6.4 SWOT Analysis
- 8.7 Inbenta Technologies, Inc.
- 8.7.1 Company Overview
- 8.7.2 SWOT Analysis
- 8.8 AlphaChat
- 8.8.1 Company Overview
- 8.9 Botsify
- 8.9.1 Company Overview
- 8.9.2 SWOT Analysis
- 8.10. 200 Labs, Inc. (Chatfuel)
- 8.10.1 Company Overview
LIST OF TABLES
- TABLE 1 Asia Pacific Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 2 Asia Pacific Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 3 Asia Pacific Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 4 Asia Pacific Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 5 Asia Pacific Customer Service Chatbots Market by Country, 2019 - 2022, USD Million
- TABLE 6 Asia Pacific Customer Service Chatbots Market by Country, 2023 - 2030, USD Million
- TABLE 7 Asia Pacific Sales Chatbots Market by Country, 2019 - 2022, USD Million
- TABLE 8 Asia Pacific Sales Chatbots Market by Country, 2023 - 2030, USD Million
- TABLE 9 Asia Pacific Claims Processing Chatbots Market by Country, 2019 - 2022, USD Million
- TABLE 10 Asia Pacific Claims Processing Chatbots Market by Country, 2023 - 2030, USD Million
- TABLE 11 Asia Pacific Underwriting Chatbots Market by Country, 2019 - 2022, USD Million
- TABLE 12 Asia Pacific Underwriting Chatbots Market by Country, 2023 - 2030, USD Million
- TABLE 13 Asia Pacific Others Market by Country, 2019 - 2022, USD Million
- TABLE 14 Asia Pacific Others Market by Country, 2023 - 2030, USD Million
- TABLE 15 Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 16 Asia Pacific Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 17 Asia Pacific Text-based Interface Market by Country, 2019 - 2022, USD Million
- TABLE 18 Asia Pacific Text-based Interface Market by Country, 2023 - 2030, USD Million
- TABLE 19 Asia Pacific Voice-based Interface Market by Country, 2019 - 2022, USD Million
- TABLE 20 Asia Pacific Voice-based Interface Market by Country, 2023 - 2030, USD Million
- TABLE 21 Asia Pacific Insurance Chatbot Market by Country, 2019 - 2022, USD Million
- TABLE 22 Asia Pacific Insurance Chatbot Market by Country, 2023 - 2030, USD Million
- TABLE 23 China Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 24 China Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 25 China Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 26 China Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 27 China Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 28 China Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 29 Japan Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 30 Japan Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 31 Japan Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 32 Japan Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 33 Japan Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 34 Japan Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 35 India Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 36 India Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 37 India Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 38 India Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 39 India Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 40 India Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 41 South Korea Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 42 South Korea Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 43 South Korea Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 44 South Korea Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 45 South Korea Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 46 South Korea Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 47 Singapore Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 48 Singapore Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 49 Singapore Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 50 Singapore Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 51 Singapore Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 52 Singapore Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 53 Malaysia Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 54 Malaysia Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 55 Malaysia Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 56 Malaysia Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 57 Malaysia Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 58 Malaysia Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 59 Rest of Asia Pacific Insurance Chatbot Market, 2019 - 2022, USD Million
- TABLE 60 Rest of Asia Pacific Insurance Chatbot Market, 2023 - 2030, USD Million
- TABLE 61 Rest of Asia Pacific Insurance Chatbot Market by Type, 2019 - 2022, USD Million
- TABLE 62 Rest of Asia Pacific Insurance Chatbot Market by Type, 2023 - 2030, USD Million
- TABLE 63 Rest of Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
- TABLE 64 Rest of Asia Pacific Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
- TABLE 65 Key information - IBM Corporation
- TABLE 66 Key Information - Amazon Web Services, Inc.
- TABLE 67 Key Information - Oracle Corporation
- TABLE 68 Key Information - Nuance Communications, Inc.
- TABLE 69 Key information -Verint Systems, Inc.
- TABLE 70 Key information - LivePerson, Inc.
- TABLE 71 Key Information - Inbenta Technologies, Inc.
- TABLE 72 Key Information - AlphaChat
- TABLE 73 Key Information - Botsify
- TABLE 74 Key Information - 200 Labs, Inc.
List of Figures
- FIG 1 Methodology for the research
- FIG 2 Asia Pacific Insurance Chatbot Market, 2019 - 2030, USD Million
- FIG 3 Key Factors Impacting the Market
- FIG 4 Porter's Five Force Analysis: Insurance Chatbot Market
- FIG 5 Asia Pacific Insurance Chatbot Market share by Type, 2022
- FIG 6 Asia Pacific Insurance Chatbot Market share by Type, 2030
- FIG 7 Asia Pacific Insurance Chatbot Market share by Type, 2019 - 2030, USD Million
- FIG 8 Asia Pacific Insurance Chatbot Market share by User Interface, 2022
- FIG 9 Asia Pacific Insurance Chatbot Market share by User Interface, 2030
- FIG 10 Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2030, USD Million
- FIG 11 Asia Pacific Insurance Chatbot Market share by Country, 2022
- FIG 12 Asia Pacific Insurance Chatbot Market share by Country, 2030
- FIG 13 Asia Pacific Insurance Chatbot Market by Country, 2019 - 2030, USD Million
- FIG 14 Recent strategies and developments: IBM Corporation
- FIG 15 Swot Analysis: IBM Corporation
- FIG 16 SWOT analysis: Amazon.com, Inc.
- FIG 17 SWOT analysis: Oracle Corporation
- FIG 18 SWOT Analysis: Nuance Communications, Inc.
- FIG 19 SWOT Analysis: Verint Systems, Inc.
- FIG 20 SWOT Analysis: LivePerson, Inc.
- FIG 21 SWOT Analysis: INBENTA TECHNOLOGIES, INC.
- FIG 22 SWOT Analysis: Botsify
