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AI in BFSI Market Growth Analysis By Leading Key Players: Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Oracle, Palantir Technologies, Salesforce, SAP, ZestFinance

03-06-2019 07:25 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

AI in BFSI Market

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. According to a new research report by Global Market Insights, Inc., Artificial Intelligence (AI) BFSI Market size is set to exceed USD 25 billion by 2024.

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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.

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 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.

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AI in BFSI market in 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.

According to experts, utilization of 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 AI in BFSI market trends.

The solution market accounts for over 85% share in the AI in BFSI market. The increasing adoption of the customized software among the financial institutes is propelling the market growth. Banks, insurance companies, and wealth management companies are using various AI-based solutions such as chatbot, customer behavior analytics, customer relationship management, and data analytics & visualization solutions to extract the actionable insights and improve the customer experience.

The machine learning and deep learning market is dominating the technology space with over 38% share in the artificial intelligence 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.

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.

The AI in BFSI market is characterized by the presence of both multinational players and regional players. The major vendors of the AI-powered solutions in the Fintech sector are Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta technologies, Next IT, and Interaction.

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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: www.industry-source.org

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