Press release
Artificial Intelligence in BFSI Market Key Players | SAP SE, Oracle, Amazon Web Services, Inc., GOOGLE LLC, IBM Corporation
• The global Artificial Intelligence in BFSI Market size was valued at USD 27.2 billion in 2023 growing at a CAGR of 32.25% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Artificial Intelligence in BFSI Market size accounted for USD 27.2 Billion in 2023, growing at a CAGR of 32.25% from 2023 to 2033. Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) refers to the application of advanced computational algorithms, machine learning, and data analytics to automate and optimize various processes within the financial industry. AI technologies in BFSI encompass a range of applications, including fraud detection, risk assessment, customer service through chatbots, algorithmic trading, credit scoring, and personalized financial recommendations. By leveraging AI, BFSI institutions aim to enhance operational efficiency, mitigate risks, improve customer experiences, and gain valuable insights from vast datasets, ultimately fostering innovation.
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Artificial Intelligence in BFSI market is primarily driven by the imperative for enhanced data-driven decision-making, risk management, and operational efficiency within the financial sector. The adoption of AI technologies, including machine learning and predictive analytics, facilitates improved customer experiences, fraud prevention, and the development of innovative financial products and services.
Key Players
Some of the major Artificial Intelligence in BFSI Market players holding high market shares include Baidu, Inc., Palantir Technologies Inc., Intel Corporation, Microsoft Corporation, and Salesforce. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include SAP SE, Oracle, Amazon Web Services, Inc., GOOGLE LLC, and IBM Corporation.
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Segmental Analysis
Based on Offering, the Artificial Intelligence in BFSI market is segmented into Hardware, Software, and Services. The dominance of the Hardware segment in the Artificial Intelligence in BFSI market is propelled by the escalating demand for high-performance computing resources, such as powerful GPUs and specialized processors, to support complex AI algorithms and ensure efficient processing of vast financial datasets for tasks like risk assessment and fraud detection.
Based on the Solution, the Artificial Intelligence in BFSI market is segmented by Chatbots, Fraud Detection and Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics and Prediction, and Others. The projected high CAGR in the Chatbots segment is attributed to the increasing adoption of conversational AI interfaces for customer interactions in the BFSI sector, enhancing operational efficiency, providing instant support, and improving overall customer engagement.
Based on Technology, Artificial Intelligence in BFSI market is segmented by Machine Learning, Natural Language Processing, Computer Vision, and Others. The projected high CAGR in the Image and Machine Learning segment is attributed to the rising demand for AI-driven image analysis and machine learning applications in BFSI, facilitating tasks such as document verification, fraud detection, and risk assessment, leading to improved decision-making and operational effectiveness.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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