Global Artificial Intelligence in BFSI Market was valued at USD 3.88 Billion in 2019 and is expected to reach 34.06 Bn by 2027 at a CAGR of xx% over forecast period 2020-2027.
Global Artificial Intelligence in BFSI Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Artificial Intelligence in BFSI Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Artificial Intelligence in BFSI Market Dynamics:
AI technologies will clearly have a huge impact on the financial services sector. Banks will redefine how they work their processes, what they sell their products and services and how they interact with their customers and employees. They’ll redefine their operating structures for an AI-enabled workforce. Humans and AI will work together to drive process and operational efficiency. And new AI applications will create growth through improved customer and employee experiences. Various factors such as increasing digitalization, exponentially growing digital data, increasing investment in artificial intelligence, growing adoption of smart devices and increasing penetration of internet services across the globe are driving the global AI in BFSI market over forecast period.
Artificial Intelligence (AI) is fast evolving as the go-to technology for banks across the world to personalize experience for individuals. Positive rise of AI-based application in BFSI such as customer support, fraud detection, improving employee efficiency, reduce fraud and security risks.
However, factors such as cyber security & privacy concerns and lack of technical expertise are restraining the market growth over forecast period.
Global Artificial Intelligence in BFSI Market is segmented by Offering, Technology, and Application and by Region. By component, the solution segment held 69.09% of market share in 2019 and is expected to keep its dominance over forecast period. An increasing adoption of the customized software among the financial institutes is propelling the market growth.
By Technology, Chatbots segment dominating the global market with global market with xx% of market share over forecast period. A chatbots is a technology service powered by algorithms that interacts with a customer in a natural (human-like) manner, either by voice or text. Some chatbots are given personas in the form of a virtual agent, which may be named and given some sort of avatar and personality. Typically accessible via a bank’s own digital properties, virtual agents are marketed explicitly to customers as non-human technology tools that will let them interact with the bank better than IVR-powered phone trees or call centres. By application, customer services segment held 28.98% of market share in 2019 and is expected to keep its dominance over forecast period. The increasing need to provide an enhanced customer experience is the major factor driving the growth of this segment over forecast period.
By geography, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these North America is expected to hold more than 45% of market share over forecast period owing to presence of major players operating in this market. An increasing investments in the AI by the technology giants such as Google, AWS, and IBM is expected to create lucrative opportunities for market over forecast period. For instance, in 2016, Google has invested approximately USD 20 billion in AI. North America is followed by APAC and Europe. APAC is expected to hold xx% of market share over forecast period owing to increasing investments by Chinese players such as Baidu, Alibaba, and Tencent in the technology. Also, there are supportive government initiatives in China, India, Japan and South Korea to develop machine learning and AI-powered economies is expected to create lucrative opportunities over forecast period.
Global Artificial Intelligence in BFSI Market has presence of large number of players. Report covers key development and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are Google (US), Microsoft (US), IBM (US), Intel (US), AWS (US), SAP (US), Oracle (US), Salesforce, IP soft and INBENTA technologies among others. These key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, strategic alliances, new product launches and patent etc. to increase their regional presence and business opeartions.
The objective of the report is to present a comprehensive analysis of the Global Artificial Intelligence in BFSI Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Artificial Intelligence in BFSI Market dynamics, structure by analyzing the market segments and project Global Artificial Intelligence in BFSI Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Artificial Intelligence in BFSI Market make the report investor’s guide.
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Scope Global Artificial Intelligence in BFSI Market
Global Artificial Intelligence in BFSI Market Segmentation by Offering
• Hardware
• Software
Global Artificial Intelligence in BFSI Market Segmentation by Technology
• Machine learning
• Chat –bots
• Deep learning
• Context awareness
• Computer vision
• Predictive Analytics
• Natural language processing
Global Artificial Intelligence in BFSI Market Segmentation by Application
• Back office
• Risk management and compliance and security
• Customer service
• Financial advisory
• Operation
Global Artificial Intelligence in BFSI Market Segmentation by End User
• Bank
• Insurance
• Wealth Management
• Others
Global Artificial Intelligence in BFSI Market Segmentation by component
• Solution
o Customer behaviour tracking
o Customer relationship management
o Fraud detection
o Data analytics and visualization
• Service
o Professional service
o Managed service
Global Artificial Intelligence in BFSI Market Segmentation by Region
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Global Artificial Intelligence in BFSI Market Major Players
• Google (US)
• Microsoft (US)
• IBM (US)
• Intel (US)
• AWS (US)
• SAP (US)
• Oracle (US)
• Salesforce
• IP soft
• INBENTA technologies
• JP Morgan
• FUKOKU (Japan)
• NEXT IT
• PALANTIR
Some start-ups for AI in BFSI Market
• Flamingo
• LINKFLUENCE
• MINALEA
• CLAIMKIT
• HS Data
• CYENCE
• APPZEN
This Report Is Submitted By : Maximize Market Research Company
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