Technology

Chatbot Market in BFSI to Reach $11.6 Billion, Globally, by 2032 at 27.5% CAGR: Allied Market Research

Published

4 months ago

September 20, 2024

The global chatbot market in BFSI is experiencing growth due to several factors such as the surge in integration of chatbots with social media, increased awareness toward chatbots, and the rising popularity of chatbots in the financial sector.

PORTLAND, Ore, Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Chatbot Market in BFSI by Component (Solution and Services), by Platform Type (Web-based and Mobile-based), End User (Banks, Insurance Companies and Others), and Application (Customer Support, Branding and Advertisement, Data Security and Compliance and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the chatbot market in bfsi was valued at $1.3 billion in 2023, and is estimated to reach $11.6 billion by 2032, growing at a CAGR of 27.5% from 2024 to 2032.

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Prime Determinants of Growth

The global chatbot market in BFSI is experiencing growth due to several factors such as surge in integration of chatbots with social media, increased awareness toward chatbots, and growing popularity of chatbots in the financial sector. However, the high initial and upgradation costs of banking chatbots, lack of product differentiation, and data security & privacy concerns hinder the market growth to some extent. Moreover, the implementation of technologies, such as interference engines, cloud-based deployment, application programming interfaces (API), and natural language processors (NLP), along with the untapped potential of emerging economies offer remunerative opportunities for the expansion of the global chatbot market in BFSI.

Report Coverage and Details

Report Coverage

Details

Forecast Period

2024–2032

Base Year

2023

Market Size in 2023

$1.3 billion

Market Size in 2032

$11.6 billion

CAGR

27.4 %

No. of Pages in Report

250

Segments covered

Component, Platform Type, End-User, Application, and Region

Drivers

• Surge in integration of chatbots with social media

• Increased awareness toward chatbots

• Growing popularity of chatbots in the financial sector

Opportunities

• Increasing implementation of technologies, such as interference engines, cloud-based deployment, and application programming interfaces (API)

• Untapped potential of emerging economies

Restraints

• High initial and upgradation costs of banking chatbots

• Lack of product differentiation

• Data security & privacy concerns

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Segment Highlights

The solution segment is expected to lead throughout the forecast period

Based on component, the solution segment held the highest market share in 2023, accounting for nearly three-fifths of the global chatbot market in BFSI revenue, and is likely to retain its dominance throughout the forecast period. The growth is attributed to the fact that the chatbot solution provides customer support and attempts to simulate a conversation with a human being via text or voice interactions. It performs automated tasks and leverages AI to reduce the workload for its clients, thereby improving their customer service experience, which is expected to drive the demand for the solution segment in the chatbot market in BFSI.

The web-based segment is expected to lead throughout the forecast period

Based on platform type, the web-based segment held the highest market share in 2023, accounting for more than half of the global chatbot market in BFSI revenue, and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that web-based advantages offered by web-based chatbots over stand-alone applications, such as free availability from multiple computers, and others, drive the growth of the market. Increased deployments of web-based chatbots across the BFSI sector are expected to provide lucrative opportunities to the market in the coming years.

However, the mobile-based segment is projected to attain the highest CAGR between 2023 and 2032, owing to the surge in penetration of smartphones & tablets resulting in the rise in adoption of chatbots, which propels the growth of the mobile-based segment. In addition, the rise in adoption of smart mobile advisors has increased in the banking sector to provide real-time services to customers, thereby becoming a major trend in the market.

The banks segment is expected to garner faster throughout the forecast period

Based on end user, the banks segment held the highest market share in 2023, accounting for almost two-fifths of the global chatbot market in BFSI revenue, and is likely to retain its dominance throughout the forecast period. This is attributed to the fact that shifting toward digital banking and moving beyond the standard automation and user experience, is becoming one of the major trends in the market. Moreover, the implementation of chatbots helps deliver personalized customer services to handle customer queries efficiently and enhance customer relationship management. These are some of the factors that foster the growth of the market during the forecast period.

However, the insurance companies segment is projected to attain the highest CAGR between 2023 and 2032, owing to the increase in adoption of AI-based chatbots to sell policies and assist customers with insurance, along with continuous investment in technology, big data, and automation for better customer is expected to drive the market growth.

The customer support segment is expected to lead throughout the forecast period.

Based on application, the customer support segment held the highest market share in 2023, accounting for nearly two-fifths of the global chatbot market in BFSI revenue, and is likely to retain its dominance throughout the forecast period. Increased customer need and demand for instant deliverables of product offerings via chatbots is becoming a major trend in the customer support segment.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global chatbot market in BFSI revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The growth is driven by the significant developments in financial technologies and the expansion of IT infrastructure in the BFSI sector are some of the major growth factors in the country. Moreover, companies in the region are working rapidly to develop & find commercial applications for chatbot technologies, shifting from first-generation bots to advanced technologies. Therefore, these factors are expected to fuel the growth of the market during the forecast period.

Players

[24]7.ai, Inc.AcuvateAmazon CorporationAivoArtificial SolutionsCreative Virtual Ltd.eGain CorporationIBM CorporationInbenta Technologies Inc.Next IT Corp.Nuance Communications, Inc.

