The global artificial intelligence (AI) 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 to 2026. Artificial intelligence is the recreation of human intelligence that perform tasks like humans. In financial institutions and other major finance industries, AI has become a core adaption and is expected to change the overall scenario of product and service offerings. For instance, insurance companies are improving risk models to maintain customer loyalty and client satisfaction with the help of advanced AI technological platforms.
Various 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. In addition, the reduction in the tendency of human errors by automation of backend processes and enhancement in proactive customer experience is expected to drive the growth of the AI in the BFSI market. However, rise in security concerns, inadequacy of trust while issuing customer data, and higher cost for implementation of AI technologies 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 the market growth.
The global artificial intelligence (AI) in BFSI market is segmented on the basis of offerings, solution, technology, and region. On the basis of offerings, it is segmented into hardware, software, and services. By service providers, it is segmented into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. By technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Offerings
By Solution
By Technology
By Region
Key Players PROFILED
The other players in the market include (profiles not included in the report) the following:
Various 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. In addition, the reduction in the tendency of human errors by automation of backend processes and enhancement in proactive customer experience is expected to drive the growth of the AI in the BFSI market. However, rise in security concerns, inadequacy of trust while issuing customer data, and higher cost for implementation of AI technologies 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 the market growth.
The global artificial intelligence (AI) in BFSI market is segmented on the basis of offerings, solution, technology, and region. On the basis of offerings, it is segmented into hardware, software, and services. By service providers, it is segmented into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. By technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global artificial intelligence (AI) in BFSI market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
- Comprehensive quantitative analysis of the industry from 2019 to 2026 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps in understanding the offerings, solution, and technology across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
KEY MARKET SEGMENTS
By Offerings
- 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
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- Japan
- India
- China
- Australia
- Rest of Asia-Pacific
- LAMEA
- Middle East
- Latin America
- Africa
Key Players PROFILED
- 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.
The other players in the market include (profiles not included in the report) the following:
- Lexalytics Inc.
- Digital Reasoning Inc.
- Interaction LLC, Inc.
- Ipsoft Inc.
- Zest Finance
Frequently Asked Questions about the Global Artificial Intelligence (AI) in BFSI Market
What is the estimated value of the Global Artificial Intelligence (AI) in BFSI Market?
What is the growth rate of the Global Artificial Intelligence (AI) in BFSI Market?
What is the forecasted size of the Global Artificial Intelligence (AI) in BFSI Market?
Who are the key companies in the Global Artificial Intelligence (AI) in BFSI Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 227 |
| Published | November 2019 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 17765.2 million |
| Forecasted Market Value ( USD | $ 247366.7 million |
| Compound Annual Growth Rate | 39.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Artificial Intelligence In Bfsi Market, By Offerings
Chapter 5: Artificial Intelligence In Bfsi Market, By Solution
Chapter 6: Artificial Intelligence In Bfsi Market, By Technology
Chapter 7: Artificial Intelligence In Bfsi Market, By Region
Chapter 8: Company Profiles
Executive Summary
According to the report titled, 'Artificial Intelligence in BFSI Market by Offering, Solution, and Technology: Global Opportunity Analysis and Industry Forecast, 2019-2026', the global artificial intelligence in BFSI market size was valued at $17,765.2 million in 2018, and is projected to reach $247,366.6 million by 2026, growing at a CAGR of 38.0% from 2019 to 2026.Artificial intelligence (AI) is illustrated by machines rather than natural intelligence displayed by humans. Intelligence in machines is programmed to think like humans and mimic their actions. In addition, machines are designed to rationalize and function like human mind, such as learning, planning, identifying patterns, problem solving, and decision making to achieve a specific goal. 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 and is expected to change the overall scenario of service offerings.
Utilization of various AI technologies such as deep learning, natural language processing, chatbots, and robo-advisors across financial products and services are some of the factors that fuel the market growth. In addition, proactive customer experience by automating backend process to reduce human error, reduction in fraud detection, and risk mitigation with advance technologies in artificial intelligence in BFSI industry, drive the market growth. However, higher cost for implementation of AI technologies, rise in security concerns, and inadequacy of trust while issuing customer data restrain the market growth. With new entrants in the FinTech (Financial Technology) industry, change in customer behaviour, initiatives in government regulations, and traditional banking system pose as opportunities for the market growth
On the basis of offerings, the software segment dominated the artificial intelligence in BFSI market in 2018. The software segment accounted for the largest revenue as software offerings benefit financial industries immensely to track transactions, verify data, generate reports, and extract information related to the customers. In addition, security and analysis of know your customer (KYC) process for verification are highly simplified by software tools, becoming a major artificial intelligence in BFSI market trends.
Depending on solution, the chatbots segment generated the largest revenue in 2018 and is anticipated to continue the same during the artificial intelligence in BFSI market forecast period. Chatbots provide banks and other financial institutions to quickly assist common customer queries, enhance on-boarding process, and improve effectiveness of sales. In addition, it includes cost-saving, reduces customer acquisition cost on a large scale and collects real-time feedback from customers in the market.
Key Findings of the Artificial Intelligence in BFSI Market:
The hardware segment is expected to be the fastest growing segment during the forecast period, in terms of value.
The U.S. dominated the North America artificial intelligence in BFSI market in 2018 and is projected to grow at a CAGR of 35.5% from 2019 to 2026.
In terms of revenue, the natural language processing segment accounted for the highest revenue in AI in BFSI market in 2018.
North America held largest artificial intelligence in BFSI market share in 2018 and is anticipated to remain dominant during the forecast period. The global artificial intelligence in BFSI market is growing in North America due to countries prioritizing technological advancements, with higher investments in artificial intelligence technologies, aiming at improving customer services and increasing revenue in their businesses. The key players operating in the global AI in BFSI market include 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 the market are Lexalytics Inc., Digital Reasoning Inc., Interaction LLC, Inc., Ipsoft Inc., and Zest Finance.
Companies Mentioned
- 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 the market are Lexalytics Inc.
- Digital Reasoning Inc.
- Interaction LLC Inc.
- Ipsoft Inc.
- Zest Finance
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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