Market Research Report
Chatbot for banking Market
|Published by||Progressive Markets Research||Product code||649317|
|Published||Content info||178 Pages
Delivery time: 1-2 business days
|Chatbot for banking Market|
|Published: April 1, 2018||Content info: 178 Pages||
The global Chatbot for banking market was valued at $278 million in 2016, and is projected to reach $2,154 million by 2024, growing at a CAGR of 29.6% from 2018 to 2024.
Chatbot is a computer program used by technology start-ups to develop a communication link that would work with todays digital generation and provide them with advice, actions, and plans to reach their goals. Chatbots simulate human conversations through artificial intelligence. Moreover, applications are being developed that enable the chatbots to communicate with each other. These bots, setup on various kinds of platforms to ensure overall enquirers satisfaction by solving their queries in the best possible manner. Prominent players from media business such as The Ventury, Astute Solutions, Google, Inc., Imperson Ltd., Pandorabots Inc., Haptik, Inc., and others have identified the market potential and invested heavily in the chatbot for banking industry.
Factors such as increase in need to improve customer relationship management (CRM) in BFSI sector, rise in awareness toward the advantages offered by chatbots over other customer support options, and surge in integration of chatbots with social media drive the growth of the global chatbot for banking market. However, dearth of technically skilled resources and lack of product differentiation are expected to impede the market growth. On the contrary, continuous technological advancements in chatbots are expected to present major opportunities for market expansion in the near future.
The global chatbot for banking market is studied across type, application, and region. Based on type, the market is segmented into stand-alone and web-based. Based on application, the market is classified into websites and contact center. Based on region, it is analyzed across the United States, EU, Japan, China, India, Southeast Asia, and Rest of World.
The top players in the global Chatbot for banking market include: TheVentury, Astute Solutions, Google, Inc., Imperson Ltd., Pandorabots Inc., Haptik, Inc., and others.