Artificial Intelligence in BFSI Market by Offerings (Hardware, Software, and Services), Solution (Chatbots, Fraud Detection & Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics & Prediction, and Others), Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing) : Global Opportunity Analysis and Industry Forecast, 2019–2026
The global artificial intelligence (AI) in BFSI market was valued at $17,765.2 million in 2018 and is expected to reach $247,366.7 million by 2026, registering a CAGR of 38.0% from 2019 to 2026. Artificial intelligence is the recreation of human intelligence that perform tasks like humans. In financial institutions and other major finance industries, AI has become a core adaption and is expected to change the overall scenario of product and service offerings. For instance, insurance companies are improving risk models to maintain customer loyalty and client satisfaction with the help of advanced AI technological platforms.
Various fraud detection, risk mitigation, back-end office works with thousands of people processing customer requests are improved with the help of AI enabled technologies such as chatbots, machine learning, and other such technologies, which boosts the growth of the market. In addition, the reduction in the tendency of human errors by automation of backend processes and enhancement in proactive customer experience is expected to drive the growth of the AI in the BFSI market. However, rise in security concerns, inadequacy of trust while issuing customer data, and higher cost for implementation of AI technologies is expected to restrain the market growth. New entrants like FinTech (Financial Technology) with advance features in the market, new initiatives in government regulations, and existing traditional banking system provides lucrative opportunities for the market growth.
The global artificial intelligence (AI) in BFSI market is segmented on the basis of offerings, solution, technology, and region. On the basis of offerings, it is segmented into hardware, software, and services. By service providers, it is segmented into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. By technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global artificial intelligence (AI) in BFSI market along with the current trends and future estimations to elucidate the imminent investment pockets.
Comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
Comprehensive quantitative analysis of the industry from 2019 to 2026 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the key segments of the industry helps in understanding the offerings, solution, and technology across the globe.
Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
KEY MARKET SEGMENTS
Fraud Detection & Prevention
Customer Relationship Management
Data Analytics & Prediction
Natural Language Processing
Context Aware Processing
Rest of Europe
Rest of Asia-Pacific
Alphabet Inc. (Google)
Inbenta Technologies, Inc.
International Business Machines Corporation (IBM)
Palantir Technologies Inc.
The other players in the market include (profiles not included in the report) the following:
Digital Reasoning Inc.
Interaction LLC, Inc.
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