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Global Artificial Intelligence (AI) Market in BFSI Sector 2019-2023 - Product Image

Global Artificial Intelligence (AI) Market in BFSI Sector 2019-2023

  • ID: 4825170
  • Report
  • Region: Global
  • 127 pages
  • TechNavio
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FEATURED COMPANIES

  • Amazon Web Services Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • MORE
Global Artificial Intelligence (AI) Market in BFSI Sector: About this market

Artificial intelligence (AI) solutions for the banking, financial service and insurance (BFSI) sector include AI software and hardware that has AI chipsets, servers, and storage. The artificial intelligence market in the BFSI sector analysis considers sales to the banking, investment and securities management, and insurance segments. Our analysis also considers the sales of AI solutions for the BFSI market in APAC, Europe, MEA, North America, and South America. In 2018, the banking segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the rising need by banking enterprises to combat cyberattacks autonomously and offer enhanced digital customer experience and the emergence of fintech players will significantly help the market segment in maintaining its leading position. Also, our report on global artificial intelligence market in BFSI sector has observed market growth factors such as enhanced operational efficiency with AI, push toward autonomous banking, and rise in demand for fraud detection and compliance. However, need for high data quality, lack of skilled labor, and concerns about cybersecurity may hamper the growth of the artificial intelligence industry in the BFSI sector over the forecast period.

Global Artificial Intelligence (AI) Market in BFSI Sector: Overview

Push toward autonomous banking

BFSI organizations have started integrating AI and Big Data analytics into their IT systems not only to enhance data security but also to automate data cleaning and organizing and data analysis. These features will improve revenue generation for banking enterprises. As a result, banking enterprises are gradually transforming their solutions into AI-driven, which will lead to the expansion of the artificial intelligence market in BFSI Sector at a CAGR over 32% during the forecast period.

Growing focus on providing personalized experience to customers

The BFSI sector is focusing on customizing services and improving digital experience for its customers by deploying AI in the form of chatbots, predictive analysis, recommendation engines, and others. Demand secure and automated banking solutions is also rising from the customers, prompting BFSI enterprises to further opt for AI solutions. Therefore, this trend will have a positive impact on the overall market growth.

Competitive Landscape

With the presence of a few major players, the global artificial intelligence market in BFSI sector is moderately concentrated. The robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading AI solutions manufacturers, which include Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp.

