The Artificial Intelligence in BFSI Market Forecast Report provides details analysis of keyword industry which will accelerate your business. Artificial Intelligence in BFSI market report covers the current state of business and the growth prospects of the worldwide keyword Market. The Artificial Intelligence in BFSI market report lists the leading competitors and provides the Industry pitfall and challenges, Growth potential analysis of the key factors influencing the market.
AI in BFSI Market is projected to exceed USD 25 billion by 2024. The market is driven by the growing requirement among the financial institutes to improve customer experience, gain customer loyalty along with the high intensity of competition among the market players. As the competition among the market players is rising and the customers are becoming more empowered, financial institutes are looking for cutting-edge technologies to provide a better experience and retain customers.
However, the financial institutes are hesitant to use AI-powered products due to the safety and security problems related with AI. Moreover, the black box effect and the low accuracy of the intelligent algorithms hinder the market revenue.
Furthermore, an increase in the digital data and investments by the venture capitalists in AI and fintech market space are major forces driving the market growth. In addition, the rising partnership between financial institutes and fintech companies to integrate technology into the core financial services will also foster the growth.
The solution segment is leading the AI in BFSI market with more than 85% stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience. The solution market includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40% share due to the high adoption among the financial institutes in the customer contact centers and business operations.
The service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38%. The market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.
Machine learning technology accounts for approximately 40% share in the AI in BFSI market. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology. Natural Language Processing (NLP) is also used widely in the BFSI sector in the customer contact center to analyze the customers? voice and solve their queries. Financial institutions are also utilizing NLP for back-office applications & operations and text-mining.
The customer service is the dominating application of the AI in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.
Banks cover more than 50% of the AI in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection. Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the market growth.
North America accounted for more than 50% of the share in AI in BFSI market in 2017. The high investments in the AI and fintech sector by the technology giants are the major factors pushing the market growth. Furthermore, the early adoption of the technology and highly developed infrastructure are supporting the market growth. Asia Pacific is anticipated to grow substantially with more than 40% CAGR. The market growth is credited to the high investments by China and India in the AI technology.
The AI in BFSI market is characterized by the presence of a large number of AI and fintech companies. Several new players are entering the market to take the advantage of the myriad growth opportunities offered by the market. The prominent players of the AI solutions in the BFSI sector are Salesforce, Google, IBM, Microsoft, Amazon, SAP, Oracle, Baidu, Digital Reasoning, Intel, Ipsoft, and Palantir.
Report Content Chapter 1. Methodology & Scope 1.1. Methodology 1.1.1. Initial data exploration 1.1.2. Statistical model and forecast 1.1.3. Industry insights and validation 1.1.4. Scope 1.1.5. Definition 1.1.6. Methodology and research parameters 1.2. Data Sources 1.2.1. Primary 1.2.2. Secondary Chapter 2. Executive Summary 2.1. AI in BFSI industry 360º synopsis, 2013 – 2024 2.1.1. Business trends 2.1.2. Regional trends 2.1.3. Component trends 2.1.4. Solution trends 2.1.5. Service trends 2.1.6. Technology trends 2.1.7. Application trends 2.1.8. End-Use trends Chapter 3. AI in BFSI Industry Insights 3.1. Introduction 3.2. Industry segmentation 3.3. Industry landscape, 2013-2024 3.4. Industry ecosystem analysis 3.5. Industry evolution 3.6. Market news 3.7. Investment landscape 3.7.1. AI investment 126.96.36.199. Americas 188.8.131.52. EMEA 184.108.40.206. Asia Pacific 3.7.2. Fintech investment 220.127.116.11. Americas 18.104.22.168. EMEA 22.214.171.124. Asia Pacific 3.8. Regulatory landscape 3.8.1. Health Insurance Portability and Accountability Act (HIPAA) 3.8.2. Payment Card Industry Data Security Standard (PCI DSS) 3.8.3. North American Electric Reliability Corp. (NERC) Standards 3.8.4. Federal Information Security Management Act (FISMA) 3.8.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999 3.8.6. Sarbanes-Oxley Act of 2002 3.8.7. General Data Protection Regulation (GDPR) 3.8.8. Alternative Investment Fund Managers Directive (AIFMD) 3.8.9. Anti-Money Laundering Directive 2015/849/EU (AMLD) 3.8.10. Dodd-Frank Wall Street Reform and Consumer Protection Act 3.8.11. European Market Infrastructure Regulation (EMIR) 3.8.12. Foreign Account Tax Compliance Act (FATCA) 3.8.13. Markets in Financial Instruments Directive (MIFID) 3.9. Use cases 3.9.1. Algorithmic trading 3.9.2. Anti-money laundering (AML) pattern detection 3.9.3. Customer service 3.9.4. Fraud detection 3.9.5. Insurance & loan underwriting 3.9.6. Portfolio management 3.10. Industry impact forces 3.10.1. Growth drivers 126.96.36.199. Exponentially growing digital data 188.8.131.52. Rising investment in AI 184.108.40.206. Increasing partnership between financial institutes and fintech companies 220.127.116.11. Growing need to provide enhanced customer experience 3.10.2. Industry pitfalls & challenges 18.104.22.168. Data safety & security 22.214.171.124. Black box effect 3.11. Growth potential analysis 3.12. Porter’s analysis 3.13. PESTEL analysis Chapter 4. Competitive Landscape 4.1. Introduction 4.2. Company market share, 2017 4.3. Major market players, 2017 4.3.1. Google Inc. 4.3.2. Microsoft Corporation 4.3.3. IBM Corporation 4.3.4. Amazon Web Services 4.3.5. Salesforce 4.4. Innovation leaders, 2017 4.4.1. Inbenta Technologies, Inc. 4.4.2. NEXT IT 4.4.3. IPsoft 4.4.4. Palantir Technologies 4.5. Other prominent vendors Chapter 5. AI in BFSI Market, By Component 5.1. Key trends, by component 5.2. Solution 5.2.1. Market estimates and forecast, 2013 – 2024 5.2.2. Market estimates and forecast, by region, 2013 – 2024 5.2.3. Chatbot 126.96.36.199. Market estimates and forecast, 2013 – 2024 188.8.131.52. Market estimates and forecast, by region, 2013 – 2024 5.2.4. Customer behavior tracking 184.108.40.206. Market estimates and forecast, 2013 – 2024 220.127.116.11. Market estimates and forecast, by region, 2013 – 2024 5.2.5. Customer relationship management (CRM) 18.104.22.168. Market estimates and forecast, 2013 – 2024 22.214.171.124. Market estimates and forecast, by region, 2013 – 2024 5.2.6. Data Analytics & Visualization 126.96.36.199. Market estimates and forecast, 2013 – 2024 188.8.131.52. Market estimates and forecast, by region, 2013 – 2024 5.2.7. Fraud Detection 184.108.40.206. Market estimates and forecast, 2013 – 2024 220.127.116.11. Market estimates and forecast, by region, 2013 – 2024 5.2.8. Others 18.104.22.168. Market estimates and forecast, 2013 – 2024 22.214.171.124. Market estimates and forecast, by region, 2013 – 2024 5.3. Service 5.3.1. Market estimates and forecast, 2013 – 2024 5.3.2. Market estimates and forecast, by region, 2015 – 2024 5.3.3. Professional service 126.96.36.199. Market estimates and forecast, 2013 – 2024 188.8.131.52. Market estimates and forecast, by region, 2013 – 2024 5.3.4. Managed service 184.108.40.206. Market estimates and forecast, 2013 – 2024 220.127.116.11. Market estimates and forecast, by region, 2013 – 2024