Share this article Share this article ResearchAndMarkets.com's offering. The Global Chatbot Market in BFSI was valued at USD 586 million in 2019, and is expected to reach USD 6.83 billion by 2030 at a CAGR of 24.9% during the forecast period from 2020 to 2030. A chatbot is a software application used to simulate online conversation using text or text-to-speech. Chatbot establishes communication between the company or an organization and their consumers to provide customer support, important information, query resolution, or a brief essence of the organization. The requirement for chatbots is rising in the BFSI sector, as face-to-face interactions are not feasible all the time. According to Chatbots Magazine, organizations can decrease the cost for traditional customer services by nearly 30%, with the adoption of conversational solutions such as chatbots and virtual agents.