The Europe Insurance Chatbot Market would witness market growth of 24.4% CAGR during the forecast period (2023-2030).
The market is expanding due to an increasing need for automated services and the expanding use of NLP and AI technology. Many customers use self-service options like chatbots to handle their insurance needs. Customers can utilize chatbots to perform basic tasks like submitting a claim or checking the status of their insurance policy as well as obtain answers to their questions swiftly and efficiently. Moreover, the insurance industry is progressively implementing technology like natural language processing (NLP) and artificial intelligence (AI).
It makes sense that these technologies would advance to include the usage of chatbots to automate various insurance-related tasks. The adoption of NLP technology has also increased as machine learning (ML) and artificial intelligence (AI) technologies have increased in the insurance sector. Contrarily, the market is anticipated to expand in the next years due to technical developments in the industry, such as artificial intelligence (AI) development.
In the UK, it is projected that over the coming years, demand for weddings and private event management services will rise in tandem with rising consumer disposable income. A boost in revenue from services connected to event planning for corporate occasions is also anticipated because of rising company confidence. Insurance firms expect their earnings to increase due to the expanding event management industry, which heavily relies on insurance services to secure countless items from theft or damage. As a result of the insurance firms’ adoption of new technologies to support customer service and optimize operational procedures, the market is expected to expand steadily in the coming years.
The Germany market dominated the Europe Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $174.6 million by 2030. The UK market is experiencing a CAGR of 23.3% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 25.3% during (2023 - 2030).
Based on Type, the market is segmented into Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots and Others. Based on User Interface, the market is segmented into Text-based Interface and Voice-based Interface. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Insurance Chatbot Market is Projected to reach USD 2.6 Billion by 2030, at a CAGR of 24.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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).
By Type
By User Interface
By Country
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