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

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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.

Get Your Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/2415 

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

Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2415 

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.

Get Your Personalized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/2415 

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. 

Contact: 
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Technology

EaseUS Todo PCTrans 14.0 Now Updated for Enhanced Transfer Experience

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16 minutes ago

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November 15, 2024

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — EaseUS is a prominent provider of solutions for data backup and recovery, file transfer, and disk management tailored for Windows PC and server users. Recently, it announced the release of EaseUS Todo PCTrans 14.0, which has rolled out significant upgrades aimed at faster transfer speed and intuitive interface. This update perfectly meets the growing need for advanced data migration solutions in both personal and professional settings.

New Feature – Direct Cable Connection

The most notable new feature of Todo PCTrans 14.0 is the direct cable transfer option, which enables users to enjoy faster and more efficient data migration. 

Connection Methods: Users can connect their computers using either an Ethernet or USB Type-C cable, facilitating a seamless transfer process.Working Principle: The function employs a peer-to-peer connection, enabling high-speed data transfers without relying on internet connectivity.Benefits: Enhanced transfer speed and reliability – It offers 5-10 times faster transmission speed than a WiFi connection. Significantly reduce the time required to move large files and applications between PCs, making it faster to move files, applications, and settings without the need for a network setup or the hassle of poor WiFi signal.

User Interface Adjustments for Better Transfer Experience

To optimize and simplify interface design, EaseUS Todo PCTrans v14.0 has implemented several specific changes, including:

Data Transfer: This is a three-in-one integration of features. It merged the PC to PC transfer, Backup & Restore, and Data Rescue into one single functionality, streamlining the interface focused on data transfer and making it easier for users to navigate.Local Migration Navigation: The App Migration feature has now been renamed to Local Migration. It reflects a shift in focus towards transferring applications directly between local disk partitions on a PC, such as to transferring installed apps from C to D, changing programs default install locations, and freeing up disk space.More Tools Section: Five essential functionalities are now categorized for easier access, including quick and remote file transfer, system cleanup, large file cleanup, App uninstaller, and product key finder.

These enhancements in EaseUS Todo PCTrans 14.0 significantly improved the efficiency of data migration, making it an invaluable asset for anyone looking to upgrade or transition between PCs seamlessly.

From Techradar:

“EaseUS Todo PCTrans is a user-friendly PC transfer tool that simplifies the process of moving data, applications and user settings from one PC to another. This tool is especially useful when upgrading to a new PC or reinstalling an operating system, ensuring important files and applications are not lost in the process.”

Pricing and Availability:

Free for users that first try this tool, EaseUS Todo PCTrans Free is available here:
https://www.easeus.com/free-pc-transfer-software/

EaseUS Todo PCTrans Professional Edition is available at:
https://www.easeus.com/pc-transfer-software/pctrans-pro.html

EaseUS Todo PCTrans Server Edition is available at:
https://www.easeus.com/pc-transfer-software/pctrans-technician.html

About CHENGDU Yiwo Tech Development Co., Ltd.:
The company provides professional IT solutions for home, education and SMB users, service providers as well as international corporations in data recovery, backup software, system optimization and partition manager on both Windows and Mac platforms. For Windows OS, its major products are Data Recovery Wizard, EaseUS Todo Backup, EaseUS Todo PCTrans, EaseUS Partition Master, EaseUS Disk Copy, EaseUS Fixo and EaseUS CleanGenius. For Mac OS, it has EaseUS Mac Data Recovery Wizard, EaseUS Partition Master For Mac, EaseUS Fixo For Mac and CleanGenius.

“EaseUS” is registered trademark of CHENGDU Yiwo Tech Development Co., Ltd. All other trademarks acknowledged.

View original content:https://www.prnewswire.com/news-releases/easeus-todo-pctrans-14-0-now-updated-for-enhanced-transfer-experience-302303820.html

SOURCE EaseUS Software

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Technology

Country Music Artist Joe Nichols Announces Non-Profit Organization Established to Combat Warfighter Suicide in the Special Operations Community

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16 minutes ago

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November 15, 2024

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Co-founders Andy Wirth, Joe and Heather Nichols launch The Impossible Foundation at livestreamed event featuring a press conference, panel discussion and a special live performance by Nichols

BOZEMAN, Mont., Nov. 15, 2024 /PRNewswire/ — Three-time GRAMMY-nominated singer and multi-platinum selling recording artist Joe Nichols his wife, Heather Nichols, are joined by close friend and business executive Andy Wirth in announcing the establishment of The Impossible Foundation. The Impossible Foundation has been set up as nonprofit organization with the mission of being a force multiplier in combatting the accelerating rates of suicide within the special operations community. 

Joe Nichols Announces Non-Profit Organization The Impossible Foundation to Combat Warfighter Suicide

Watch The Impossible Foundation’s Launch Video HERE.

Within our country’s military, since 2001, suicide has claimed over 140,000 warfighters’ lives, 20 times the number of fatalities associated with the wars in Iraq and Afghanistan. This alarming statistic compelled Andy Wirth to join forces with friends Joe and Heather Nichols and establish The Impossible Foundation, which is headquartered in Bozeman, Montana.

“Our deep sense of gratitude and indebtedness for all who have served and are serving our great country, coupled with our unfaltering patriotism, brought about the drive to stand up The Impossible Foundation,” said Joe Nichols. “Nearly 25 years after it commenced, our newsfeeds don’t contain much on the Global War on Terror. In fact, they’ve largely gone quiet and, not surprisingly, many consider the battles over…they’re most certainly not.” 

