Artificial Intelligence (AI) in BFSI Market Research 2018-2024 By Finance & IT Companies: Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, ZestFinance

The risk management, compliance, and security applications of the AI in BFSI market are anticipated to grow noticeably at a CAGR of about 40%. The market is driven by the improved demand for advanced machine learning algorithms in Anti-Money Laundering (AML) and fraud detection applications. Unlike the traditional security systems, the AI-powered system can actively learn and calibrate as per the new potential security threats. This solution can detect unique security issues & vulnerabilities and flag the security teams.

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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.

The insurance market is estimated to grow at a CAGR of over 38% during 2018-2024. The growth of the market is credited with the adoption of advanced data models and analytics solution among the insurance companies to identify and quantify risks in a better manner. Furthermore, increasing collaboration & partnership activities between the insurers and fintech companies are also the major factors propelling the AI in BFSI market growth.

World Artificial Intelligence (AI) in BFSI Market is set to grow from its current market value of $2.5 billion to more than $25 billion by 2024, growing at a CAGR of 30%.

Industry Growth drivers –
• Rising investment in AI
• Exponentially growing digital data
• Increasing partnership between financial institutes and fintech companies
• Growing need to provide enhanced customer experience of Usage-based insurance (UBI)

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 customer behavior analytics solution market is estimated to grow at a CAGR of over 35% during the forecast timespan. The growing demand to analyze the structured and unstructured customer data among the financial institutes to provide a personalized experience to the customers is a major factor affecting the growth of the market. This solution can mine a vast volume of data to extract actionable insights and recommend appealing & personalized offers to the individual customers. Furthermore, the ability of the solution to transform the marketing activities and enhance the customer engagement also drives the demand.

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.

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Europe held more than 20% share in AI 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.

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 AI 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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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 Amazon Web Services, Avaamo, Baidu Inc., Cape Analytics, CognitiveScale, Comply Advantage.com, Descartes Labs, Digital Reasoning Inc., Google Inc., Inbenta Technologies, Intel Corporation, Interaction LLC, Ipsoft Inc., Lexalytics Inc., Microsoft Corporation, NEXT IT, Oracle Corporation, Palantir, Salesforce.com Inc., SAP SE, Zest Finance.

Market share calculation in this report is not done based on companies covered in it. The calculation of Artificial Intelligence (AI) 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.

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