
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.
For more information visit:
https://www.maximizemarketresearch.com/market-report/global-artificial-intelligence-in-bfsi-market/30633/
Author Signature :
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jayashree rathod
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..
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