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Chatbot Market by Component, Type, Application, Channel Integration, Business Function, Vertical, and Region – Global Forecast to 2026

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Dublin, April 02, 2021 (GLOBE NEWSWIRE) — The “Chatbot Market by Component, Type (Rule Based & AI Based), Application (Customer Service, Customer Engagement & Retention), Channel Integration, Business Function (ITSM, Finance), Vertical, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global Chatbot market size to grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.

The adoption of chatbot solutions is considerable and is projected to grow at a good pace in the coming years. One of the factors contributing to the growth of the chatbot market is the advent of technologies, such as analytics, AI, and cloud, which enable various industries to organize their operations. Furthermore, the increasing customer demand for self-services is accelerating the adoption of chatbots, thus offering a competitive advantage to businesses.

The chatbot market is estimated to witness a trivial slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors are badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of essential items is impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown.

The condition is expected to come under control by early 2021, while the demand for chatbot solutions and services is expected to increase due to the increasing demand for enhancing customer experience and building a personalized relationship with prospects. Several verticals would deploy a diverse array of chatbot solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer viewing experiences. The reduction in operational costs, better customer experiences, resolution of customer queries, enhanced visibility into processes and operations, and improved real-time decision-making are key business and operational priorities that are expected to drive the adoption of chatbots.

The services segment is expected to grow at a higher CAGR during the forecast period

The global chatbot market is segmented on the basis of components into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. The growing use of AI and analytics for policymaking, environmental analysis, and real-time decision-making is expected to increase the adoption of services.

The AI-based segment to grow at a higher CAGR during the forecast period

The global chatbot market is segmented on the basis of type into rule based and AI based. The AI-based segment is expected to at a higher CAGR during the forecast period. Due to intelligent customer engagement and the self-learning process, the AI-based segment is anticipated to register the fastest growth during the forecast period.

Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The chatbot market is segmented into the various verticals, particularly BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, transportation and logistics, government, travel and hospitality, media and entertainment, and others (education, energy and utilities, and manufacturing). Key factors favoring the growth of chatbots across these verticals include the rising technology advancements and growing availability of industry-specific chatbots. Healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Chatbots have the potential to revolutionize healthcare. They can substantially boost efficiency and improve the accuracy of symptom collection and ailment identification, preventive care, post-recovery care, and feedback procedures.

APAC to grow at a higher CAGR during the forecast period

The chatbot market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. Countries in APAC are technology-driven and present major opportunities in terms of investments and revenue. These countries include China, Singapore, Japan, and India. Factors such as flexible economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization are expected to support the growth of the chatbot market in APAC.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Chatbot Market
4.2 Market: Top Three Applications
4.3 Market: by Component and Top Three Verticals
4.4 Market: by Region

5 Market Overview
5.1 Introduction
5.2 Chatbot: Evolution
5.3 Chatbot: Architecture
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Advancements in Technology, Coupled with Rising Customer Demand for Self-Service Operations
5.4.1.2 Growth in Need for 247 Customer Support at a Lower Operational Cost
5.4.1.3 Increase in Focus on Customer Engagement Through Various Channels
5.4.2 Restraints
5.4.2.1 Inability to Recognize Customer Intent and Respond Effectively
5.4.2.2 Dearth of Accuracy in User’s Voice Authentication
5.4.3 Opportunities
5.4.3.1 Initiatives Toward the Development of Self-Learning Chatbots to Deliver a More Human-Like Conversational Experience
5.4.3.2 Rise in Demand for AI-Based Chatbots to Deliver Enhanced Customer Experience
5.4.4 Challenges
5.4.4.1 Lack of Awareness About the Effect of Chatbot Technology on Various Applications
5.4.5 Cumulative Growth Analysis
5.5 Case Study Analysis
5.5.1 Bankbazaar Implemented Haptik’s Chatbot to Increase Customer Engagement and Enhance Customer Reach
5.5.2 Loreal Partnered with Automat to Develop a Messaging Chatbot to Increase Customer Engagement and Enhance Productivity
5.5.3 Zurich Insurance Group Worked with Spixii to Develop Zara Chatbot for Quick Notifications
5.5.4 Ubisend Offers Vanarama a Leasing Chatbot Solution to Enable Customers to Browse and Handle Customer Queries
5.5.5 Six Payment Services Ltd. Partnered with Enterprise Bot to Enhance Customer Service
5.5.6 Oyo Integrated Haptik’s Live Chat Agent Tool to Provide Customer Support and Handle Query Over Whatsapp
5.5.7 Elisa Estonia Deployed Mindtitan’s Chatbot to Analyze Incoming Chats and Improve Customer Experience
5.5.8 Tia Selected Rasa’s Nlu to Incorporate Hipaa Compliant and Improve Efficiency
5.5.9 Snaps Offers Nike a Personalized Engagement Model to Increase Customer Engagement Via Mobile Channel
5.5.10 Dream 11 Implemented Haptik’s Support Bot to Enhance Customer Support During Seasonal Spike
5.5.11 Seb Retail Bank Enhances the Efficiency of Internal and External Support Processes Through Ipsoft’s Amelia Chatbot
5.6 Value Chain Analysis
5.7 Regulatory Landscape
5.7.1 General Data Protection Regulation
5.7.2 Health Insurance Portability and Accountability Act
5.7.2.1 Payment Card Industry Data Security Standard
5.7.2.2 Financial Industry Regulatory Authority
5.7.2.3 Service Organizational Control 2
5.7.2.4 Markets in Financial Instruments Directive II
5.8 Chatbot Market: COVID-19 Impact
5.9 Patent Analysis
5.9.1 Methodology
5.9.2 Document Type
5.9.3 Innovation and Patent Applications
5.9.3.1 Top Applicants
5.10 Pricing Model Analysis
5.11 Porter’s Five Forces Analysis
5.12 Scenario
5.13 Technology Analysis
5.13.1 Machine Learning and Chatbot

