Artificial Intelligence in BFSI Market 2018 By key Industry Players: Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta Technologies, Next IT, Interaction, Zest Finance, Lexalytics, Digital Reasoning

The solution segment is leading the artificial intelligence 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.

Artificial Intelligence in BFSI Market, By Component:

Artificial intelligence in BFSI market in 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.

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Artificial Intelligence in BFSI Market, By Application:

The risk management, compliance, and security applications of the artificial intelligence 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.

Artificial Intelligence in BFSI Market, By Technology:

Machine learning technology accounts for approximately 40% share in the artificial intelligence 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.

Artificial Intelligence (AI) in BFSI Market was estimated to be over USD 2.5 billion in 2017 and is set to exceed USD 25 billion by 2024 to grow at a CAGR of more than 30% over the forecast timespan.

Growth Drivers:

• Exponentially growing digital data
• Rising investment in AI
• Increasing partnership between financial institutes and fintech companies
• Growing need to provide enhanced customer experience

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Artificial Intelligence in BFSI Market, By Region:

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.

North America accounted for more than 50% of the share in artificial intelligence 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 prominent players of the artificial intelligence in BFSI market are Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta Technologies, Next IT, Interaction, Zest Finance, Lexalytics Inc., Digital Reasoning, Descartes Labs, Comply Advantage.com and Cape Analytics.

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Some of the major vendors present in the artificial intelligence in retail market are AWS, Baidu, Google, Intel, Microsoft, IBM, Salesforce, Interactions, Lexalytics, NEXT IT, Nvidia, Oracle, RetailNext, SAP, Sentient, and Visenze.

https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-retail-market

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