Artificial Intelligence in BFSI Market in The service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38%. The market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.
The excellent growth dynamics of the global artificial intelligence in BFSI market can be traced by the recent instance of Metromile, a leader in pay-per-mile car insurance in the U.S., launching its new AI-based smart claims assistant, AVA. The automated system reportedly utilizes machine learning capabilities to reconstruct the accident scene and promptly ascertains if claim details are true.
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Owing to the launch of intuitive, easy-to-use, and highly-efficient AI-based tools, the banking segment of the artificial intelligence in BFSI market has been proliferating at an exceptional pace in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the banking segment apportioned more than 50% of the total remuneration portfolio of artificial intelligence in BFSI market in the year 2017. With the unveiling of advanced AI technologies that provide real-time insights into every aspect of banking operations and leverage the abundance of data to gain a granular understanding of consumer behavior, the banking segment is slated to lead the end use spectrum of this business space over the ensuing years.
The solution segment is leading the artificial intelligence in BFSI market with more than 85% stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience. The solution market includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40% share due to the high adoption among the financial institutes in the customer contact centers and business operations.
Over the past few years, numerous globally renowned banking institutions have been pouring in massive funds to develop cutting-edge AI applications that have invariably assisted them in optimizing performance, consolidating remuneration streams, and better serving their customers. In this regard, banks are increasingly forming partnerships with fintech corporations to integrate the latest technologies into banking products and services which has resulted in the development of advanced customer behavior analytics inventions, chatbots, and customer relationship management (CRM) solutions. Enumerated below is a succinct outline of how banks have been readily embracing AI-based solutions that has subsequently transformed the strategic and competitive landscape of artificial intelligence in BFSI market.
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North America accounted for more than 50% of the share in artificial intelligence in BFSI market in 2017. The high investments in the AI and fintech sector by the technology giants are the major factors pushing the market growth. Furthermore, the early adoption of the technology and highly developed infrastructure are supporting the market growth. Asia Pacific is anticipated to grow substantially with more than 40% CAGR. The market growth is credited to the high investments by China and India in the AI technology.
Infusing AI-based applications across a diverse set of operations has brought about a momentous shift in the ability of organizations, working in the BFSI domain, to swiftly analyze, comprehend, and respond to vast amounts of data which has consequentially augmented the revenue share of companies operating across AI in BFSI market. With the advent of advanced machine learning algorithms, data analytics solutions, natural language processing techniques, the artificial intelligence in BFSI market space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.
Chapter 6. AI in BFSI Market, By Technology
6.1. Key trends, by technology
6.2. Machine learning & deep learning
6.2.1. Market estimates and forecast, 2013 – 2024
6.2.2. Market estimates and forecast, by region, 2013 – 2024
6.3. Natural language processing (NLP)
6.3.1. Market estimates and forecast, 2013 – 2024
6.3.2. Market estimates and forecast, by region, 2013 – 2024
6.4. Computer vision
6.4.1. Market estimates and forecast, 2013 – 2024
6.4.2. Market estimates and forecast, by region, 2013 – 2024
6.5.1. Market estimates and forecast, 2013 – 2024
6.5.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 7. AI in BFSI Market, By Application
7.1. Key trends, by application
7.2. Back Office/Operation
7.2.1. Market estimates and forecast, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3. Customer Service
7.3.1. Market estimates and forecast, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
7.4. Financial Advisory
7.4.1. Market estimates and forecast, 2013 – 2024
7.4.2. Market estimates and forecast, by region, 2013 – 2024
7.5. Risk Management, Compliance & Security
7.5.1. Market estimates and forecast, 2013 – 2024
7.5.2. Market estimates and forecast, by region, 2013 – 2024
7.6.1. Market estimates and forecast, 2013 – 2024
7.6.2. Market estimates and forecast, by region, 2013 – 2024
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