Artificial Intelligence (Ai) Market in BFSI Has Gained Significant Growth Due To Increasing Usage of AI and Machine Learning Technologies around the World

Global artificial intelligence (AI) market in BFSI has gained significant growth due to increasing usage of AI and machine learning technologies around the world. Other factors driving the growth of the global AI market in BFSI include increase in large and complex dataset, also known as big data, in the banking industry. Big data enables companies to democratize the data. Besides, it helps the owners to access, manage and analyze their data without configuring virtual machines and reduce costs.

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The key trend observed in the BFSI industry is increased emphasis on customer experience. The smart machines and technologies extract the data, which provides customer insights and further helps the industry to enhance its service provisions. According to a recent report, customers require personalization in their banking experience. They want their financial institution to understand their needs and deliver personalized offers. Personalized communications and advice, as provided by the AI technology, can be portrayed by the robo advisors. With AI technology, algorithm-based portfolio can be rebalanced regularly to maintain the guidelines of an investment and operate at costs. The robo advisors were promoted by fintech firms like Betterment and Wealthfront, but traditional brokers also offers these now.

Geographically, North America is the largest market for AI in BFSI industry, owing to higher usage in big data and analytics in this region. Continuous financial support from the government along with technological upgradation has been helping to grow the North American market. The AI market in BFSI is also expected to witness the fastest growth in Asia-Pacific during the forecast period, due to increasing adoption of robo advisors and usage of application integration in the banking industry. Japan was the largest AI market in Asia-Pacific as well as globally in 2016, followed by China. Also, continued growth is expected in AI market in BFSI industry of North America and Europe. During the forecast period, the widening scope of AI technology across R&D sector within high-tech end-user industries is projected to increase this market in many developing nations, which are moving toward automation for gaining increased productivity, greater efficiency and higher industrial growth.

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Some of the key players in the global AI market in BFSI are Google Inc., IBM Corp., Microsoft Corporation, General Vision Inc., Intel Corporation, Numenta Inc., Baidu, Inc., Inbenta Technologies, Inc. and NVIDIA Corporation.

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