Artificial Intelligence in BFSI Market
Artificial Intelligence in BFSI Market size in 2017 is 2.50 million US$ and it is expected to reach 19.80 million US$ by the end of 2026 with a CAGR of 29.52% during 2017 -2026.
Artificial intelligence (AI) in BFSI refers to the simulation of human intelligence into machines with the help of sophisticated machine learning, deep learning, chat-bots, cognitive computing, and natural language processing algorithms that help in customer relationship management, communication, and recruitment & wealth management.
Artificial intelligence in BFSI is driven mainly by digital data .Artificial Intelligence (AI) is fast evolving as the go-to technology for banks across the world to personalize experience for individuals. Positive rise of AI-based application in BFSI such as customer support, fraud detection, improving employee efficiency, reduce fraud and security risks. Growing adoption of smart devices and growing penetration of internet services across the globe is fuelling amount of the data.
A number of financial services institution are already generating value from artificial intelligence. JP Morgan, for example, is using bots to respond to internal IT request including resettling employee passwords. And at Fukoku mutual life insurance a Japanese insurance company, IBMs Watson explorer reportedly do the work of 34 insurance claim workers. In another example Australian and New Zealand banking group deployed robotic process automation (RPA) at scale and now seeing annual cost savings of over 30% in certain functions.
Artificial Intelligence in BFSI market Restraints:
However the companies are reluctant to adoption of AI in BFSI sector due to the concerns over data privacy and security concerns. We Maximize market research observed that only 10% of BFSI organizations have implemented it at a scale across all business location and units. This factors restraining the growth of AI in BFSI sector.
North America held more than 55% of share in the global AI in BFSI market. Due to presence of major players operating in this market. The major factors that are driving the growth of the market in this region are the increasing investments in the AI by the technology giants such as Google, AWS, and IBM. Furthermore, the favorable condition in the region for the technology start-ups also backs the market.
The objective of the report is to present comprehensive assessment projections with a suitable set of assumptions and methodology. The report helps in understanding Global AI in BFSI Market dynamics, structure by identifying and analyzing the market segments and projecting the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, growth strategies, and regional presence. To understand the market dynamics and by region, the report has covered the PEST analysis by region and key economies across the globe, which are supposed to have an impact on market in forecast period. PORTER’s analysis, and SVOR analysis of the market as well as detailed SWOT analysis of key players has been done to analyze their strategies. The report will to address all questions of shareholders to prioritize the efforts and investment in the near future to the emerging segment in the Global AI in BFSI Market.
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Lumawant Godage
Organization: MAXIMIZE MARKET RESEARCH PVT. LTD.
Address: Maharashtra 411051, India.
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electroni..