Also, the artificial intelligence market in BFSI sector analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Amazon Web Services Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • MORE
PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT
  • Preface
  • Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis
PART 04: MARKET SIZING
  • Market definition
  • Market sizing 2018
  • Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition
PART 06: MARKET SEGMENTATION BY END-USER
  • Market segmentation by end-user
  • Comparison by end-user
  • Banking - Market size and forecast 2018-2023
  • Investment and securities management - Market size and forecast
  • 2018-2023
  • Insurance - Market size and forecast 2018-2023
  • Market opportunity by end-user
PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE
  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2018-2023
  • APAC - Market size and forecast 2018-2023
  • Europe - Market size and forecast 2018-2023
  • MEA - Market size and forecast 2018-2023
  • South America - Market size and forecast 2018-2023
  • Key leading countries
  • Market opportunity
PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES
  • Market drivers
  • Market challenges
PART 11: MARKET TRENDS
  • Rise in cloud-based solutions
  • Growing focus on personalized experience
  • Rise in popularity of open banking
PART 12: VENDOR LANDSCAPE
  • Overview
  • Landscape disruption
PART 13: VENDOR ANALYSIS
  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Amazon Web Services Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.
PART 14: APPENDIX
  • Research methodology
  • List of abbreviations
  • Definition of market positioning of vendors
List of Exhibits:
Exhibit 01: Product offerings of vendors:
Exhibit 02: Global information technology (IT) spending market
Exhibit 03: Segments of global information technology (IT) spending market
Exhibit 04: Market characteristics
Exhibit 05: Market segments
Exhibit 06: Market definition - Inclusions and exclusions checklist
Exhibit 07: Market size 2018
Exhibit 08: Global market: Size and forecast 2018-2023 ($ millions)
Exhibit 09: Global market: Year-over-year growth 2019-2023 (%)
Exhibit 10: Five forces analysis 2018
Exhibit 11: Five forces analysis 2023
Exhibit 12: Bargaining power of buyers
Exhibit 13: Bargaining power of suppliers
Exhibit 14: Threat of new entrants
Exhibit 15: Threat of substitutes
Exhibit 16: Threat of rivalry
Exhibit 17: Market condition - Five forces 2018
Exhibit 18: End-user - Market share 2018-2023 (%)
Exhibit 19: Comparison by end-user
Exhibit 20: Banking - Market size and forecast 2018-2023 ($ millions)
Exhibit 21: Banking - Year-over-year growth 2019-2023 (%)
Exhibit 22: Investment and securities management - Market size and forecast 2018-2023 ($ millions)
Exhibit 23: Investment and securities management - Year-over-year growth 2019-2023 (%)
Exhibit 24: Insurance - Market size and forecast 2018-2023 ($ millions)
Exhibit 25: Insurance - Year-over-year growth 2019-2023 (%)
Exhibit 26: Market opportunity by end-user
Exhibit 27: Customer landscape
Exhibit 28: Market share by geography 2018-2023 (%)
Exhibit 29: Geographic comparison
Exhibit 30: North America - Market size and forecast 2018-2023 ($ millions)
Exhibit 31: North America - Year-over-year growth 2019-2023 (%)
Exhibit 32: APAC - Market size and forecast 2018-2023 ($ millions)
Exhibit 33: APAC - Year-over-year growth 2019-2023 (%)
Exhibit 34: Europe - Market size and forecast 2018-2023 ($ millions)
Exhibit 35: Europe - Year-over-year growth 2019-2023 (%)
Exhibit 36: MEA - Market size and forecast 2018-2023 ($ millions)
Exhibit 37: MEA - Year-over-year growth 2019-2023 (%)
Exhibit 38: South America - Market size and forecast 2018-2023 ($ millions)
Exhibit 39: South America - Year-over-year growth 2019-2023 (%)
Exhibit 40: Key leading countries
Exhibit 41: Market opportunity
Exhibit 42: Impact of drivers and challenges
Exhibit 43: Vendor landscape
Exhibit 44: Landscape disruption
Exhibit 45: Vendors covered
Exhibit 46: Vendor classification
Exhibit 47: Market positioning of vendors
Exhibit 48: Amazon Web Services Inc. - Vendor overview
Exhibit 49: Amazon Web Services Inc. - Organizational developments
Exhibit 50: Amazon Web Services Inc. - Key offerings
Exhibit 51: Google LLC - Vendor overview
Exhibit 52: Google LLC - Organizational developments
Exhibit 53: Google LLC - Key offerings
Exhibit 54: IBM Corp. - Vendor overview
Exhibit 55: IBM Corp. - Business segments
Exhibit 56: IBM Corp. - Organizational developments
Exhibit 57: IBM Corp. - Geographic focus
Exhibit 58: IBM Corp. - Segment focus
Exhibit 59: IBM Corp. - Key offerings
Exhibit 60: Microsoft Corp. - Vendor overview
Exhibit 61: Microsoft Corp. - Business segments
Exhibit 62: Microsoft Corp. - Organizational developments
Exhibit 63: Microsoft Corp. - Geographic focus
Exhibit 64: Microsoft Corp. - Segment focus
Exhibit 65: Microsoft Corp. - Key offerings
Exhibit 66: Oracle Corp. - Vendor overview
Exhibit 67: Oracle Corp. - Business segments
Exhibit 68: Oracle Corp. - Organizational developments
Exhibit 69: Oracle Corp. - Geographic focus
Exhibit 70: Oracle Corp. - Segment focus
Exhibit 71: Oracle Corp. - Key offerings
Exhibit 72: Validation techniques employed for market sizing
Exhibit 73: Definition of market positioning of vendors
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Amazon Web Services Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • MORE
The following companies are recognised as the key players in the global artificial intelligence market in BFSI sector: Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp.

Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is the growing focus on providing personalized experience to customers.”

According to the report, one of the major drivers for this market is the push toward autonomous banking.

Further, the report states that one of the major factors hindering the growth of this market is the lack of skilled workforce.

The study was conducted using an objective combination of primary and secondary information, including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Note: Product cover images may vary from those shown
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  • Amazon Web Services Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.
Note: Product cover images may vary from those shown
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