“Not only does the global war on terror remain a kinetic and lethal environment for our country’s warriors, but some warfighters have returned home with their own fight…battles of a different kind,” said Andy Wirth, co-founder and board chairman. “Too many times, those warfighters see their battles as unwinnable, and the challenges seem to be impossible to overcome. Tragically, some chose a permanent solution to a temporary problem. The loss of a warfighter to suicide is rarely reported by the news…in turn, we rarely hear about that heart rendering event. Truly, when a warfighter takes their own life, it’s a heartbreaking result from a personal battle and while unknown and unheard to most, it generates a deafening echo for eternity.”

Established as largely a grant issuing not-for-profit, The Impossible Foundation will raise funds which will be provided to organizations that have high-impact and effective programs that reduce and reverse the accelerating rates of warfighter suicide.  The organization will focus on active duty and retired warfighters that have been and are part of the special operations community, including USSOCOM and other US Government organizations that have an adjacency to our country’s special warfare activities.

The launch event will feature interviews with panelists including Joe & Heather Nichols, Andy Wirth and feature two special guests, Steven Cashen, Sergeant First Class, US Army (Ret.) and Brian Gilman, Colonel, US Marine Corps (Ret.).  

The launch event livestreamed from the organization’s website,  theimpossiblefoundation.org  commencing at 1:00pm eastern, Friday, November 15, 2024, live from The Dallas Bull in Tampa, Florida.  Those attending the event will include industry VIP’s, supporters and members of the US Special Operations Command, headquartered at MacDill Air Force Base in Tampa, Florida. The livestream will continue with a special performance by The Impossible Foundation co-founder Joe Nichols.

The inspiration for the organization’s name and ethos is derived from Joe Nichol’s first hit song, “The Impossible”, in which in the lyrics and song’s message speaks to circumstances which are seemingly impossible to overcome, but with faith and belief in the impossible, one can prevail.

The Foundation is interested in securing direct support by way of donations of any amount which can be made through its website:  theimpossiblefoundation.org.  The Impossible Foundation also seeks to engage companies and individuals that have interest in the Founders Legion, which involves material, direct financial support and includes participation in the organization’s advisory council. Those interested in being a major part of The Impossible Foundation through the Founders Legion are encouraged to contact Andy Wirth, cofounder and board chairman at awirth@theimpossiblefoundation.org. 

ABOUT THE IMPOSSIBLE FOUNDATION:
The Impossible Foundation is a Colorado nonprofit corporation, which is based out of Bozeman, Montana. The Foundation has applied to the IRS for recognition as a Section 501(c)(3) tax-exempt organization. Subject to application is approval, charitable donations to The Impossible Foundation will be tax deductible to the extent permitted by law, regardless of when made. The Foundation will grant funds to organizations with programs aligned with the Foundation’s mission. Grants issued to recipient organizations will take place following a rigorous review process. Currently, the directors and officers of The Impossible Foundation include Messrs. Nichols and Wirth and Mrs. Nichols. Over the following nine months, the organization will be expanding its board of directors, which will directly participate in the governance, strategic planning and operations of The Impossible Foundation. Watch The Impossible Foundation’s Launch Video HERE.

MEDIA CONTACT: 

Andy Wirth, Cofounder & Chairman, at awirth@theimpossiblefoundation.org and (406) 595-7407

Jay Jones, Jay Jones Music, jay@jayjonesmusic.com and (615) 400-0254

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SOURCE The Impossible Foundation

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Technology

Intertribal Software Raises Strategic Investment

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16 minutes ago

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November 15, 2024

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DURANT, Okla., Nov. 15, 2024 /PRNewswire/ — Intertribal Software, a provider of member services software to Tribal governments founded in 1993, is pleased to announce that it has raised a majority strategic investment from Quality Standard. The investment will deepen Intertribal’s position as the leading software provider exclusively focused on helping Tribal governments deliver critical services to their members. Founders Steve Wilcox (CEO) and Skip Lamb (CTO) will continue to lead the business and remain owners of the company alongside Quality Standard.

In addition to its OneTribe® suite, Intertribal is also a strategic partner and reseller of Laserfiche®, the leading workflow automation and records management solution for Tribes. OneTribe and Laserfiche integrate natively and provide Tribal governments with a one-stop solution for digital transformation.

“We serve a unique customer base that values long-term partnerships. When we looked for the right partner for Intertribal, we wanted someone committed for the long-haul to the Tribal community and our team – someone who could help us grow support for our customers over our next 30-year chapter,” said Steve Wilcox. “We found that with Quality Standard, and we’re excited about the opportunities this investment will create for our Tribal customers as well as our dedicated team.”

“Tribes need software that is responsive to their unique needs, including protecting Tribal data sovereignty,” added Skip Lamb. “Quality Standard embraced that from the start, and they share our goal of remaining focused on serving Tribes as we use this investment to grow our team and build the next generation of our technology.”

Quality Standard co-founder Khalil Tawil added, “It is an honor to partner with Steve, Skip, and the entire Intertribal team. They bring a profound respect for Tribal governments and a passion for improving the lives of the members they serve. We feel privileged to support their mission today and for decades to come as they deepen their position as a leading technology partner to Tribes.”

About Intertribal Software

Intertribal provides software that helps Tribal governments efficiently manage their Member Service programs from department to enterprise. Since 1993, Intertribal Software has been a pioneer in creating enterprise Tribal Data Management systems for Tribal Governments nationwide.

About Quality Standard

Quality Standard is a permanent home for exceptional software companies and the teams who lead them. It partners with category-leading businesses with devoted teams and loyal customers. With a committed capital base and perpetual time horizon, Quality Standard partners with and builds customer-centric companies over decades.

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SOURCE Quality Standard

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