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 Advertisement
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 Advertisement
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 Advertisement	•  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.

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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.
• Acuvate
• Amazon Corporation
• Aivo
• Artificial Solutions
• Creative Virtual Ltd.
• eGain Corporation
• IBM Corporation
• Inbenta 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

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• 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

• Solution
• Services

By Platform Type

• Web-based
• Mobile-based

By End User

• Banks
• Insurance Companies
• Others

By Application

• Customer Support
• Branding and Advertisement
• Data Security and Compliance
• Others

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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Contact: 
David Correa
1209 Orange Street, 
Corporation Trust Center, 
Wilmington, 
New Castle, 
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From its first-ever store in Germany to a new shop opened in a local Spanish mall, the bubble tea brand’s expanding support for single-store partners is creating valuable business opportunities in the region while driving its own expansion.

BIRMINGHAM, Sept. 20, 2024 /PRNewswire/ — After making single-store partnerships available earlier this year, premium bubble tea franchise CoCo Bubble Tea is announcing major milestones in Europe and the UK, along with regional supply chain improvements to further assist partners. To help entrepreneurs understand and access everything CoCo offers franchise partners, the brand will attend The National Franchise Exhibition on October 4-5 in Birmingham, UK (Booth T40).

To learn more: https://www.coco-tea.com/Franchise

“CoCo does as much as possible for our franchisee network, and our partners in Europe and the UK have been phenomenal,” commented Kody Wong, Director of Business Development at CoCo Bubble Tea. “Their drive and passion for bubble tea have resulted in a number of ‘firsts’ for the region, and we’ve responded in kind by working hard to further streamline supply chains and manage down costs.”

Distinguished for partner-centric approach

CoCo sets itself apart in the industry by focusing on the long-term success of franchise partners and continuously improving support. In March 2024, CoCo first made single-store franchise partnerships available to individual entrepreneurs in Europe and the UK, while it also expanded region-dedicated supply channels and training programs.

Recently, the brand further augmented supply chain infrastructure in the region to maximize margins for partners. This includes setting up a dedicated regional warehouse to minimize shipping times for materials.

Single-store partners driving growth and localisation

Europe’s bubble tea market is projected to grow at a CAGR of 8% until 2032, and CoCo’s single-store partners are helping the brand to harness this growth. Since CoCo’s move in March, European and UK markets have reached major growth milestones. These include opening new stores in:

• Glasgow
• Rome
• Antwerp
• Valencia
• Granada
• The first-ever CoCo Bubble Tea shop in Germany

For one new store in Spain, upon opening in a local Spanish mall, the shop was met with significant interest from nearby residents, demonstrating the ability of CoCo Bubble Tea shops to seamlessly integrate into European locales. With its extensive menu and R&D capabilities, the brand can easily adapt to any consumer tastes, culture, and community. Furthermore, recent openings in Spain show how the brand’s shops bring value to consumers while also fostering the growth of local economies and businesses.

Why partner with CoCo

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Operating with a franchise business model, CoCo Bubble Tea is deeply invested in the entrepreneurs it partners with to open shops. With over 5000 stores worldwide, CoCo combines its high brand recognition with comprehensive support across supply chain, training programs, and other areas to ensure the long-term success of its franchise partners.

For further information, please join CoCo at Booth T40 at The National Franchise Exhibition on October 4-5 in Birmingham, UK (The National Exhibition Centre).

About CoCo Bubble Tea

CoCo Bubble Tea aims to create a diverse and sustainable community for its consumers by providing visually refreshing products. We continue to be one of the fastest-growing companies and are looking for enterprising partners to join the CoCo Bubble Tea franchise networks. Check CoCo Bubble Tea’s official website and start your application now.

For more information, please visit https://www.coco-tea.com/.

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The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market.

PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Detection & Prevention Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) and Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government and Defense, Manufacturing, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “fraud detection & prevention market” was valued at $29.5 billion in 2022, and is projected to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of fraud detection and prevention solutions limits the growth of the fraud detection & prevention market.

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The solution segment held the highest market share in 2022. 

By component, the solution segment dominated the market in 2022, this dominance is driven by the increasing demand for advanced technological solutions that can effectively detect, monitor, and prevent fraudulent activities across various industries such as banking, e-commerce, and insurance. Solutions like AI-based fraud detection, machine learning algorithms, and behavioral analytics have become critical tools in identifying potential fraud in real time and reducing financial losses. However, the service segment is expected to witness the largest CAGR of 28.0%, this growth is driven by the increasing need for specialized services such as consulting, implementation, and maintenance to help organizations effectively integrate and optimize fraud detection solutions.

The BFSI segment held the highest market share in 2022.

By industry vertical, the BFSI segment accounted for the largest share in 2022. This is primarily due to the high frequency and sophistication of fraud targeting financial institutions, making fraud detection and prevention solutions a critical need in the BFSI sector. Financial transactions, online banking, and digital payments are particularly vulnerable to cyberattacks, phishing schemes, and identity theft, driving the sector’s substantial investment in advanced fraud detection technologies. However, the retail segment is expected to witness the largest CAGR of 32.7%. This anticipated growth is driven by several factors. Retailers are increasingly targeted by fraudsters due to the high volume of transactions and the sensitivity of customer data involved. As e-commerce and digital transactions expand, the need for advanced fraud detection and prevention solutions becomes more critical.

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Regional Insights: The North America region held the highest market share in 2022. 

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By region, the fraud detection & prevention market was dominated by North America in 2022. North America, particularly the U.S., has a highly developed financial and technological infrastructure that supports advanced fraud detection solutions. The region’s significant investments in cybersecurity and fraud prevention technologies, combined with a high incidence of cyber threats, drive continuous innovation and adoption of sophisticated fraud management systems. 

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Key Industry Developments 

• In February 2024, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.
• In April 2024, Cognizant collaborated with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
• In September 2022, Deutsche Bank collaborated with Visa, to help prevent online retail fraud. Merchants who process their e-commerce payments via Deutsche Bank can now use “Decision Manager,” an automated fraud detection system from Visa-owned company Cybersource.

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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:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected] 

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