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Artificial Intelligence (AI) Market in BFSI Sector by Service and Geography - Forecast and Analysis 2022-2026

  • Published: Sep 2022
  • Pages: 144
  • SKU: IRTNTR74224
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The artificial intelligence (AI) market share in the BFSI sector is expected to increase by USD 32.97 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 36.68%.

This artificial intelligence market in BFSI sector research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers artificial intelligence (AI) market segmentation in the BFSI sector by end-user (banking, investment and securities management, and insurance) and geography (North America, APAC, Europe, the Middle East and Africa, and South America). The AI market in the BFSI sector report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Amelia US LLC, Baidu Inc, Glia Technologies Inc, Inbenta Technologies Inc., Intel Corp., International Business Machines Corp., Lexalytics Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Palantir Technologies Inc., Salesforce Inc., ServiceNow Inc., Verint Systems Inc, ZestFinance Inc, and SAP SE among others.

What will the Artificial Intelligence (AI) Market Size in BFSI Sector be During the Forecast Period?

Artificial Intelligence (AI) Market in BFSI Sector Size

Download Report Sample to Unlock the Artificial Intelligence (AI) Market Size in BFSI Sector for the Forecast Period and Other Important Statistics

 

Artificial Intelligence Market in BFSI Sector: Key Drivers, Trends, and Challenges

The enhanced operational efficiency with ai is notably driving the artificial intelligence (AI) market growth in the BFSI sector, although factors such as the need for high data quality may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial intelligence (AI) industry in BFSI sector. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Artificial Intelligence (AI) Market Driver in BFSI Sector

One of the key factors driving growth in the artificial intelligence (AI) market in the BFSI sector is the enhanced operational efficiency of AI. The banking and financial services industries are adopting AI-based solutions to improve their operational efficiency and improve customer experience. Increasing customer expectations in terms of improved service delivery are driving traditional banks and financial institutions to adopt advanced technologies such as AI and big data. The traditional approaches of banks and insurance firms will not be sustainable going forward owing to the huge volumes and variety of data being generated. Hence, BFSI companies are focusing on implementing AI solutions and data analytics to achieve better insights from the data collected. During the forecast period, the adoption of AI is expected to penetrate other sub-segments such as sales and distribution, fraud detection, portfolio investigation, and threat prediction to execute internal operations more efficiently while reducing cost and increasing ROI. All these factors are expected to fuel the growth of the focused market.

Key Artificial Intelligence (AI) Market Trend in BFSI Sector

The rise in cloud-based solutions is an artificial intelligence (AI) market in the BFSI sector trend that is expected to have a positive impact in the coming years. AI consists of machine learning, deep learning, and neural network technologies that help in developing cloud-based AI software and services, such as natural language processing and computer vision, and the ability to handle huge data for demand forecasting. Increased availability of mobile devices like smartphones and new technologies, such as machine learning algorithms and cloud computing, is expanding the use of AI in the financial sector. To adopt AI technologies in the on-premises data center, companies would require high computing and storage capabilities to process the data quickly. This results in increased capital expenditure. Cloud-based software and platforms help companies in overcoming the cost barriers and drive AI adoption in SMEs and startups. Cloud offerings made banks more agile instead of upgrading their infrastructure. The implementation of cloud-based AI services is more feasible and cost-effective for BFSI companies, especially SMEs and startups. Cloud-based core banking is expected to be the most prominent trend.

Key Artificial Intelligence (AI) Market Challenge in BFSI Sector

The need for high data quality will be a major challenge for the artificial intelligence (AI) market in the BFSI sector during the forecast period. The BFSI sector generates and stores more sensitive data when compared to other industries. AI-based solutions leverage high volumes of data to derive insights to assist businesses in their activities. Hence, AI systems need to utilize high-quality data that support algorithms to derive insights. The increasing frequency of data breaches is witnessing the implementation of strict regulations to protect users with data privacy. GDPR, PSD2, MiFID II, and Financial Crimes Enforcement Network (FinCEN) are the major government bodies to which financial institutions are currently adhering to ensure compliance with improved data governance. Biased decisions derived from AI systems may impact the decision-making process of banking and financial service firms in suggesting recommendations and offering personalized services to their customers. Hence, the lack of quality data will be a deterrent to market growth.

This artificial intelligence (AI) market in the BFSI sector analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global artificial intelligence market in BFSI sector as a part of the global application software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial intelligence (AI) market in BFSI sector during the forecast period.

