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2019
Artificial Intelligence In Bfsi Market

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
Update Available On-Demand

Report Code: A02456
Pages: 227
Nov 2019 | 12343 Views
Author(s) : Aarti Goswami , Onkar Sumant
Tables: 96
Charts: 48
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Artificial Intelligence in BFSI Market Outlook - 2026

The global artificial intelligence 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 2019-2026. Artificial intelligence (AI) is an area of computer science that emphasizes on the creation of intelligent machines that work and perform tasks like humans. Therefore, it has become an essential part of technology in the BFSI industry. In financial institutions and other major finance industries, AI has become a core adaption of every single business and is expected to change the overall scenario of service offerings. The BFSI market has looped into an AI-based solution for many traditional banking problems such as increased capital demand. For instance, insurance companies are improving risk models to maintain customer loyalty and client satisfaction, with the help of advanced AI technological platforms.

Artificial Intelligence in BFSI Market

Proactive customer experience by automating backend process to reduce human error, with the help of AI, is expected to drive the growth of the AI in BFSI market. In addition, chatbots and robo-advisors for financial products and smart wallets are some of the factors that fuel the market growth. Furthermore, 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. However, higher cost for implementation of AI technologies, rise in security concerns, and inadequacy of trust while issuing customer data 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 artificial intelligence in BFSI market growth.

Offerings segment review

On the basis of offerings, it is divided into hardware, software, and services. The software segment accounted for the largest revenue in 2018, owing to the fact these offerings benefit financial industries immensely to track transactions, verify data, generate reports, and extract information related to customers. In addition, security and analysis of know your customer (KYC) process for verification are highly simplified by software tools in artificial intelligence in BFSI market. 

Artificial Intelligence in BFSI Market
By Offerings

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Software segment holds the dominant position in 2018 and would continue to maintain the lead over the forecast period.

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Solution segment review

By solution, the AI in BFSI market is segmented into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. The chatbots segment generated the largest revenue in 2018 and is anticipated to continue the same during the forecast period. Owing to the fact that chatbots, which are powered by natural language processing, provide banks and other financial institutions the access to quickly assist common customer service queries, enhance on-boarding processes, and improve sales effectiveness. In addition, it enhances cost-savings by reducing customer acquisition cost at a large scale and collects real-time feedback from customers in the market.   

Artificial Intelligence in BFSI Market
By Solution

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Chatbots segment is projected as one of the most lucrative segments.

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Artificial intelligence in BFSI market, by region

On the basis of region analyzed across North America, Europe, Middle East and Africa, and Asia-Pacific. North America and Europe dominated the artificial intelligence in BFSI market in terms of revenue in 2018 and are expected to retain its dominance throughout the forecast period. The commercial banks in these regions are prioritizing technological advancements, with higher investments in artificial intelligence technologies aiming at improving customer services and increase revenue in their businesses, thus propelling the growth of artificial intelligence in BFSI industry in the region. However, Asia-Pacific is expected to exhibit fastest growth rate in the near future due to the emerging economies in the countries. In addition, developing countries are focused toward large scale investments to boost productivity and consolidate technology in the market. Moreover, recent innovations in artificial intelligence and advanced analytics create new opportunities for businesses across sales and service, and other such activities in banking, financial services, and insurance industries. 

Artificial Intelligence in BFSI Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 43.9% during 2019-2026.

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The report provides a comprehensive global artificial intelligence in BFSI market analysis of the key players operating in the market such as Alphabet Inc. (Google)  ,Baidu, Inc. , Inbenta Technologies, Inc.,  Intel Corporation, International Business Machines Corporation (IBM),Microsoft Corporation, Oracle Corporation ,Palantir Technologies Inc., SAP SE,salesforce.com, inc. Other players operating in AI in BFSI market are Lexalytics Inc., Digital Reasoning Inc., Interaction LLC, Inc., Ipsoft Inc., and Zest Finance. 

Key Benefits for Artificial Intelligence in BFSI Market :

  • The study provides an in-depth analysis of the global artificial intelligence in BFSI market share with the current trends and future estimations to elucidate the imminent investment pockets.
  • A comprehensive analysis of the factors that drive and restrict the global artificial intelligence in BFSI market size is provided.
  • A comprehensive quantitative analysis is provided from 2019 to 2026 to assist market stakeholders to capitalize on the prevailing artificial intelligence in BFSI market opportunities.
  • An extensive analysis of the key segments of the industry helps to understand the global artificial intelligence in BFSI market trends.
  • Key players and their strategies are provided to understand the competitive outlook of the artificial intelligence in BFSI market forecast.

Artificial Intelligence in BFSI Market Report Highlights

Aspects Details
By Offering
  • Hardware
  • Software
  • Services
By Solution
  • Chatbots
  • Fraud Detection & Prevention
  • Anti-Money Laundering
  • Customer Relationship Management
  • Data Analytics & Prediction
  • Others
By Technology
  • Deep Learning
  • Querying Method
  • Natural Language Processing
  • Context Aware Processing
By Region
  • North America  (U.S, CANADA, MEXICO)
  • Europe  (GERMANY, FRANCE, UK, Rest of Europe)
  • Asia-Pacific  (Australia, JAPAN, INDIA, CHINA, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Baidu, Inc., salesforce.com, inc., Intel Corporation, Alphabet Inc. (Google), Palantir Technologies Inc., Inbenta Technologies Inc.
 

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Artificial intelligence (AI) in BFSI is projected to witness a significant growth, due to increased technologies, advancements in service offerings, and solutions in the market. The market is fragmented due to continuous development and demands over technologies by several financial operators globally. In addition, AI has become a core adaption of every single business and is expected to change the overall scenario of product and service offerings to customers.  For instance, insurance companies are improving risk models to maintain customer loyalty and client satisfaction, with the help of advanced AI technological platforms.

Furthermore, chatbots, robo-advisors for financial products, and smart wallets are some of the products and services that the market growth. In addition, 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, boost the growth of the market. However, rise in security concerns and higher cost for implementation of AI technologies hamper 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. 


 

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