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AI in BFSI Market Research Repot by World Segments, High Key Players, Size And Up To Date Trends Forecast To 2024
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The inclusion of chatbots for enhancing customer engagement, rising digital disruptions across the globe, and improving risk management are the drivers of the artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market.Registering a 37.2% CAGR during the forecast period (2019-2024), the market is expected to reach ,017.9 million by 2024, from ,091.9 million in 2018. AI is the mimicking of human intelligence by machines, especially computer systems, to perform tasks, such as learning the information, reasoning to reach conclusions, and self-correction.
The AI in BFSI market is segmented by region, offering, end use, and technology. Based on offering, the bifurcations of the market are service and solution. Between the two, the major market share was acquired by solutions in 2018. This was due to the growing demand for personalized service, need for customer behavior analysis, and a shift toward digital banking. During the forecast period, the higher CAGR is expected to be exhibited by services due to the increasing requirement for training, support, and maintenance by retailers who are using AI.
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The region segment of the AI in BFSI market is classified into Latin America, Europe, Middle East & Africa, Asia-Pacific (APAC), and North America. Due to the rising investments in the fintech industry and deployment of AI by major American banks, such as JPMorgan Chase & Company, Bank of America Corporation, and U.S. Bancorp, the largest revenue share was accounted for by North America in the historical period. In the forecast period, with rising digitization in the financial sector, the APAC region is expected to witness the fastest growth.
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