Market Research Report
Global Artificial Intelligence (AI) Market in BFSI Sector 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||905965|
|Published||Content info||127 Pages
Delivery time: 1-2 business days
|Global Artificial Intelligence (AI) Market in BFSI Sector 2019-2023|
|Published: August 2, 2019||Content info: 127 Pages||
Artificial intelligence (AI) solutions for the banking, financial service and insurance (BFSI) sector include AI software and hardware that has AI chipsets, servers, and storage. Technavio's artificial intelligence market in the BFSI sector analysis considers sales to the banking, investment and securities management, and insurance segments. Our analysis also considers the sales of AI solutions for the BFSI market in APAC, Europe, MEA, North America, and South America. In 2018, the banking segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the rising need by banking enterprises to combat cyberattacks autonomously and offer enhanced digital customer experience and the emergence of fintech players will significantly help the market segment in maintaining its leading position. Also, our report on global artificial intelligence market in BFSI sector has observed market growth factors such as enhanced operational efficiency with AI, push toward autonomous banking, and rise in demand for fraud detection and compliance. However, need for high data quality, lack of skilled labor, and concerns about cybersecurity may hamper the growth of the artificial intelligence industry in the BFSI sector over the forecast period.
BFSI organizations have started integrating AI and Big Data analytics into their IT systems not only to enhance data security but also to automate data cleaning and organizing and data analysis. These features will improve revenue generation for banking enterprises. As a result, banking enterprises are gradually transforming their solutions into AI-driven, which will lead to the expansion of the artificial intelligence market in BFSI Sector at a CAGR over 32% during the forecast period.
The BFSI sector is focusing on customizing services and improving digital experience for its customers by deploying AI in the form of chatbots, predictive analysis, recommendation engines, and others. Demand secure and automated banking solutions is also rising from the customers, prompting BFSI enterprises to further opt for AI solutions. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global artificial intelligence (AI) market in BFSI sector during the forecast period 2019-2023, view our report.
With the presence of a few major players, the global artificial intelligence market in BFSI sector is moderately concentrated. Technavio's robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading AI solutions manufacturers, which include Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp.
Also, the artificial intelligence market in BFSI sector analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key leading countries