The report provides an overall review of the chatbot for banking market, covering the chatbot for banking market size, chatbot for banking market share analysis, chatbot for banking market trends, market dynamics, market forecast, porters analysis, key industry segments, and company profiles. The report provides up-to-date information to help monitor performance and make wise business decisions for growth and profitability.
It is a useful tool for market players, investors, shareholders, and new entrants. It helps evaluate the market, highlighting opportunities in the space and supporting tactical and strategic decision making. 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. The stand-alone segment is anticipated to grow at the highest rate during the forecast period.
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The report provides an executive summary of the global chatbot for banking industry to help market players and new entrants understand the overall market status. Key findings are outlined in the report to help market players determine investment viability. The competitive landscape is offered to assist industry players to determine the level of competitiveness within the industry and take steps to gain a competitive edge.
The market landscape of the Chatbot for banking market is provided in terms of the growth drivers, restraints, and opportunities, Porters Five Forces analysis, and market share analysis. The rise and fall of the chatbot for banking industry are dependent on the drivers and restraints. The drivers lead to the growth of the market while the restraints limit the growth of the market. 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 industry. Furthermore, increased adoption of chatbot for banking services from developing economies of Asia-Pacific such as India, Japan and China, are some of the major revenue contributors to the chatbot for banking industry. Nonetheless, dearth of technically skilled resources and lack of product differentiation hinders the growth of the chatbot for banking industry.
The report offers a detailed segmentation of the global Chatbot for banking based on type, application, and region. Based on type, the market is segmented into stand-alone and web-based. The web-based chatbot contributed to the highest share of the market in 2016 while stand-alone chatbot is expected to grow at highest CAGR of 29.7% during the forecast period. Based on application, the market is classified into website and contact center. Geographically, the market is analyzed across United States, EU, Japan, China, India, Southeast Asia, and Rest of the world.
The report elaborately discusses the key players providing softwares and services in the chatbot for banking market. An overview for each player is provided to help market players and investors gain an understanding of the competition prevailing in the industry. The financial segments of each player, as well as their recent developments, are also discussed in the study. Key market players provided in the report include TheVentury, Astute Solutions, Google, Inc., imperson Ltd., Haptik, Inc. and others.