The global demand for Artificial Intelligence in BFSI Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Artificial Intelligence in BFSI helps predict future trends based on analysis of past behaviour of customers and also allows banks to detect patterns in laundering, identify fraud, and make customer recommendations. Artificial Intelligence in the BFSI market tailored customer experience, automated back-end processes, and better turn-around time.
Market Dynamics
The market is majorly driven by the continuously growing digital data and increasing inclination toward the customer-centric business model. Also, increasing automation across processes in banking is a key factor driving the growth of global artificial intelligence in the BFSI market. Moreover, the growth of AI in the BFSI market is expected to be propelled by proactive customer experience by automating back-end processes to reduce human error with the aid of AI. Additionally, AI-enabled technologies such as chatbots, machine learning, and other similar technologies improve fraud detection, risk reduction, and back-end office work with thousands of people handling customer requests, thereby accelerating market growth. Furthermore, an increase in demand for AI-based virtual assistants and customer service support solutions might drive the growth of global AI in the BFSI market. However, a lack of awareness about AI-based solutions and privacy concerns might limit the growth of AI in the BFSI market.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of artificial intelligence in bfsi. The growth and trends of artificial intelligence in bfsi industry provide a holistic approach to this study.
Market Segmentation
This section of the artificial intelligence in bfsi market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Offerings
- Banking
- Investment And Securities Management
- Insurance
By Application
- Recommendation Engines
- Chatbots
- Predictive Analytics
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Artificial Intelligence in BFSI market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Artificial Intelligence in BFSI Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the artificial intelligence in bfsi market include Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., Oracle Corp. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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