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Artificial Intelligence (AI) Market in BFSI Sector 2019-2023

  • Published: Aug 2019
  • Pages: 127
  • SKU: IRTNTR31823
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The global artificial intelligence in BFSI market size will grow by USD 11.94 billion during 2019-2023. This market report provides a detailed analysis of the market by end-users (banking, investment and securities management, and insurance) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many market vendors, including Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp.

Some of the key findings from our artificial intelligence in BFSI market analysis report are summarized below

Artificial-Intelligence-in-BFSI-Market

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Global Artificial Intelligence (AI) Market in BFSI Sector: Industry Overview

Financial institutions are focusing on developing autonomous solutions to not only gain a competitive edge but also efficiently cater to customer demand for personalized services and rewards. As a result, BFSI organizations have started integrating AI and Big Data analytics. AI-driven solutions are helping BFSI companies in automating data cleaning and organizing and data analysis while ensuring security. Furthermore, the IT systems integrated with AI and machine learning in BFSI enterprises are capable of self-management and self-repair. These benefits of AI-enable financial solutions have helped them in predicting market trends and providing an improved level of service to their customers. This will contribute to artificial intelligence in BFSI market growth during the forecast period.

The BFSI sector has been implementing AI extensively, especially in the front office business functions, in the form of recommendation engines, chatbots, predictive analytics, and others to offer customized services and enhance the digital experience for customers. On the other hand, there is a significant demand from the customer end as well for secure and automated banking solutions, which is also propelling the global AI in BFSI market growth.

Predictive analytics with machine learning, in credit analysis, offers recommendations to customers to better plan their financial systems based on historical data. Furthermore, investment management and trading companies use intelligent trading systems to process structured and unstructured data to facilitate quick transactions for their clients. These developments are directed toward enhancing the personalized experience for customers of the BFSI sector. This factor is one of the significant artificial intelligence in BFSI market trends that will drive market growth at a CAGR over 32% during 2019-2023.

Top Artificial Intelligence (AI) Companies Covered in this Market Research Report

The global AI market in BFSI sector is moderately concentrated. To help clients improve their market positions, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This artificial intelligence market in BFSI sector research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the increasing artificial intelligence in BFSI market size.

The report offers a detailed analysis of several artificial intelligence companies, including:

  • Amazon Web Services, Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.

Artificial Intelligence Market in BFSI Sector: Segmentation Based on Application

  • Banking
  • Investment and securities management
  • Insurance

The banking segment held the largest market share in 2018. It will account for the highest global artificial intelligence market share in BFSI sector over the forecast period as well. Technological advances, an increasing number of tech-savvy customers, implementation of strict government regulations to combat cyberattacks, and emerging fintech players are expected to boost the demand for AI in sales and marketing during the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial intelligence market in BFSI sector.

Artificial Intelligence Market in BFSI Sector: Segmentation Based on Geographic Region

  • APAC
  • Europe
  • MEA
  • North America
  • South America

With a complete study of the growth opportunities for companies, it has been identified that North America will account for the highest share of the artificial intelligence market in BFSI sector throughout the forecast period. Factors such as increasing investments in AI technologies, the presence of advanced data center infrastructure in the region to support AI, and government initiatives to strengthen the implementation of AI in the BFSI sector are contributing to the artificial intelligence in BFSI market growth in the region.

Key Highlights of the Global Artificial Intelligence in BFSI Market Forecast Report for the Period 2019-2023

  • CAGR of the market during the forecast period 2019-2023
  • Detailed information on factors that will accelerate the growth of the artificial intelligence market in BFSI sector during the next five years
  • Precise estimation of the global artificial intelligence 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 artificial intelligence in the BFSI industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on several vendors
  • Comprehensive details of factors that will challenge the growth of artificial intelligence in BFSI companies

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

  • 2.1 Preface
  • 2.2 Preface
  • 2.3 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

PART 04: MARKET SIZING

  • Market definition
  • Market sizing 2018
  • Market size and forecast 2018-2023

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

PART 06: MARKET SEGMENTATION BY END-USER

  • Market segmentation by end-user
  • Comparison by end-user
  • Banking - Market size and forecast 2018-2023
  • Investment and securities management - Market size and forecast

2018-2023

  • Insurance - Market size and forecast 2018-2023
  • Market opportunity by end-user

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2018-2023
  • APAC - Market size and forecast 2018-2023
  • Europe - Market size and forecast 2018-2023
  • MEA - Market size and forecast 2018-2023
  • South America - Market size and forecast 2018-2023
  • Key leading countries
  • Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market drivers
  • Market challenges

PART 11: MARKET TRENDS

  • Rise in cloud-based solutions
  • Growing focus on personalized experience
  • Rise in popularity of open banking

PART 12: VENDOR LANDSCAPE

  • Overview
  • Landscape disruption

PART 13: VENDOR ANALYSIS

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Amazon Web Services, Inc.
  • Google LLC
  • IBM Corp.
  • Microsoft Corp.
  • Oracle Corp.

PART 14: APPENDIX

  • Research methodology
  • List of abbreviations
  • Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

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
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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
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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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