Artificial intelligence (AI) in BFSI refers to the simulation of human intelligence into machines with the help of sophisticated machine learning, cognitive computing, and natural language processing algorithms that help in customer relationship management, communication, and recruitment & wealth management.
The need to provide better customer support, enhance process automation, and improve decision-making process generates the demand for artificial intelligence in the BFSI market.
The global artificial intelligence (ai) in BFSI market is expected to register substantial growth in the near future, attributed to a rapid demand for anti-money laundering (AML) pattern detector, rapid digitalization in the financial market, and adoption of chatbots in banking and financial services. The need for personalized financial services and rise in demand for data-driven solutions for imparting decision-making capability further drive the market growth.
However, high initial investment cost, government policy, and regulatory frameworks related to AI are expected to restrict this growth.
The artificial intelligence in BFSI market is segmented on the basis of deployment type, technology, and geography. Based on deployment type, it is bifurcated into cloud and on-premise. According to the technology, the market is classified into machine learning, natural language processing, image processing & video recognition, cognitive computing, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players, such as AlphaSense Inc., Brighterion, Inc., IBM Corporation, IPsoft Inc., Infosys Limited, Inbenta Technologies Inc., MicroStrategy Incorporated, Google Inc., Microsoft Corporation, and Nvidia Corporation, are provided in this report.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global artificial intelligence in BFSI market between 2016 and 2023 to identify the prevailing market opportunities.
- This study evaluates the competitive landscape and value chain to understand the competitive environment across the geographies.
- Comprehensive analysis of factors that drive and restrict the growth of the global artificial intelligence in BFSI market is provided.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework
Artificial Intelligence in BFSI Market Key Segments:
By Deployment Type
- Machine Learning
- Natural Language Processing
- Image Processing & Video Recognition
- Cognitive Computing
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East