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Global AI in BFSI Market Forecasts Revenue 2018-2024 Growth Analysis By Top Players: Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, ZestFinance

01-17-2019 07:16 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Artificial Intelligence (AI) in BFSI Market

Artificial Intelligence (AI) in BFSI Market

AI in BFSI market is driven by a rapid surge in the digital data. The digital data is anticipated to grow at an annual growth rate of about 40% over the next 10 years. The increasing adoption of IoT devices and advanced technologies, such as Big Data, are the major factors responsible for the surge in the data. Furthermore, the growing adoption of smart devices and internet services across the globe also fuels the growth of the data. It is estimated that by the year 2020, approximately 1.7 megabytes of the new data will be generated every second. This encourages organizations to deploy advanced technologies to extract insights from large disparate data sets.

Sample Copy of this Report @ www.gminsights.com/request-sample/detail/2605

Owing to the launch of intuitive, easy-to-use, and highly-efficient AI-based tools, the banking segment of the AI in BFSI market has been proliferating at an exceptional pace in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the banking segment apportioned more than 50% of the total remuneration portfolio of AI in BFSI market in the year 2017. With the unveiling of advanced AI technologies that provide real-time insights into every aspect of banking operations and leverage the abundance of data to gain a granular understanding of consumer behavior, the banking segment is slated to lead the end use spectrum of this business space over the ensuing years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Amazon Web Services
2. Avaamo
3. Baidu Inc.
4. Cape Analytics
5. CognitiveScale
6. Comply Advantage.com
7. Descartes Labs
8. Digital Reasoning Inc.
9. Google Inc.
10. Inbenta Technologies
11. Intel Corporation, Interaction LLC
12. Ipsoft Inc.
13. Lexalytics Inc.
14. Microsoft Corporation
15. NEXT IT
16. Oracle Corporation
17. Palantir
18. Salesforce.com Inc.
19. SAP SE
20. Zest Finance

Artificial Intelligence (AI) BFSI Market size is set to exceed USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. The need to provide an enhanced customer experience is the primary factor augmenting the growth of the AI in BFSI market. As the competition among the market players is mounting day-by-day, companies have started to focus on providing a better experience to the customers to gain the customer loyalty. This encourages financial institutes to integrate advanced analytics tools and solutions to analyze customer data to fulfill their requirement, understand the customer experience, and to make smarter predictions about their behavior and requirements. Furthermore, companies are also looking forward to connecting with the customers on their choice of channels to provide a more seamless experience.

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AI 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.

Over the past few years, numerous globally renowned banking institutions have been pouring in massive funds to develop cutting-edge AI applications that have invariably assisted them in optimizing performance, consolidating remuneration streams, and better serving their customers. In this regard, banks are increasingly forming partnerships with fintech corporations to integrate the latest technologies into banking products and services which has resulted in the development of advanced customer behavior analytics inventions, chatbots, and customer relationship management (CRM) solutions. Enumerated below is a succinct outline of how banks have been readily embracing AI-based solutions that has subsequently transformed the strategic and competitive landscape of AI in BFSI market.

Furthermore, as digitalization is spreading across the globe, customers are becoming more empowered. They have access to a wide array of products offered by the traditional as well as dynamic new entrants. As the choices increase, the customer loyalty becomes more friable and the customer becomes more empowered. The organizations have no option but to remain agile and continuously innovate their business by adopting modern technologies to cater to the high expectations and standards for customers.

AI in BFSI market in 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.

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:

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

North America held more than 50% share in the global AI in BFSI market. It is one of the early adopters of the AI technology in BFSI sector. The major factors that are driving the growth of the market are the increasing investments in the AI by the technology giants such as Google, AWS, and IBM. For instance, in 2016, Google has invested approximately USD 20 billion in AI. Furthermore, the favorable condition in the region for the technology start-ups also backs the market.

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.

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.

Top Key Players in AI in BFSI market include Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, and ZestFinance.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: http://industry-source.org

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