Who are the Major Artificial Intelligence (AI) Market Vendors in BFSI Sector?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • Amazon.com Inc.
  • Amelia US LLC
  • Baidu Inc
  • Glia Technologies Inc
  • Inbenta Technologies Inc.
  • Intel Corp.
  • International Business Machines Corp.
  • Lexalytics Inc.
  • Microsoft Corp.
  • NVIDIA Corp.
  • Oracle Corp.
  • Palantir Technologies Inc.
  • Salesforce Inc.
  • ServiceNow Inc.
  • Verint Systems Inc
  • ZestFinance Inc
  • SAP SE

 

This statistical study of the artificial intelligence (AI) market in BFSI sector encompasses successful business strategies deployed by the key vendors. The artificial intelligence market in BFSI sector is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Alphabet Inc. - Alphabet Inc. is a public company headquartered in the US. It is a global company generating $257,637 million in revenues and has around 156,500 employees. Its revenue from the global artificial intelligence (AI) market in the BFSI sector contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
  • Alphabet Inc. - The company offers artificial intelligence for BFSI such as Cloud AI and Cloud AutoML, through its subsidiary Google LLC. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The artificial intelligence (AI) market in BFSI sector forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

AI Market in BFSI Sector Value Chain Analysis

Our report provides extensive information on the value chain analysis for the artificial intelligence market in BFSI sector, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Artificial Intelligence (AI) Market in BFSI Sector?

Artificial Intelligence (AI) Market in BFSI Sector Share by Geography

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48% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for artificial intelligence (AI) in the BFSI sector in North America. Market growth in this region will be faster than the growth of the market in the European regions.

The early adoption and increasing investments in AI technologies by players such as IBM, Google, Microsoft, and AWS in the region will facilitate the artificial intelligence (AI) market growth in BFSI sector in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic had a favorable influence on the AI market in the BFSI sector in North America. Owing to the pandemic, governments in nations, including the US, Canada, and Mexico, imposed lockdowns in 2020, which forced people to stay at home to prevent the spread of the disease. As a result, sectors, including BFSI, were forced to undertake numerous activities online, leading to the widespread use of virtual private networks (VPNs) for remote work and teleconferencing in North America. Moreover, the initiation of large-scale vaccination drives, the lifting of lockdown restrictions in different countries in the region, and the increased funding toward the development of data centers have further fueled the demand for AI across the BFSI sector, which, in turn, will propel the growth of the regional market during the forecast period.

What are the Revenue-generating End-user Segments in the AI Market in BFSI Sector?

Artificial Intelligence (AI) Market in BFSI Sector Share

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The artificial intelligence (AI) market share growth in the BFSI sector by the banking segment will be significant during the forecast period. The use of cognitive technology, along with AI, helps banks to leverage digitalization and sustain competition with FinTech players. AI technologies are revolutionizing banking processes and the relationship between banks and customers. AI is expected to shape the future of the banking sector as it provides the power of advanced data analytics to fight against fraudulent transactions and improve compliance, all within seconds.

This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial intelligence (AI) market size in BFSI sector and actionable market insights on the post-COVID-19 impact on each segment.

 

Artificial Intelligence (AI) Market Scope in BFSI Sector

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 36.68%

Market growth 2022-2026

$32.97 billion

Market structure

Fragmented

YoY growth (%)

