Artificial Intelligence in BFSI Market Will Exceed 25 Billion By 2024

Worldwide artificial intelligence in BFSI market was valued USD 2.5 billion in 2018 and will surpass a revenue collection of USD 25 billion by 2024 with an annual growth rate of 30% over 2018 to 2024.

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. Apparently, the claim is approved within seconds after the details are verified and the AI-based tool further notifies the car owner of the expedited claim. With the increasing adoption of high-grade technologies such as IoT and Big Data, the commercialization potential of artificial intelligence in BFSI market has observed a marked uptick in the past few years.

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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.

Machine learning technology accounts for approximately 40% share in the artificial intelligence in BFSI market. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology. Natural Language Processing (NLP) is also used widely in the BFSI sector in the customer contact center to analyze the customers’ voice and solve their queries. Financial institutions are also utilizing NLP for back-office applications & operations and text-mining.

The customer service is the dominating application of the artificial intelligence in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.

Banks cover more than 50% of the artificial intelligence in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection. Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the artificial intelligence in BFSI market growth.

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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.

The artificial intelligence in BFSI market is characterized by the presence of a large number of AI and fintech companies. Several new players are entering the market to take the advantage of the myriad growth opportunities offered by the market. The prominent players of the AI solutions in the BFSI sector are Salesforce, Google, IBM, Microsoft, Amazon, SAP, Oracle, Baidu, Digital Reasoning, Intel, Ipsoft, and Palantir.

Glimpse of Table of Content (ToC)

Chapter 5.   Artificial Intelligence in BFSI Market, By Component

5.1.  Key trends, by component

5.2.  Solution

5.2.1. Market estimates and forecast, 2013 – 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.2.3. Chatbot

5.2.3.1.   Market estimates and forecast, 2013 – 2024

5.2.3.2.   Market estimates and forecast, by region, 2013 – 2024

5.2.4. Customer behavior tracking

5.2.4.1.   Market estimates and forecast, 2013 – 2024

5.2.4.2.   Market estimates and forecast, by region, 2013 – 2024

5.2.5. Customer relationship management (CRM)

5.2.5.1.   Market estimates and forecast, 2013 – 2024

5.2.5.2.   Market estimates and forecast, by region, 2013 – 2024

5.2.6. Data Analytics & Visualization

5.2.6.1.   Market estimates and forecast, 2013 – 2024

5.2.6.2.   Market estimates and forecast, by region, 2013 – 2024

5.2.7. Fraud Detection

5.2.7.1.   Market estimates and forecast, 2013 – 2024

5.2.7.2.   Market estimates and forecast, by region, 2013 – 2024

5.2.8. Others

5.2.8.1.   Market estimates and forecast, 2013 – 2024

5.2.8.2.   Market estimates and forecast, by region, 2013 – 2024

5.3.  Service

5.3.1. Market estimates and forecast, 2013 – 2024

5.3.2. Market estimates and forecast, by region, 2015 – 2024

5.3.3. Professional service

5.3.3.1.   Market estimates and forecast, 2013 – 2024

5.3.3.2.   Market estimates and forecast, by region, 2013 – 2024

5.3.4. Managed service

5.3.4.1.   Market estimates and forecast, 2013 – 2024

5.3.4.2.   Market estimates and forecast, by region, 2013 – 2024

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