According to the global artificial intelligence (AI) in BFSI market report by IMARC Group, the market reached a value of US$ 10.17 Billion in 2021, and it is projected to reach a value of US$ 69.66 Billion by 2027, exhibiting a CAGR of 34.60% during 2022-2027.
Artificial intelligence (AI) in BFSI represents the utilization of artificial intelligence to assist a computer or computer-controlled robot in executing tasks commonly associated with human beings. It involves the deployment of various technologies, such as deep learning, natural language processing, context-aware processing, etc. AI in BFSI solutions can make predictions, take decisions influencing virtual or real environments, or give recommendations. They aid in detecting fraud and identifying malicious activities, which include money laundering and identity theft. AI in BFSI services even facilitates virtual assistants that monitor customer behaviors and transactions and audit and log information into several regulatory systems. Consequently, they find extensive applications in banks and insurance and wealth management firms across the globe.
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Market Trends
The growing digitalization and automation in the BFSI segment and the shifting preferences toward AI-based loan and credit systems that can help study the behavior patterns of customers with limited credit history to determine their creditworthiness are among the key factors driving the artificial intelligence (AI) in BFSI market.
Apart from this, the escalating usage of the solution to improve efficiency, manage regulatory needs, and enhance the customer experience is acting as another significant growth-inducing factor. Moreover, the elevating need for AI in banks to manage enormous volumes of data at high speed to derive valuable insights is also positively influencing the market growth. Besides this, the emerging trend of integrating AI and machine learning (ML) to target repetitive manual tasks that are prone to error and replace them with software that has the potential to sense, learn, and improve is expected to propel the artificial intelligence (AI) in BFSI market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
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
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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