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Share this article PORTLAND, Ore., May 11, 2021 /PRNewswire/ Allied Market Research published a report, titled, Chatbot Market in BFSI by Component (Solution and Service), Platform Type (Web-based and Mobile-based), End User (Banks, Insurance Companies, and Others), and Application (Customer Support, Branding & Advertisement, Data Security & Compliance, and Others: Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global chatbot market in BFSI generated $494.68 million in 2019, and is expected to generate $3.39 billion by 2027, witnessing a CAGR of 27.3% from 2020 to 2027. Drivers, restraints, and opportunities Increase in integration of chatbots in social media, surge in awareness regarding chatbot, and need to improve customer relationship management (CRM) drive the growth of the global chatbot market in BFSI. However, rise in initial cost of installation of chatbots and lack of product differentiation hinder the market growth. On

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