Artificial Intelligence (AI) in BFSI Market to cross US$25bn by 2024, Top Key Players: Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, ZestFinance

According to experts, utilization of Artificial Intelligence (AI) in BFSI Market that has brought a renewed realm of connectivity, ultimately led to an enhancement in the organizational structure. Probably having recognized this immense potential, Wells Fargo, another leading name in the business has recently set up its new AI Enterprise Solutions team, this February. Sources claim, the proposed AI group working under the umbrella of Virtual Solutions, Innovation Group, and Payments, would be mainly targeting three goals- increasing payment connectivity and bring forth new opportunities via AI utilization. Last month, the organization began piloting an artificial intelligence-driven chatbot via Facebook messenger platform. If reports are to be relied, this virtual assistant device communicates with users to offer them account information. Considering its progressive initiations toward driving FinTech, it wouldn’t be incorrect to state that Well Fargo’s contribution will prove to be influential in proliferating artificial intelligence in BFSI market trends.

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

Artificial Intelligence (AI) BFSI Market 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 artificial intelligence 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.

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

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.

Make an Inquiry for purchasing this Report @ www.gminsights.com/inquiry-before-buying/2605

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 Artificial Intelligence in BFSI market growth.

Artificial intelligence (AI) in BFSI market in customer behavior analytics solution industry 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.

Infusing AI-based applications across a diverse set of operations has brought about a momentous shift in the ability of organizations, working in the BFSI domain, to swiftly analyze, comprehend, and respond to vast amounts of data which has consequentially augmented the revenue share of companies operating across artificial intelligence (AI) in BFSI market. With the advent of advanced machine learning algorithms, data analytics solutions, natural language processing techniques, the AI in BFSI market space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.

The machine learning and deep learning market is dominating the technology space with over 38% share in the AI in BFSI market. The growth of the market is attributed to the increasing investments in the technology across the globe; as in 2016, approximately USD 6 billion was invested in AI. Furthermore, the wide adoption of the advanced machine learning algorithms in the trading, fraud detection, and anti-money laundering (AML) application promotes the demand for the technology among the financial institutes.

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.

Europe held more than 20% share in Artificial Intelligence (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.

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.

The excellent growth dynamics of the global artificial intelligence (AI) in BFSI market can be traced by the recent instance of Metromile, a leader in pay-per-mile car insurance in the U.S., launching its new AI-based smart claims assistant, AVA. The automated system reportedly utilizes machine learning capabilities to reconstruct the accident scene and promptly ascertains if claim details are true. Apparently, the claim is approved within seconds after the details are verified and the AI-based tool further notifies the car owner of the expedited claim. With the increasing adoption of high-grade technologies such as IoT and Big Data, the commercialization potential of AI in BFSI industry has observed a marked uptick in the past few years.

Some of the major vendors present in the artificial intelligence in retail market are Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, and ZestFinance.

Browse Related Reports: https://www.openpr.com/news/1544540/Augmented-Reality-AR-Market-to-hit-50bn-by-2024-Key-Players-Qualcomm-Samsung-Electronics-Sony-Electronics-Sphero-Affectiva-Marxent-Total-Immersion-AccuVein-Inc-Blippar-DAQRI-Google-Magic-Leap-Microsoft-Niantic-Inc-Nintendo-PTC.html

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: www.industry-source.org

This release was published on openPR.