Press release
Artificial Intelligence in BFSI Market to Witness Huge Growth by Key Players: IBM, Intel, Google, AWS, SAP, Microsoft, Oracle, Salesforce, IPsoft
Artificial Intelligence (AI) in BFSI Market
With the rapidly growing competition among the market vendors, financial organizations are adopting this advanced technology to provide a better customer experience and enhance the operational efficiency.
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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 financial institutions are adopting various AI-based solutions such as chatbot, Customer Relationship Management (CRM), behavior analytics, visualization solutions, and data analytics to draw useful data and improvise the customer experience. The rising utilization of the customized software by financial institutes is fueling the market growth. CRM solutions held a share of over 40% in 2017. The growing needs to offer better customer service and experience are the primary factors driving the market.
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.
AI is being used for improving customer services in the BFSI sector, holding more than 40% of the market. The market is growing due to an increase in the use of chatbots and conversational AI solutions for helping customers in solving their queries. There is a surge in using CRM solutions for analyzing voice & text messages, increasing the competition in the market and assisting the market to grow.
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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 holds a majority share of 50% in the BFSI sector due to the high investment and the growing number of AI start-ups. Moreover, technology giants such as Google and IBM are also investing in small start-ups to help them in gaining technology expertise and building up new customized applications. For instance, in 2016, IBM invested USD 3 billion in AI for enhancing the capabilities of Watson cognitive computing capabilities.
The Asia Pacific region will grow at a CAGR of 40% over the forecast period. The growth is rising due to Chinese vendors such as Baidu and Alibaba, and the government initiatives to develop machine learning and AI technology by 2030.
Some of the major players of AI in BFSI market are IBM, Intel, Google, AWS, SAP, Microsoft, Oracle, Lexalytics, Salesforce, IPsoft, Interaction, Palantir, Next IT, Inbenta, Avaamo, Baidu Inc., Cape Analytics, CognitiveScale, Comply Advantage.com, Descartes Labs, and Digital Reasoning Inc.
Browse key industry insights spread across 320 pages with 200 market data tables & 25 figures & charts from the report, Artificial Intelligence (AI) in BFSI Market in detail along with the table of contents:
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