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What’s driving the Artificial Intelligence in BFSI Market Trends? | Top Key Players are Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft, Amazon Web Services, Baidu, Inc.
Artificial Intelligence in BFSI Market
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The solution segment is leading the artificial intelligence 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
Chapter 3. Artificial intelligence in BFSI market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Market news
3.7. Investment landscape
3.7.1. AI investment
3.7.1.1. Americas
3.7.1.2. EMEA
3.7.1.3. Asia Pacific
3.7.2. Fintech investment
3.7.2.1. Americas
3.7.2.2. EMEA
3.7.2.3. Asia Pacific
3.8. Regulatory landscape
3.8.1. Health Insurance Portability and Accountability Act (HIPAA)
3.8.2. Payment Card Industry Data Security Standard (PCI DSS)
3.8.3. North American Electric Reliability Corp. (NERC) Standards
3.8.4. Federal Information Security Management Act (FISMA)
3.8.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.8.6. Sarbanes-Oxley Act of 2002
3.8.7. General Data Protection Regulation (GDPR)
3.8.8. Alternative Investment Fund Managers Directive (AIFMD)
3.8.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.8.10. Dodd–Frank Wall Street Reform and Consumer Protection Act
3.8.11. European Market Infrastructure Regulation (EMIR)
3.8.12. Foreign Account Tax Compliance Act (FATCA)
3.8.13. Markets in Financial Instruments Directive (MIFID)
3.9. Use cases
3.9.1. Algorithmic trading
3.9.2. Anti-money laundering (AML) pattern detection
3.9.3. Customer service
3.9.4. Fraud detection
3.9.5. Insurance & loan underwriting
3.9.6. Portfolio management
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.1.1. Exponentially growing digital data
3.10.1.2. Rising investment in AI
3.10.1.3. Increasing partnership between financial institutes and fintech companies
3.10.1.4. Growing need to provide enhanced customer experience
3.10.2. Industry pitfalls & challenges
3.10.2.1. Data safety & security
3.10.2.2. Black box effect
3.11. Growth potential analysis
3.12. Porter's analysis
3.13. PESTEL analysis
Furthermore, an increase in the digital data and investments by the venture capitalists in AI and fintech market space are major forces driving the market growth. In addition, the rising partnership between financial institutes and fintech companies to integrate technology into the core financial services will also foster the artificial intelligence in BFSI market growth.
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The customer service is the dominating application of the artificial intelligence 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.
Banks cover more than 50% of the artificial intelligence 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.
North America accounted for more than 50% of the share in artificial intelligence 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.
Browse key industry insights spread across 320 pages with 200 market data tables & 25 figures & charts from the report, Artificial Intelligence in BFSI Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-bfsi-market
The artificial intelligence 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.
Machine learning technology accounts for approximately 40% share in the artificial intelligence in BFSI market. 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.
The market is driven by the growing requirement among the financial institutes to improve customer experience, gain customer loyalty along with the high intensity of competition among the market players. As the competition among the market players is rising and the customers are becoming more empowered, financial institutes are looking for cutting-edge technologies to provide a better experience and retain customers. artificial intelligence in BFSI market is projected to exceed USD 25 billion by 2024.
The artificial intelligence 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 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.
Browse Related Report: https://www.openpr.com/news/1798774/what-s-driving-chatbot-market-trends-top-key-players
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Global Market Insights, Inc.
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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.
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