Artificial Intelligence (AI) in BFSI Market: Global Industry Size, Share, Trends, Growth, Opportunity and Forecast 2022-2027
The latest research study “Artificial Intelligence (AI) in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the Global Artificial Intelligence (AI) in BFSI Market size reached US$ 10.17 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 69.66 Billion by 2027 exhibiting a CAGR of 34.60% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Artificial intelligence (AI) assists a computer or robot in accomplishing tasks associated with humans. It can make predictions, recommend, or take decisions impacting real or virtual surroundings. It aids in fraud detection, data analytics, and regulatory compliance. It also helps recognize malicious activities, such as anti-money laundering and identity theft, and can also manage customer relationships. In addition, AI authorizes banks to deploy AI virtual assistants that monitor transactions and customer behaviors and log data into several regulatory systems. As a result, it is widely adopted across the banking, financial services and insurance (BFSI) industry.
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Artificial Intelligence (AI) in BFSI Trends and Drivers:
The market is primarily driven by the rising digitalization and automation in the BFSI sector. In addition, the shifting customer inclination toward personalized financial services represents another growth-inducing factor. Besides this, the rising adoption of AI solutions over existing credit reporting systems to manage risks and regulatory needs and enhance overall customer experience is also augmenting the market growth.
Moreover, AI also assists banks in managing massive volumes of data at high speed to obtain valuable insights. Furthermore, AI-based loan and credit systems assist in studying the behavior patterns of customers with limited credit history to determine their creditworthiness, which in turn is propelling the market growth.
Apart from this, AI and machine learning (ML) target repetitious manual tasks that are prone to errors by replacing them with software, thereby creating a positive market outlook across the globe.
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| Artificial Intelligence (AI) in BFSI Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 10.17 Billion |
| Market forecast in 2027 | US$ 69.66 Billion |
| Growth Rate | CAGR of 34.60% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Offering, Solution and End User. |
| Regional scope | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
| Key companies profiled | Amelia, Atos SE, Avaamo Inc., CognitiveScale Inc., Inbenta Holdings Inc., Interactions LLC, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Palantir Technologies Inc., SAP SE and SAS Institute Inc. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Offering:
- Software
- Hardware
- Services
Breakup by Solution:
- Chatbots
- Fraud Detection and Prevention
- Anti-Money Laundering
- Customer Relationship Management
- Data Analytics and Prediction
- Others
Breakup by End User:
- Banks
- Insurance
- Wealth Management
By Geography:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
List of Major Key Players:
The major players in the market are Amelia, Atos SE, Avaamo Inc., CognitiveScale Inc., Inbenta Holdings Inc., Interactions LLC, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Palantir Technologies Inc., SAP SE and SAS Institute Inc.
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Published Wed, 20 Jul 2022 02:52:39 -0500
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