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Artificial Intelligence (AI) in BFSI Market Progresses for Huge Growth by 2024 | Top Key Players are Google, Intel Corporation, Ipsoft, Microsoft, Amazon Web Services, Baidu, Inc., Digital Reasoning

05-13-2019 09:03 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Artificial Intelligence in BFSI Market

Artificial Intelligence in BFSI Market

Artificial Intelligence (AI) in BFSI Market in service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38%. The market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.

Financial industry giant JPMorgan Chase, has recently introduced COiN platform (Contract Intelligence) particularly designed to access legal documents and fetch valuable data and clauses via advanced analytics. This groundbreaking technology is reportedly based on advanced machine learning algorithm that claims to make operation superfast. Manual review of twelve thousand annual commercial credit agreements that normally requires nearly 173 years, initial implementation of this proposed ML based technology allegedly cold review it in just few seconds. Judging its immense potential, experts believe it to be one of biggest innovations that artificial intelligence (AI) in BFSI market has lately witnessed. The initiative also reflects on the fact that ML based artificial intelligence in BFSI industry is driving the technology landscape. In fact, this particular business vertical procured almost 38% of the overall industry share in 2017.

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The solution segment is leading the artificial intelligence (AI) 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.

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

AI in BFSI Market, By Technology
• Machine Learning & Deep Learning
• Natural Language Processing
• Computer Vision
• Others
AI in BFSI Market, By Application
• Back Office/Operation
• Customer Service
• Financial Advisory
• Risk Management, Compliance & Security
• Others
AI in BFSI Market, By End-Use
o Bank
o Insurance
o Wealth Management

Artificial intelligence (AI) in BFSI market for Machine learning technology is estimated to witness lucrative growth from 2018 to 2024. 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.

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The customer service is the dominating application of the artificial intelligence (AI) in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.

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.

Elaborating further, the unveiling of AVA signifies the transformative phase being witnessed across the worldwide insurance sector where prominent artificial intelligence (AI) in BFSI market players have been increasingly deploying advanced algorithms to enhance the underwriting process. This has, in turn, impelled the insurance segment of the AI in BFSI market which is forecast to register an outstanding y-o-y growth rate of over 38% during 2018-2024.

Banks cover more than 50% of the artificial intelligence (AI) in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection. Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the 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/pressrelease/artificial-intelligence-ai-in-bfsi-market

North America accounted for more than 50% of the share in artificial intelligence (AI) 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.

Owing to the launch of intuitive, easy-to-use, and highly-efficient AI-based tools, the banking segment of the artificial intelligence (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 industry 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.

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 industry space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.

The AI in BFSI market is characterized by the presence of a large number of AI and fintech companies. Several new players are entering the market to take the advantage of the myriad growth opportunities offered by the market. The prominent players of the artificial intelligence (AI) 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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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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