Artificial Intelligence in BFSI Market Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players - Amazon Web Services, Inc., Google LLC, IBM Corp

The global Artificial Intelligence in BFSI Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 38.0% during the review period (2022 to 2027)

Artificial Intelligence in BFSI Market Overview

Artificial intelligence (AI) is an part of computer science that emphasizes on the creation of intelligent machines that work and perform tasks like humans. So, it has become an essential part of technology in the BFSI industry. In financial institutions and other main 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 several 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. Proactive customer experience by automating backend procedure 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 progress. also, 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. Yet, 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 progress.

Industry News

In February 2021, FinMkt, which is a loan origination and point of sale financing SaaS provider, announced its partnership with Persistent, which is a global solutions company that delivers enterprise modernization, next-generation product engineering, and digital business acceleration. The partnership will allow small and mid-sized financial institutions to accelerate digital lending strategies. FinMkt will ramp up its Artificial Intelligence and machine learning capabilities to provide financial institutions with significant insights to shape their credit policies.

In February 2021, Google Cloud and BBVA announced a strategic partnership to transform the bank’s security strategy by improving and optimizing its security infrastructure. According to the agreement, the collaboration will help in the development of groundbreaking new Artificial Intelligence and machine learning models to forecast and intercept cyberattack against BBVA’s banking infrastructure, offering a more secure experience to the bank and its customers and shape its “Security Operations Center (SOC) of the Future” feature.

What are the major Applications, Types and Regions for Artificial Intelligence in BFSI Market?

By Type, it is segmented into

• Recommendation Engines


• Chatbots


• Predictive Analytics


• Others

By Applications it is segmented into

• Banking


• Investment and Securities Management


• Insurance


• Others

Artificial Intelligence in BFSI Market Regional Analysis

Europe accounted for closely 20% of the artificial intelligence in BFSI market share in 2021 impelled by increasing digitalization of the financial sector and growing investments in AI. In addition, the growing penetration of AI for the development of novel technologies, such as robotic software automation, is the primary factor boosting the market share.

North America

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  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Artificial Intelligence in BFSI Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Artificial Intelligence in BFSI Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Artificial Intelligence in BFSI Market Report Scope?

Key Takeaways from this Artificial Intelligence in BFSI Report

• Evaluate Artificial Intelligence in BFSI market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.


• Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Artificial Intelligence in BFSI market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.


• Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.

FAQ -

What is the study period of this market?

The Artificial Intelligence in BFSI Market is studied from 2017 - 2027.

 What is the growth rate of Artificial Intelligence in BFSI Market?

The Artificial Intelligence in BFSI Market is growing at a CAGR of 38.0% over the next 5 years.

What regions does this Artificial Intelligence in BFSI Market report covers?

North America (the United States, Canada, and Mexico)

Europe (Germany, France, UK, Russia, and Italy)

Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

South America (Brazil, Argentina, Colombia, etc.)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.