The ai in bfsi global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI In BFSI Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The AI in BFSI market size has grown exponentially in recent years. It will grow from $52.54 billion in 2023 to $72.84 billion in 2024 at a compound annual growth rate (CAGR) of 38.6%. The growth in the historic period can be attributed to increasing demand for enhanced customer experience, expansion of digital banking channels, rise in automation of routine processes, increasing use of AI for credit scoring, and rise in demand for enhanced investment strategies.
The AI in BFSI market size is expected to see exponential growth in the next few years. It will grow to $269.96 billion in 2028 at a compound annual growth rate (CAGR) of 38.8%. The growth in the forecast period can be attributed to growing demand for advanced fraud detection, increasing focus on cybersecurity, increasing demand for automated customer service, rising use of AI for portfolio risk assessment, and rising focus on AI for financial forecasting. Major trends in the forecast period include technological advancements, real-time data analysis, natural language processing, digital payment solutions, and fraud prevention systems.
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Scope Of AI In BFSI Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI In BFSI Market Overview
Market Drivers –
The rising utilization of AI to increase efficiency is expected to propel the growth of AI in BFSI market going forward. Artificial intelligence (AI) encompasses a broad set of technologies and algorithms that enable machines to simulate human intelligence, including tasks such as problem-solving, learning from data, and making decisions. The rising utilization of AI to increase efficiency is due to several factors, such as advancements in computing power and cloud technology, which enable faster processing and scalability of AI applications. AI algorithms analyze vast amounts of data to detect patterns, automate processes such as ad fraud detection, personalize financial services, and optimize investment decisions. For instance, in April 2024, according to a report published by Stanford University, a US-based private research university, the total number of stars for AI-related projects on GitHub also significantly increased in 2023, more than tripling from 4.0 million in 2022 to 12.2 million. Therefore, the rising utilization of AI to increase efficiency is driving the growth of AI in BFSI market.
Market Trends –
Major companies operating in the AI in BFSI market are focusing on developing advanced technologies, such as predictive intelligence, to provide banks with a deeper understanding of customer behavior. Predictive intelligence is the application of data analytics and machine learning to estimate future events and patterns based on past data. For instance, in May 2024, Newgen Software, an India-based provider of digital transformation solutions, launched LumYn, which is a Generative AI-powered hyper personalization platform developed by Newgen Software. Designed specifically for the banking sector, LumYn aims to enhance customer experiences and profitability by providing banks with deeper insights into customer needs, behavior, preferences, and intent. The platform combines predictive intelligence with advanced conversational AI, allowing banks to interact with customer data seamlessly and rapidly develop solutions in a low-code environment.
The AI in BFSI market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Learning Processing, Generative Artificial Intelligence (AI), Computer Vision, Other Technologies
3) By Application: Chatbot, Cyber Security, Risk Management, Predictive Analytics, Data Collection And Analysis, Other Applications
4) By End Use: Banking, Financial Services, Insurance
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Regional Insights –
North America was the largest region in the AI in BFSI market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in BFSI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI in BFSI market are Amazon.com Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Atos SE, Moody’s Analytics Inc., SAS Institute Inc., Databricks Inc., Teradata Corporation, Fair Isaac Corporation, The MathWorks Inc., Persistent Systems Limited, DataRobot Inc., Zest AI inc., H2O.AI inc., Avaamo Inc., Inbenta Holdings Inc., CognitiveScale Inc., RapidMiner Inc.< /b>
Table of Contents
1. Executive Summary
2. AI In BFSI Market Report Structure
3. AI In BFSI Market Trends And Strategies
4. AI In BFSI Market – Macro Economic Scenario
5. AI In BFSI Market Size And Growth
…..
27. AI In BFSI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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