PUBLISHER: Allied Market Research | PRODUCT CODE: 1414732
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414732
According to a new report published by Allied Market Research, titled, "Artificial Intelligence in BFSI Market," The artificial intelligence in bfsi market was valued at $22.5 billion in 2022, and is estimated to reach $368.6 billion by 2032, growing at a CAGR of 32.5% from 2023 to 2032.
The increase in the demand for AI based security features and increase in preferences for personalized financial services are fostering the growth of artificial intelligence in BFSI market. The BFSI sector operates in an environment of rapidly evolving cyber threats. Traditional security measures often fail to protect against sophisticated attacks. The demand for AI-based security features is driven by the need for adaptive and intelligent solutions that can continuously analyze, detect, and respond to emerging threats in real time. In addition, rise in technological advancements such as
1) in chatbots, robo-advisors for financial products, and smart wallets are some of the factors that fuels the market growth. However, lack of awareness and privacy concerns are major factors that hamper the growth of the artificial intelligence in BFSI market. AI in BFSI is prone to privacy and security vulnerabilities since it relies on data collection to respond to user questions. Building AI in BFSI apps with high privacy and security requirements, as well as monitoring mechanisms, will assist end-users gain trust in solution, which will lead to more chatbot usage over time. Contrarily, the emergence of fintech startups in the BFSI sector presents significant opportunities for the artificial intelligence in BFSI industry. Fintech startups leverage data analytics and artificial intelligence to deliver highly personalized artificial intelligence in BFSI services. They deliver customized recommendations, financial insights, and tailored solutions for individual users, increasing customer engagement and loyalty.
The artificial intelligence in BFSI market is segmented on the basis of offering, solution, technology and region. On the basis of offering, it is categorized into hardware, software, and services. On the basis of solution, it is classified into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. On the basis of technology, it is divided into machine learning, natural language processing, computer vision, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the artificial intelligence in BFSI market such as
1) Amazon Web Services, Inc., Baidu, Inc., Google LLC, Intel Corporation, IBM Corporation, Microsoft Corporation, Oracle, SAP SE, Salesforce, Inc., and Palantir Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the artificial intelligence in BFSI market.
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