Published on: May 2022
Artificial Intelligence in BFSI - The door to a secure future
The global artificial intelligence market was worth USD 93.5 billion in 2021, and it is expected to increase at a 38.1 percent compound annual growth rate (CAGR) from 2022 to 2030. The adoption of advanced technologies in industry verticals such as automotive, healthcare, retail, finance, and manufacturing is being driven by the tech giants' continual research and innovation. To improve its Artificial Intelligence (AI) business, Intel Corporation purchased Cnvrg.io, an Israeli startup that creates and manages a platform for data scientists to construct and run machine learning models, in November 2020. However, technology has always been an important part of these businesses, but AI has pushed technology to the forefront.
Regional insights of Artificial Intelligence in BFSI Sector
North America led the market in 2021, accounting for about 42.0 percent of total sales. This high percentage can be attributed to government programmes that stimulate the use of AI in a variety of businesses. In February 2019, for example, U.S. President Donald J. Trump announced the American AI Initiative as the country's strategy for boosting artificial intelligence leadership. As part of this endeavour, federal agencies have established criteria for AI development and real-world deployment across several industrial sectors, fostering public trust in AI-based systems.
Over the forecast period, the market in Asia Pacific is expected to grow at a significant rate. This expansion is due to a huge increase in artificial intelligence spending. For example, Baidu, Inc., a Chinese internet behemoth, said in April 2018 that it had reached definitive agreements with investors to sell its financial services division (FSG), which provides wealth management, consumer lending, and other commercial services. Carlyle Investment Management LLC and Tarrant Capital IP, LLC are the lead investors, with ABC International and Taikang Life among the others. In addition, a growing number of AI start-ups in the region are promoting AI adoption to increase operational efficiency and automate processes.
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