6 Chatbot Market, by Component
6.1 Introduction
6.1.1 Components: COVID-19 Impact
6.1.2 Components: Market Drivers
6.2 Solutions
6.2.1 Software
6.2.2 Platform
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Consulting
6.3.2.2 System Integration and Implementation
6.3.2.3 Support and Maintenance

7 Chatbot Market, by Type
7.1 Introduction
7.1.1 Types: COVID-19 Impact
7.1.2 Types: Market Drivers
7.2 Rule Based
7.3 AI Based

8 Chatbot Market, by Deployment Mode
8.1 Introduction
8.1.1 Deployment Modes: COVID-19 Impact
8.1.2 Deployment Modes: Market Drivers
8.2 On-Premises
8.3 Cloud

9 Chatbot Market, by Channel Integration
9.1 Introduction
9.1.1 Channel Integrations: COVID-19 Impact
9.1.2 Channel Integrations: Market Drivers
9.2 Websites
9.3 Contact Centers
9.4 Social Media
9.5 Mobile Applications

10 Chatbot Market, by Organization Size
10.1 Introduction
10.1.1 Organization Size: COVID-19 Impact
10.1.2 Organization Size: Market Drivers
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises

11 Chatbot Market, by Business Function
11.1 Introduction
11.1.1 Business Functions: COVID-19 Impact
11.1.2 Business Functions: Market Drivers
11.2 Information Technology Service Management
11.3 Human Resources
11.4 Sales and Marketing
11.5 Finance

12 Chatbot Market, by Application
12.1 Introduction
12.1.1 Applications: COVID-19 Impact
12.1.2 Applications: Market Drivers
12.2 Customer Service
12.3 Personal Assistant
12.4 Branding and Advertisement
12.5 Customer Engagement and Retention
12.6 Data Privacy and Compliance
12.7 Employee Engagement and on Boarding
12.8 Payment Processing
12.9 Other Applications

13 Chatbot Market, by Vertical
13.1 Introduction
13.1.1 Verticals: COVID-19 Impact
13.1.2 Verticals: Market Drivers
13.2 Banking, Financial Services, and Insurance
13.3 Information Technology and Telecom
13.4 Retail and Ecommerce
13.5 Healthcare and Life Sciences
13.6 Travel and Hospitality
13.7 Media and Entertainment
13.8 Transportation and Logistics
13.9 Government
13.10 Other Verticals

14 Chatbot Market, by Region
14.1 Introduction
14.2 North America
14.3 Europe
14.4 Asia-Pacific
14.5 Middle East and Africa
14.6 Latin America

15 Competitive Landscape
15.1 Overview
15.2 Market Evaluation Framework
15.3 Market Share, 2020
15.4 Historic Revenue Analysis of Key Market Players
15.5 Key Market Developments
15.5.1 New Product Launches and Product Enhancements
15.5.2 Deals
15.5.3 Others
15.6 Company Evaluation Matrix Definitions and Methodology
15.7 Company Evaluation Matrix, 2020
15.7.1 Star
15.7.2 Emerging Leaders
15.7.3 Pervasive
15.7.4 Participants
15.7.5 Strength of Product Portfolio
15.7.6 Business Strategy Excellence
15.8 Startup/SME Evaluation Matrix, 2020
15.8.1 Progressive Companies
15.8.2 Responsive Companies
15.8.3 Dynamic Companies
15.8.4 Starting Blocks
15.8.5 Strength of Product Portfolio
15.8.6 Business Strategy Excellence

16 Company Profiles
16.1 Introduction
16.2 Major Players
16.2.1 IBM
16.2.2 Microsoft
16.2.3 Google
16.2.4 Amazon Web Services (AWS)
16.2.5 Nuance Communications
16.2.6 Servicenow
16.2.7 Creative Virtual
16.2.8 Kore.ai
16.2.9 Artificial Solutions
16.2.10 Inbenta
16.2.11 [24]7.ai
16.2.12 AIvo
16.2.13 Conversica
16.2.14 Personetics
16.2.15 Oracle
16.2.16 Livechat
16.2.17 Mindmeld
16.2.18 Cognicor Technologies
16.2.19 Gupshup
16.2.20 Contus
16.3 Startup / SME Players
16.3.1 Chatfuel
16.3.2 Keyreply
16.3.3 Smartbots
16.3.4 Yellow Messenger
16.3.5 Kevit
16.3.6 Yekaliva
16.3.7 Pypestream

17 Adjacent and Related Markets

For more information about this report visit https://www.researchandmarkets.com/r/hq5b6f


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Artificial Intelligence

Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.

“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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