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Global Artificial Intelligence In BFSI Market Outlook 2030: Global Opportunity And Demand Analysis, Market Forecast To 2030

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Global Artificial Intelligence In BFSI Market Outlook 2030: Global Opportunity And Demand Analysis, Market Forecast To 2030

Global Artificial Intelligence In BFSI Market Outlook 2030: Global Opportunity And Demand Analysis, Market Forecast To 2030

  • Published Date: 10 May 2022
  • Report ID:ICT&S 0099
  • Pages:148
  • Base Year2021
  • FormatPDF
  • Historical Data: 2016-2020

According to statistics made by Insure Insight, the global artificial intelligence BFSI market was sized at a value of $17,765.2 million in 2020 and is projected to hit $247,366.7 million, registering a CAGR of 38.0 % during the forecast period (2022 – 2030).

GLOBAL ARTIFICIAL INTELLIGENCE BFSI MARKET – MARKET OVERVIEW

Artificial intelligence (AI) is a field of computer science that focuses on the development of intelligent machines that work and perform tasks in the same way that humans do. As a result, it has become a critical component of technology in the BFSI industry. AI has become a core adaption of every single business in financial institutions and other major finance industries, and it is expected to change the overall scenario of service offerings. Many traditional banking problems, such as increased capital demand, have been looped into an AI-based solution in the BFSI market. For example, insurance companies are using advanced AI technological platforms to improve risk models in order to maintain customer loyalty and client satisfaction.

GLOBAL ARTIFICIAL INTELLIGENCE BFSI MARKET – MARKET DYNAMICS

BFSI is one of the most rapidly adopting industry verticals for artificial intelligence. This is due to the increasing advancement of artificial intelligence and machine learning in various industries around the world. One of AI’s critical features in the BFSI industry is its ability to respond probabilistically to ambiguous real-world inputs. Analytics, bots, robotic process automation (RPA), and report generation are the most common applications of artificial intelligence in banking.

Top Driver: the increasing demand for customized financial services is spurring the market growth

In today’s BFSI market, customer preferences vary greatly. Artificial intelligence has enabled banks and financial institutions to tailor and personalize their services to meet the needs of their customers. AI has assisted financial institutions in lowering their long-term costs by deploying customer service bots.

Furthermore, Proactive customer experience through AI-assisted backend process automation to reduce human error is expected to drive AI growth in the BFSI market. Furthermore, chatbots and Robo-advisors for financial products, as well as smart wallets, are some of the factors driving the market growth. Furthermore, AI-enabled technologies such as chatbots, machine learning, and other such technologies improve fraud detection, risk mitigation, and back-end office work with thousands of people processing customer requests, which boosts the market growth.

Top Driver: high costs associated with AI technologies will hinder the market growth

However, higher implementation costs for AI technologies increased security concerns, and a lack of trust when issuing customer data are expected to limit the market growth.

COVID-19 IMPACTS ON THE GLOBAL ARTIFICIAL INTELLIGENCE BFSI MARKET

The semiconductor industry has faced a severe impact of COVID-19. According to key market players, the industry has faced a 12% decline since the onset of COVID-19. The pandemic has caused key semiconductor players to mobilize quickly and make both short-term and long-term strategies to maintain the growth of the sector. The semiconductor sector faced major lay off during the pandemic period, owing to a decrease in demand at the global level. Many end-use industries are facing a temporary halt to the manufacturing process. Besides, many governments are still imposing lockdowns which are expected to affect the overall electric sector for some time. Major semiconductor players are looking for a pre-pandemic condition to start normal operation and for that moment, they are planning and reshaping strategies for their business models.

The chatbot segment is projected to witness significant growth during the forecast period

The chatbots segment contributed the most revenue in 2018 and is expected to do so again during the forecast period. Because chatbots are powered by natural language processing, banks, and other financial institutions can quickly assist common customer service queries, improve on-boarding processes, and improve sales effectiveness. Furthermore, it increases cost savings by lowering customer acquisition costs on a large scale and collecting real-time feedback from market customers.

The North American region and Europe possess the highest revenue shares in the global artificial intelligence market

In terms of revenue, North America and Europe dominated the artificial intelligence in the BFSI market in 2018 and are expected to maintain their dominance throughout the forecast period. Commercial banks in these regions prioritize technological advancements, with higher investments in artificial intelligence technologies aimed at improving customer service and increasing revenue in their businesses, propelling the growth of artificial intelligence in the region’s BFSI industry.

COMPETITIVE ANALYSIS

The global artificial intelligence BFSI market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;

  • Baidu Inc.
  • Microsoft Corporation
  • International Business Machine Corporation (IBM)
  • Palantir Technologies Inc.
  • SAP SE
  • Oracle Corporation
  • com Inc.
  • Simudyne

Simudyne

Barclays announced a partnership with AI startup Simudyne in July 2019. Simudyne is an expert in agent-based modeling. The collaboration has allowed the client to gain a thorough understanding of the possibilities and risks associated with lending to a specific customer or making a specific investment.

Scope of the Report

  • By Solution
  • Chatbots
  • Fraud Detection and Prevention
  • Anti-Money Laundering
  • Customer Relationship Management
  • Data Analytics and Prediction
  • Others

 

  • By End-User
  • Banking Industries
  • Financial Institutions

 

  • By Region
  • North America (the United States & Canada)
  • Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
  • Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa, Latin America, and Rest of The World)

Keys reasons to purchasing this report

  • It provides a technological development map over time to understand the industry’s growth rate and indicates how the Artificial Intelligence BFSI market is evolving.
  • The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Artificial Intelligence BFSI submarket will be the main driver of the overall market from 2019 to 2030.
  • It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2030 and which nation will lead the market in 2030.

