Growing Demand for AI Based Security Features to Boost the AI in BFSI Market Growth by 2028

AI in BFSI market is expected to grow by 2032 due to the rising demand for AI based solutions. The bank sub-segment is predicted to have the highest market share. The North America region to be most dominant.

Press Release:

As per a report published by Research Dive, the global AI in BFSI market is predicted to grow at a tremendous CAGR of 19.1% in the 2021-2028 timeframe, thereby garnering $84,337.5 million by 2028.

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Dynamics of the Market

Drivers: The increasing demand for AI based solutions like virtual financial assistants. Along with this, there is an increasing adoption of devices that provide AI based security features, which is expected to further boost the AI in BFSI market growth during the forecast period.

Restraints: Lack of awareness and privacy concerns regarding the working of AI based digital solutions, however, may dampen the growth of the market in the coming future.

Opportunities: Increasing trend to opt for AI based technologies is expected to offer huge growth opportunities that have remained untapped for years. Moreover, the increasing usage of virtual assistants and wealth managers is also anticipated to take the market forward in a positive direction.

COVID-19 Impact of on the Market

The AI in BFSI market experienced moderate impacts from the coronavirus outbreak, particularly in customer service, which was severely disrupted when COVID-19 halted the global economy in early 2020. However, as technological adoption accelerated post-pandemic, the sector witnessed faster growth. Businesses strategically enhanced their operations to be more flexible and scalable. AI is increasingly central in these efforts, improving operational efficiencies and becoming a key tool in the industry's growth.

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Segments of the Market

The report has divided the AI in BFSI market into different segments based on component, application, end-use, and region.

By component, the solution sub-segment is predicted to have a dominant AI in BFSI market share and garner a substantial revenue of $50,606.0 million by 2028. The rising demand for AI based solutions including chatbots, anti-money laundering mechanisms, data analytics, and prediction systems is helping the sub-segment to capture a high market share.

By application, the front line sub-segment is anticipated to generate the maximum revenue of $45,246.8 million by 2028, thereby becoming the most lucrative sub-segment. Thid is mainly because AI-based technology is being increasingly used for front line customer identification, improving customer relationships, and providing customized inputs & insights.

By end-use, the bank sub-segment of the market is expected to hold the largest market share and generate a revenue of $38,893.2 million by 2028. This is majorly owing to the enhanced personalization capabilities, allowing for tailored customer interactions and services. In addition, significant productivity gains and the optimization of back-office operations, where AI addresses activities that traditionally consume a large portion of resources and budget, are other factors projected to amplify the market growth during the forecast period.

By region, the North America AI in BFSI market is expected to be the be the most dominant and garner a revenue of 32,706.1 million by 2032. This growth is mainly due to the high concentration of AI startups and substantial funding in the region. Besides, significant public investments from the U.S. government and the growing adoption of AI technologies across BFSI are other factors predicted to boost the North America's market growth in the coming years.

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Key Market Players

The significant players of the AI in BFSI market are Microsoft Corporation, Oracle Corporation, Amazon Web Services (AWS), Inc., Salesforce.com, Avaamo, Inc., Google LLC, Intel Corporation, Baidu, Inc, Amelia, and SAP SE. These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.

The report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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