IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence In BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global artificial intelligence (AI) in BFSI market share, size, growth, trends and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. The global artificial intelligence (AI) in BFSI market size reached US$ 19.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 224.5 Billion by 2032, exhibiting a growth rate (CAGR) of 30.3% during 2024-2032.
What is Artificial Intelligence Ai In Bfsi?
Artificial intelligence (AI) in BFSI is utilized to enable computers or computer-controlled robots to perform tasks typically associated with human beings. It possesses the capability to make predictions, offer recommendations, and make decisions that impact both real and virtual environments. AI in BFSI industry is employed particularly for the purpose of fraud detection and regulatory compliance. AI systems can identify and flag potentially fraudulent activities, including money laundering and identity theft. AI in BFSI enables banks to implement AI virtual assistants that monitor transactions and customer behaviors, as well as record and analyze information to ensure compliance with various regulatory systems. Consequently, it is extensively used across countries.
What Are the Growth Prospects and Trends in The AI In Bfsi Market?
The artificial intelligence (AI) in BFSI market is primarily driven by the elevating digitalization and automation in the banking, financial services, and insurance industry to counter the limitation of conventional credit reporting systems, such as potential errors, incomplete transaction history, and misclassification of creditors. Moreover, the increasing need for AI-based loan and credit systems to analyze customer behavior patterns, even for those with limited credit history, to assess their creditworthiness and provide banks with early warnings about behaviors that may indicate a higher risk of default, is acting as another significant growth-inducing factor. Additionally, the growing adoption of AI and machine learning (ML) technologies to automate repetitive manual tasks for reducing the potential for errors, owing to their ability to sense, learn, and improve over time and manage risks and regulatory compliance while enhancing the overall customer experience is also positively influencing the global market. Besides this, the rising reliance on AI to handle large volumes of data quickly and the expanding BFSI sector across the globe are expected to fuel the artificial intelligence (AI) in BFSI market in the coming years.
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What Is Included In Market Segmentation?
The report has segmented the market into the 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
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are 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.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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