This report presents a comprehensive overview, market share and growth opportunities of artificial intelligence (AI) in the BFSI market by product type, applications, key companies and key regions. According to the study, the BFSI market will have a CAGR of 28.7% in sales over the next five years, with a global market size more than US$ 130 million in 2026, from $ 225 million in 2019 it is said.
Artificial Intelligence (AI) is rapidly evolving as a state-of-the-art technology that enables companies around the world to personalize their personal experiences. AI, the primary application, includes smarter chat bots for customer service, service customization for individuals, and even AI robot placement for self-service.
In addition to these basic applications, banks can implement technologies that provide greater efficiency for back-offices and reduce fraud and security risks.
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Top key player profiled in this report: Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta technologies, Next IT, and Interaction,etc.
AI (artificial intelligence) of banks, financial services and insurance (BFSI) is expected to increase significantly over the next few years. A positive increase in AI-based applications at BFSI, such as customer support, fraud detection, and employee efficiency improvements has spurred AI in the BFSI market.
The solution sector is leading the AI in the BFSI market, which holds more than 85% of sales in 2018. Asset management agencies, banks and insurance companies are adopting AI solutions to analyze customer behavior, meet requirements, and provide personalized experiences. The solution market includes chat bots, CRM, customer behavior analysis, data analysis and visualization, and fraud detection solutions. CRM is dominating the market with a market share of over 40% because of the high adoption rate of financial institutions in customer contact centers and business operations.
Machine learning technology accounts for about 40% of AI in the BFSI market. The integration of intelligent algorithms for risk mitigation and compliance, anti-money laundering and fraud detection applications is a key factor in increasing demand for this technology. Natural language processing (NLP) is also widely used to analyze customers in the BFSI sector of customer contact centers. Voice and solve their questions. Financial institutions are leveraging NLP for back-office applications and operations and text mining.
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Customer service is a key application of AI in the BFSI market, which accounts for more than 45% of sales in 2019. Integrating interactive intelligence solutions and chat rooms into financial institutions promotes growth. In addition, banks, insurance and asset management companies can support fintech growth technologies using advanced analytical tools to analyze customer behavior in order to analyze credit ratings, risk profiling, and provide personalized products and services.
Banks account for more than 50% of the artificial intelligence in the BFSI market. The bank is working with fintech to develop advanced products and improve customer service. They rely more on machine learning algorithms for risk management and fraud detection. The adoption of digital banking solutions and supporting government initiatives that the government has begun to promote digital banking also stimulates market growth.
Finally, the researchers throw light on different ways to discover the strengths, weaknesses, opportunities, and threats. The feasibility of the new report is also measured in this research report.
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Table of Contents:
Global Artificial Intelligence (AI) In BFSI Market Overview
Economic Impact on Industry
Market Competition by Manufacturers
Production, Revenue (Value) by Region
Production, Revenue (Value), Price Trend by Type
Market Analysis by Application
Industrial Chain, Sourcing Strategy and Downstream Buyers
Marketing Strategy Analysis, Distributors/Traders
Market Effect Factors Analysis
Global Artificial Intelligence (AI) In BFSI Market Forecast