The Worldwide Insurance Chatbot Market is Projected to reach USD 2.6 Billion by 2030, at a CAGR of 24.9%

Insurance Chatbot Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Insurance Chatbot Market size is expected to reach $2.6 billion by 2030, rising at a market growth of 24.9% CAGR during the forecast period.

The Customer Service Chatbots segment is leading the Global Insurance Chatbot Market by Type in 2022 thereby, achieving a market value of $1.1 billion by 2030. Many firms are automating their repetitive and boring positions to reduce expenses due to service & process automation. Businesses focus their automation efforts mostly on the customer service industry, which significantly cuts expenses using chatbots. Artificial intelligence (AI)-enabled chatbots are particularly popular these days. Businesses that employ chatbots will save a lot of money since they will use less labor and be able to automate more customer care and sales tasks.

The Voice-based Interface segment has shown the growth rate of 27.4% during (2023 - 2030). Voice-based chatbots use speech recognition & natural language processing (NLP) techniques to comprehend user input and deliver suitable responses in conversation. Smart speakers or smartphone virtual assistants that support voice commands can be used to reach these bots. They can be helpful for those who like to use technology hands-free and without looking at it, and they're also useful for companies looking to boost sales or customer service through voice-based interactions.

The North America region dominated the Global Insurance Chatbot Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $958.5 million by 2030. The Europe market is experiencing a CAGR of 24.4% during (2023 - 2030). Additionally, The Asia Pacific market would showcase a CAGR of 25.9% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/insurance-chatbot-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Oracle Corporation, Nuance Communications, Inc. (Microsoft Corporation), Verint Systems, Inc., LivePerson, Inc., Inbenta Technologies, Inc., AlphaChat, Botsify and 200 Labs, Inc. (Chatfuel).

Global Insurance Chatbot Market Segmentation

By Type

• Customer Service Chatbots
• Sales Chatbots
• Claims Processing Chatbots
• Underwriting Chatbots
• Others

By User Interface

• Text-based Interface
• Voice-based Interface

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• IBM Corporation
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Oracle Corporation
• Nuance Communications, Inc. (Microsoft Corporation)
• Verint Systems, Inc.
• LivePerson, Inc.
• Inbenta Technologies, Inc.
• AlphaChat
• Botsify
• 200 Labs, Inc. (Chatfuel)

Related Reports:

North America Insurance Chatbot Market Size, Share to 2030

• July-2023
• 90 Pages

LAMEA Insurance Chatbot Market Size, Forecast & Share, 2030

• July-2023
• 99 Pages

Europe Insurance Chatbot Market Size, Share & Trends by 2030

• July-2023
• 98 Pages

Asia Pacific Insurance Chatbot Market Size, Trends by 2030

• July-2023
• 98 Pages