Artificial Intelligence in BFSI Market By Leading Key Players: Salesforce, Google, IBM, Microsoft, Amazon, SAP, Oracle, Baidu, Digital Reasoning, Intel, Ipsoft, and Palantir

Market Overview: -

Artificial Intelligence 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. 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.

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Top Key Players: -

The prominent players of the AI in BFSI market are Salesforce, Google, IBM, Microsoft, Amazon, SAP, Oracle, Baidu, Digital Reasoning, Intel, Ipsoft, and Palantir.

Market share calculation in this report is not done based on companies covered in it. The calculation of artificial intelligence in BFSI market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

Europe held more than 20% share in artificial intelligence in BFSI market. The investments by the tech giants in the region support the market growth. For instance, Amazon Web Services (AWS) invested approximately USD 2.3 million in Max Planck Institute for Intelligent Systems, a Germany-based AI research center for the development of AI and robotics technology. Similarly, in 2016, Google announced the establishment of a new research and development facility in Zurich, Germany.

Asia Pacific artificial intelligence in BFSI market is estimated to grow at a CAGR of over 40%. The growth is owing to the rising venture capital investments in AI and fintech. China is leading the investment landscape in Asia Pacific with more than USD 8.0 investment in the fintech sector in 2016. Furthermore, the country also accounts for more than 11% share in the global AI investments in 2016. Similarly, India also accounts for significant investments in the AI and fintech sectors.

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Partial Chapter of the Table of 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
3.7.1.1. Americas
3.7.1.2. EMEA
3.7.1.3. Asia Pacific
3.7.2. Fintech investment
3.7.2.1. Americas
3.7.2.2. EMEA
3.7.2.3. 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
3.10.1.1. Exponentially growing digital data
3.10.1.2. Rising investment in AI
3.10.1.3. Increasing partnership between financial institutes and fintech companies
3.10.1.4. Growing need to provide enhanced customer experience
3.10.2. Industry pitfalls & challenges
3.10.2.1. Data safety & security
3.10.2.2. Black box effect
3.11. Growth potential analysis
3.12. Porter's analysis
3.13. PESTEL analysis

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The customer service is the dominating application of the artificial intelligence 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.

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