Global Artificial Intelligence (AI) in BFSI Market was valued at USD xx Mn in 2019 and is expected to reach at USD xx Mn by 2027 at a CAGR of xx% over the forecast period 2020-2027.
Global Artificial Intelligence (AI) in BFSI Market
The report covers an in-depth analysis of COVID-19 pandemic impact on Global Artificial Intelligence (AI) in BFSI Market by region and on the key players revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Artificial Intelligence (AI) in BFSI Market Dynamics:
BFSI is one of the fastest growing verticals for artificial intelligence adoption in the field. This is due to the increasing progress in different industries in artificial intelligence and machine learning around the globe. AI's ability to respond probabilistically to uncertain real-world inputs is one of its crucial features in the BFSI industry. Analytics; bots; robotic process automation (RPA); and report generation are among the main applications of artificial intelligence in banking. In the current BFSI business scenario, consumer preference varies widely. Artificial intelligence has helped banks and financial institutions adjust and tailor their service to customer requirements. By deploying bots for customer support, AI has allowed financial institutions to reduce their long-term costs. Increased understanding of banks' use of AI in BFSI instruments to improve their operational efficiency and provide better customer experience. With growing competition from fintech firms, banks will be encouraged to opt for more innovative and smart technologies and services, creating new avenues for AI growth in the BFSI industry.
Global Artificial Intelligence (AI) in BFSI Market is segmented by component, by technology, application, by end-use and by region. By component, solution accounted for a major share in 2019 and is expected to keep its dominance over the forecast period owing to the security and evaluation of know your customer (KYC) verification process is highly simplified by software tools. Chatbot is the leading segment among the solutions due to driven by natural language processing; banks and other financial institutions provide easy access to common customer service questions, enhance on-boarding processes, and increase sales performance. In addition, it increases cost efficiency by reducing consumer acquisition costs on a wide scale and gathers input from consumers on the market in real time. By Technology, National Language Processing (NLP) held the highest market share in 2019 due to the rising usage of NLP in financial services is expanding beyond its use in banking, insurance and hedge funds. Transactional bots are created using NLP technology to process data in the form of human language. For instance, instead of logging into individual balance-check accounts, users can simply check their account information via chatbots and even voice assistants. Moreover, it can be accessed remotely from anywhere. The growth of the Natural Language Processing (NLP) Technology’s is due to the penetration of internet-of-things. For instance, LenddoEFL, a Singapore-based company, offers a program called LenddoScore that uses advanced NLP and machine learning algorithms to determine the creditworthiness of borrowers. The platform integrates the digital footprints of prospective borrowers through social media, browsing history, geo-location, and other personal device information. By Application, healthcare and life sciences segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period due to the helping to track the journey of patients, enhancing their experience and maximising the functioning of hospitals. By end-use, banks segment held the largest market share due to the increasing technical advances, with higher investment in artificial intelligence technology aimed at enhancing customer services and increasing sales in their businesses.
By geography, global Artificial Intelligence (AI) in BFSI market is segmented into North America, APAC, Europe, ME & Africa, and South America. Among these, Europe held the highest market share of xx% in 2019 and is expected to keep its dominance over the forecast period owing to widespread acceptance of innovations and the forthcoming analytics technology among the large numbers of vendors operational in the region. Several European countries are also integrating process analytics tools into their current analytics portfolio to receive fast and actionable executive insights to keep pace with their analytical-driven rivals in other regions. The service in the market in North America is forecasted to provide a huge market scope for the adoption of process analytics tools.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger & acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global Artificial Intelligence (AI) 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 (AI) in BFSI Market dynamics, structure by analyzing the market segments and project Global Artificial Intelligence (AI) 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 (AI) in BFSI Market the report investor’s guide.
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Scope of Global Artificial Intelligence (AI) in BFSI Market
Global Artificial Intelligence (AI) in BFSI Market Segmentation by Component
o Customer Behavior Analytics
o Anti-Money Laundering
o Customer Relationship Management (CRM)
o Fraud Detection
Global Artificial Intelligence (AI) in BFSI Market Segmentation by Technology
• Machine Learning
• Natural Language Processing (NLP)
• Computer Vision
Global Artificial Intelligence (AI) in BFSI Market Segmentation by Application
• Back Office/Operation
• Customer Service
• Financial Advisory
• Risk Management
• Compliance & Security
Global Artificial Intelligence (AI) in BFSI Market Segmentation by End-Use
• Insurance institution
Global Artificial Intelligence (AI) in BFSI Market Segmentation by Region
• North America
• ME & Africa
• South America
Global Artificial Intelligence (AI) in BFSI Market Major Players
• Amazon Web Services, Inc
• Baidu, Inc
• Cape Analytics, LLC
• CognitiveScale, Inc
• Comply Advantage
• Descartes Labs, Inc
• Digital Reasoning, Inc
• Google LLC
• Inbenta Technologies
• Intel Corporation
• Interaction LLC
• Lexalytics, Inc.
• Microsoft Corporation
• NEXT IT
• Palantir Technologies, Inc.
• Salesforce.com, Inc.
• SAP SE
• ZestFinance, Inc.
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