The global Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028, according to latest analysis by Emergen Research. Artificial Intelligence (AI) helps in predicting future trends based on analysis of past behavior of customers, and also helps banks to detect patterns in laundering, identify fraud, and make customer recommendations. These advantages are resulting in increasing deployment of AI in banking operations, which is driving revenue growth of the global Artificial Intelligence in BFSI market.
AI is finding several applications in back-office operations. Robotic process automation is helping in automating repetitive, rule-based tasks, which streamline meticulous and tiresome tasks, and avoid errors. AI helps financial institutions to optimize salary budget by eliminating the need to hire new employees for repetitive tasks, which in turn is fueling market growth.
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Global Artificial Intelligence in BFSI Market COVID-19 Analysis
The report offers an extensive analysis of the factors that are likely to influence the growth of the industry. The research study considers the COVID-19 pandemic a key growth influencing factor. The pandemic has negatively impacted the Artificial Intelligence in BFSI industry through disruptions in global supply chains and grueling economic conditions. The report extensively analyzes the impact of the pandemic on the Artificial Intelligence in BFSI market on a global as well as regional scale.
The global Artificial Intelligence in BFSI market report analyzes the current trends of the market, along with the barriers expected to rise during the forecast estimation for 2020-2027. The report offers the growth spectrum of the key companies and utilizes the key statistical tools for the evaluation of the various elements of the industry to offer an accurate growth forecast.
The report also takes into consideration the effect of the different restrictions imposed in different regions on the Artificial Intelligence in BFSI industry and its key segments. It also offers a current and future impact analysis of the pandemic on the overall Artificial Intelligence in BFSI market.
Key players in the market include Amazon Web Services (AWS), Inc., Google LLC, CognitiveScale, Inc., Descartes Labs, Inc., Avaamo, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation.
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The segmentation of the market is done on the basis of product types, application spectrum, and the key regions of the Artificial Intelligence in BFSI market. Along with this, the report also provides extensive coverage of the key companies and their strategic schemes to gain a substantial market position.
- Offering Component Outlook (Revenue, USD Million; 2018–2028)
- Solution Outlook (Revenue, USD Million; 2018–2028)
- Fraud Detection & Prevention
- Customer Relationship Management
- Anti-money Laundering
- Data Analytics & Prediction
- Technology Outlook (Revenue, USD Million; 2018–2028)
- Machine Learning
- Context Aware Processing
- Natural Language Processing (NLP)
- Deep Learning
- Application Outlook (Revenue, USD Million; 2018–2028)
- Risk Management
- Financial Advisory
- Compliance & Security
- Back Office / Operation Customer Service
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North America accounted for the largest revenue share in 2020 due to technological advancement and high investment in AI. Commercial banks in the region are focusing on improving customer services and increasing revenue. The report offers a comprehensive overview of the global Artificial Intelligence in BFSI market scenario pertaining to market value, volume, production and consumption rates, and market segmentation based on types, regions, and applications.
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
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Key Questions Addressed in the Report:
- Who are the leading players of the Artificial Intelligence in BFSI industry?
- Which region is expected to dominate the market in the coming years?
- What are the key applications of the Artificial Intelligence in BFSI market?
- Which segment is expected to garner traction during the coming years?
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