The report provides a detailed analysis of these key players in the global chatbot market in BFSI. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the chatbot market segments, current trends, estimations, and dynamics of the chatbot market analysis from 2024 to 2032 to identify the prevailing chatbot market opportunity.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the chatbot market in bfsi segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global chatbot market trends, key players, market segments, application areas, and market growth strategies.

Chatbot Market Report Highlights

By Component

SolutionServices

By Platform Type

Web-basedMobile-based

By End User

BanksInsurance CompaniesOthers

By Application

Customer SupportBranding and AdvertisementData Security and ComplianceOthers

By Region

North America (U.S., Canada)Europe (France, Germany, Italy, Spain, UK, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)

Key Market Players

[24]7.ai, Inc., Google LLC, Aivo, eGain Corporation, IBM Corporation, Creative Virtual Ltd., Inbenta Technologies Inc., Kasisto, Artificial Solutions, LivePerson, Acuvate, Next IT Corp., Amazon Corporation, Nuance Communications, Inc.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Technology

TESSAN Showcased New Charging Products at CES 2025, Enhancing Its Role in Modern Life and Travel

Published

4 hours ago

January 11, 2025

LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — At CES 2025, TESSAN showcased its relentless pursuit of technological innovation and enhanced user experience, engaging with a diverse audience to reinforce its commitment to being a dependable companion in users’ lives and travels. The event was a vibrant platform for interaction, where TESSAN not only presented its latest advancements but also connected with media, social influencers, and attendees through various engaging activities.

The exhibition garnered substantial media attention, with TESSAN being interviewed by various outlets. In acknowledgment of its innovative contributions, TESSAN received an award from SlashGear, a leading technology media platform known for its in-depth reviews and news on tech, cars, gaming, and science since 2005. The event’s excitement was further amplified by social media influencers, who explored the exhibition and shared their experiences with their followers, significantly enhancing the reach and impact of TESSAN’s innovations.

A highlight of the event was the interactive “What’s Your Next Journey?” activity, which invited attendees to participate for a chance to win an exclusive poster of the American singer-songwriter Rachael Yamagata, who recently partnered with TESSAN to inspire travelers.

Central to the exhibition were TESSAN’s latest products that underscored the brand’s commitment to innovation and user-centric design. The Travel Adapters, with its lightweight, compact, and multifunctional design, was a standout. Designed for global use, it caters to frequent travelers, ensuring seamless connectivity across different countries. The 140W Universal Travel Adapter, in particular, captured significant attention as an essential tool for global connectivity.

The Charging Station was another focal point, offering multi-device charging capabilities, rapid charging technology, and safety features. Suitable for both home and office environments, it meets the needs of users with multiple devices. The 100W Charging Station, a 9-in-1 powerhouse, exemplifies this by charging multiple gadgets simultaneously at lightning speed, appealing to busy individuals and tech enthusiasts alike.

Additionally, the Smart EV Charger demonstrated TESSAN’s commitment to sustainable and efficient solutions. Compatible with various electric vehicle models, it provides a convenient and eco-friendly charging option for EV users.

TESSAN’s diverse product range embodies the brand’s vision and core values, aiming to be a reliable companion in both daily life and travel. By prioritizing simplicity and convenience, TESSAN designs products that eliminate complexity and meet modern efficiency needs. Innovation is key, with advanced technologies like GaN (Gallium Nitride) enhancing performance and compatibility. Sustainability is also central to TESSAN’s mission, as demonstrated by eco-friendly practices and partnerships with ClimatePartner and One Tree Planted. Notably, TESSAN has launched an initiative to plant 10,000 trees across the U.S. and beyond, reinforcing its commitment to environmental sustainability and climate action.

Beyond product innovation, TESSAN enhances its impact through strategic collaborations. A notable partnership with globe-acclaimed photographer and adventurer Mattias Klum underscores the brand’s reliability. Additionally, TESSAN has teamed up with Rachael Yamagata to launch a global initiative aimed at uncovering travelers’ stories and inspiring exploration of the unknown.

As TESSAN continues to innovate and expand its product offerings, it remains dedicated to meeting the evolving needs of users worldwide. The brand invites everyone to join in its journey of exploration and discovery, promising more high-quality products that enhance connectivity and enrich lives.

About TESSAN

TESSAN, a trusted partner in charging solutions, is committed to enriching experiences both at home and during travel. The brand offers a wide array of products, including multifunctional power strips, travel adapters, wall extenders, and smart home devices. Supported by a robust R&D and production team, TESSAN develops innovative socket products for users across the globe. With the trust of over 20 million users, TESSAN empowers their journeys from home to every destination, promoting environmentally conscious electricity usage.

For more information, visit www.tessan.com or the TESSAN Amazon store, and follow TESSAN on Facebook, Instagram, and YouTube.

CONTACT: Derien Lin, derien@tessan.com

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SOURCE TESSAN

Technology

Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

Published

5 hours ago

January 11, 2025

Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

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SOURCE Docking Drawer

Technology

More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

Published

6 hours ago

January 11, 2025

RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

“This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

SOURCE Future Minerals Forum