  1. Overview and scope
    • Market Vision
      • Market Definition
      • Market Scope
    • Market Segmentation
  2. Executive Summary
    • Market Snapshot
    • Global Artificial Intelligence (AI) BFSI Market- Regional Snapshot
    • Global Artificial Intelligence (AI) BFSI Market, By Solution
      • Global Artificial Intelligence (AI) BFSI Market Size By Solution: 2020 VS 2030
    • Global Artificial Intelligence (AI) BFSI Market, By End User
      • Global Artificial Intelligence (AI) BFSI Market Size By End User: 2020 VS 2030
  1. Global Artificial Intelligence (AI) BFSI Market Overview By Region: 2017 VS 2020 VS 2030
    • Global Artificial Intelligence (AI) BFSI Market Size by Regions (2017-2022) (USD Million)
    • Global Artificial Intelligence (AI) BFSI Market Size by Regions (2023-2030) (USD Million)
  2. Global Artificial Intelligence (AI) BFSI Market Dynamics
    • Market Overview
      • Drivers Analysis
      • Restraints/ Challenges Analysis
      • Opportunities
    • Value Chain Analysis/Supply Chain Analysis
    • Porter’s Five Forces Model
      • Bargaining Power of Suppliers
      • Bargaining Power of Buyers
      • Threat of New Entrants
      • Threat of Substitutes
      • Intensity of Rivalry
    • Covid-19 Impact Analysis on Global Artificial Intelligence (AI) BFSI Market
  3. Global Artificial Intelligence (AI) BFSI Market, By solution
    • Overview
    • Global Artificial Intelligence (AI) BFSI Historic Market Size By Solution (2017-2030) (USD Million)
    • Key Findings for Artificial Intelligence (AI) BFSI Market – By Solution
      • Chatbots
      • Fraud Detection and Prevention
      • Anti-Money Laundering
      • Customer Relationship Management
      • Data Analytics and Prediction
      • Others
  1. Global Artificial Intelligence (AI) BFSI Market, By End User
    • Overview
    • Key Findings for Artificial Intelligence (AI) BFSI Market – By End Use
      • Banking Industries
      • Financial Institutions
  1. Global Artificial Intelligence (AI) BFSI Market, by region
    • Key Findings For Artificial Intelligence (AI) BFSI Market- By region
    • Overview
    • Global Artificial Intelligence (AI) BFSI Market, By Solution
    • Global Artificial Intelligence (AI) BFSI Market, By End User
  2. Global Artificial Intelligence (AI) BFSI Market- North America
    • Overview
    • North America Artificial Intelligence (AI) BFSI Market Size (2017-2030) (USD Million)
    • North America Artificial Intelligence (AI) BFSI Market, By Solution
    • North America Artificial Intelligence (AI) BFSI Market, By End User
    • North America Artificial Intelligence (AI) BFSI Market Size by Countries
      • United States
      • Canada
  1. Global Artificial Intelligence (AI) BFSI Market- Europe
    • Overview
    • Europe Artificial Intelligence (AI) BFSI Market Size (2017-2030) (USD Million)
    • Europe Artificial Intelligence (AI) BFSI Market, By Solution
    • Europe Artificial Intelligence (AI) BFSI Market, By End User
    • Europe Artificial Intelligence (AI) BFSI Market Size by Countries
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Rest of Europe
  1. Global Artificial Intelligence (AI) BFSI Market – Asia Pacific
    • Overview
    • Asia Pacific Artificial Intelligence (AI) BFSI Market Size (2017-2030) (USD Million)
    • Asia Pacific Artificial Intelligence (AI) BFSI Market, By Solution
    • Asia Pacific Artificial Intelligence (AI) BFSI Market, By End User
    • Asia Pacific Artificial Intelligence (AI) BFSI Market Size by Countries
      • China
      • Japan
      • India
      • Rest of Asia Pacific
  1. Global Artificial Intelligence (AI) BFSI Market- Rest of World
    • Overview
    • Rest of World Artificial Intelligence (AI) BFSI Market Size (2017-2030) (USD Million)
    • Rest of World Artificial Intelligence (AI) BFSI Market, By Solution
    • Rest of World Artificial Intelligence (AI) BFSI Market, By End User
    • Rest of World Artificial Intelligence (AI) BFSI Market Size by Regions
      • Middle East & Africa
      • Latin America
      • Rest Of The World
  1. GLOBAL Artificial Intelligence (AI) BFSI MARKET- Competitive Landscape
    • Key Strategies Adopted by the Leading Players
    • Recent Developments
      • Investments & Expansions
      • New End-User Launches
      • Mergers & Acquisitions
      • Agreements, Joint Ventures, and Partnerships
  1. GLOBAL Artificial Intelligence (AI) BFSI MARKET- Company Profiles
    • Company 1
      • Company Overview
      • Financial Overview
      • Product Offered
      • Key Developments
    • Company 2
    • Company 3
    • Company 4
    • Company 5
    • Company 6
    • Company 7
    • Company 8
    • Company 9
  2. Our Research Methodology
    • Insure Insights Research Practice
    • Data Triangulation
    • Data Sources
      • Secondary Sources
      • Primary Sources
    • Assumptions/ Limitations For The Study
    • Market Evaluation & Forecasting Methodology
  3. Appendix
    • Disclaimer

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