33.99

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

North America at 48%

Key consumer countries

US, Canada, China, Japan, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Amazon.com Inc., Amelia US LLC, Baidu Inc, Glia Technologies Inc, Inbenta Technologies Inc., Intel Corp., International Business Machines Corp., Lexalytics Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Palantir Technologies Inc., Salesforce Inc., ServiceNow Inc., Verint Systems Inc, ZestFinance Inc, and SAP SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this AI Market in BFSI Sector Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive artificial intelligence (AI) market growth in BFSI sector during the next five years
  • Precise estimation of the artificial intelligence (AI) market size in BFSI sector and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the artificial intelligence (AI) industry in BFSI sector across North America, APAC, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of artificial intelligence (AI) market vendors in BFSI sector 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Banking - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Banking - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Banking - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Banking - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Banking - Year-over-year growth 2021-2026 (%)
    • 5.4 Investment and securities management - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Investment and securities management - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Investment and securities management - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Investment and securities management - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Investment and securities management - Year-over-year growth 2021-2026 (%)
    • 5.5 Insurance - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Insurance - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Insurance - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Insurance - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Insurance - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by End-user
      • Exhibit 40: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 UK - Market size and forecast 2021-2026
      • Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.11 Canada - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.12 Japan - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 Alphabet Inc.
              • Exhibit 93: Alphabet Inc. - Overview
              • Exhibit 94: Alphabet Inc. - Business segments
              • Exhibit 95: Alphabet Inc. - Key news
              • Exhibit 96: Alphabet Inc. - Key offerings
              • Exhibit 97: Alphabet Inc. - Segment focus
            • 10.4 Amazon.com Inc.
              • Exhibit 98: Amazon.com Inc. - Overview
              • Exhibit 99: Amazon.com Inc. - Business segments
              • Exhibit 100: Amazon.com Inc. - Key news
              • Exhibit 101: Amazon.com Inc. - Key offerings
              • Exhibit 102: Amazon.com Inc. - Segment focus
            • 10.5 Inbenta Technologies Inc.
              • Exhibit 103: Inbenta Technologies Inc. - Overview
              • Exhibit 104: Inbenta Technologies Inc. - Product / Service
              • Exhibit 105: Inbenta Technologies Inc. - Key offerings
            • 10.6 Intel Corp.
              • Exhibit 106: Intel Corp. - Overview
              • Exhibit 107: Intel Corp. - Business segments
              • Exhibit 108: Intel Corp. - Key news
              • Exhibit 109: Intel Corp. - Key offerings
              • Exhibit 110: Intel Corp. - Segment focus
            • 10.7 International Business Machines Corp.
              • Exhibit 111: International Business Machines Corp. - Overview
              • Exhibit 112: International Business Machines Corp. - Business segments
              • Exhibit 113: International Business Machines Corp. - Key offerings
              • Exhibit 114: International Business Machines Corp. - Segment focus
            • 10.8 Microsoft Corp.
              • Exhibit 115: Microsoft Corp. - Overview
              • Exhibit 116: Microsoft Corp. - Business segments
              • Exhibit 117: Microsoft Corp. - Key news
              • Exhibit 118: Microsoft Corp. - Key offerings
              • Exhibit 119: Microsoft Corp. - Segment focus
            • 10.9 NVIDIA Corp.
              • Exhibit 120: NVIDIA Corp. - Overview
              • Exhibit 121: NVIDIA Corp. - Business segments
              • Exhibit 122: NVIDIA Corp. - Key news
              • Exhibit 123: NVIDIA Corp. - Key offerings
              • Exhibit 124: NVIDIA Corp. - Segment focus
            • 10.10 Oracle Corp.
              • Exhibit 125: Oracle Corp. - Overview
              • Exhibit 126: Oracle Corp. - Business segments
              • Exhibit 127: Oracle Corp. - Key news
              • Exhibit 128: Oracle Corp. - Key offerings
              • Exhibit 129: Oracle Corp. - Segment focus
            • 10.11 SAP SE
              • Exhibit 130: SAP SE - Overview
              • Exhibit 131: SAP SE - Business segments
              • Exhibit 132: SAP SE - Key news
              • Exhibit 133: SAP SE - Key offerings
              • Exhibit 134: SAP SE - Segment focus
            • 10.12 Verint Systems Inc
              • Exhibit 135: Verint Systems Inc - Overview
              • Exhibit 136: Verint Systems Inc - Product / Service
              • Exhibit 137: Verint Systems Inc - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Artificial Intelligence (AI) Market in BFSI Sector market growth will increase by $32976.36 million during 2022-2026.
              The artificial intelligence (ai) market in bfsi sector market is expected to grow at a CAGR of 36.68% during 2022-2026.
              Technavio has segmented the artificial intelligence (ai) market in bfsi sector market by geographic (North America, APAC, Europe, Middle East and Africa, and South America).
              Alphabet Inc., Amazon.com Inc., Amelia US LLC, Baidu Inc, Glia Technologies Inc, Inbenta Technologies Inc., Intel Corp., International Business Machines Corp., Lexalytics Inc., Microsoft Corp., NVIDIA Corp., Oracle Corp., Palantir Technologies Inc., Salesforce Inc., ServiceNow Inc., Verint Systems Inc, ZestFinance Inc, SAP SE are a few of the key vendors in the artificial intelligence (ai) market in bfsi sector market.
              North America will register the highest growth rate of 47.82% among the other regions. Therefore, the artificial intelligence (ai) market in bfsi sector market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the artificial intelligence (ai) market in bfsi sector market growth are:
              • Enhanced operational efficiency with AI
              • Rise in cloud-based solutions
              The artificial intelligence (ai) market in bfsi sector market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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