Global Artificial Intelligence (AI) & Advanced Machine Learning (ML) in BFSI Market 2025-2035

Description

List of Tables

Global Artificial Intelligence (AI) & Advanced Machine Learning (ML) in BFSI Market Size, Share & Trends Analysis Report by Component (Solution and Services), by Deployment (Cloud and On-Premises), and by Application (Chatbots, Credit Scoring, Quantitative and Asset Management, Fraud Detection, and Others), Forecast Period (2025-2035)

Industry outlook

AI & advanced ML in the BFSI market is anticipated to grow at a CAGR of 15.5% during the forecast period (2025-2035). The growth of the AI and advanced machine learning market in the Banking, Financial Services, and Insurance (BFSI) sector is driven by the increasing demand for intelligent automation, enhanced risk management, and data-driven decision-making processes. Financial institutions are rapidly adopting AI technologies to streamline operations, improve customer service, and gain competitive advantages through advanced analytics and predictive modeling. The integration of AI enables banks and insurance companies to automate complex tasks, detect fraudulent activities, personalize customer interactions, and improve credit scoring and underwriting accuracy.

Segmental Outlook

Based on the component, the market is segmented into solutions and services.
Based on the deployment, the market is segmented into cloud and on-premises.
Based on the application, the market is segmented into chatbots, credit scoring, quantitative and asset management, fraud detection, and others.

Fraud Detection Segment Holds Considerable Share of the Market

The global AI and advanced machine learning market in the BFSI sector is experiencing significant growth, primarily driven by the increasing need for fraud detection. Financial institutions are leveraging AI technologies to analyze vast datasets in real time, enabling the early identification of suspicious activities. Advanced machine learning algorithms enhance the accuracy and efficiency of fraud prevention systems. According to a new poll conducted by Certified Fraud Examiners (ACFE) and analytics pioneer SAS in 2022, the use of artificial intelligence (AI) and machine learning (ML) for fraud detection increased internationally. Department of Financial Services in a social media post stated that banks were directed to adopt advanced technologies, including AI/ML Solutions. According to the poll, fraud examiners identified this and other anti-fraud tech developments in a cross-industry that are extensively spreading. In 2024, data breaches in the financial sector and the cost of a breach soared to $4.88 million and also affected customers.

Regional Outlook

The global AI & advanced ML in BFSI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, Russia and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN economies, Australia and New Zealand and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is estimated to be the fastest-growing region owing to the growing adoption of AI & ML in banks of emerging economies of the region, such as India & China. In August 2023, the central bank (RBI) selected McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems that use AI and ML for supervisory functions.

The North American region held a Considerable Share in the Global AI & Advanced ML in BFSI Market

The North American market for AI & advanced ML in BFSI is growing owing to the implementation of AI and superior machine learning (ML) solutions in the BFSI industry. This expansion is largely fostered by enhanced operational efficiency, better customer experience, and enhanced fraud detection powers. The convergence of AI and ML into critical segments of credit scoring, risk management, customized financial services, and robotic customer care is revolutionizing the BFSI industry in North America. The pace of uptake of AI-powered technology by US and Canadian banks is driven by the region's high technological backbone, high digitalization levels, and pro-innovation regulatory landscape in financial services.

Market Players Outlook

The major companies serving global AI & advanced ML in BFSI market include Amazon Web Services Inc., Betterment Holdings, ComplyAdvantage.com, DataToBiz, Google Cloud, and Intel Corp. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

Recent Development

In April 2025, Lloyds Banking Group took a significant step in its strategic transformation, leveraging the artificial intelligence (AI) and data science capabilities of Google Cloud to transform customer and colleague experience. Lloyds Banking Group migration has also unlocked new capabilities and is also tooling across the Group's business areas, allowing it to further develop ML and AI capability and deploy advanced AI models.

The Report Covers:

Market value data analysis of 2024 and forecast to 2035.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global AI & advanced ML in BFSI market. Based on the availability of data, information related to new products and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

Product Code: OMR2027730

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
Global AI & Advanced Machine Learning in BFSI Market Sales Analysis - Component | Deployment | Application ($ Million)
1.1. Research Methodology
Primary Research Approach
Secondary Research Approach
1.2. Market Snapshot

2. Market Overview and Insights

2.1. Scope of the Study
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Global AI & Advanced Machine Learning in BFSI Industry Trends
- 2.2.2. Market Recommendations
- 2.2.3. Conclusion

3. Market Determinants

3.1. Market Drivers
- 3.1.1. Drivers For Global AI & Advanced Machine Learning in BFSI Market: Impact Analysis
3.2. Market Pain Points and Challenges
- 3.2.1. Restraints For Global AI & Advanced Machine Learning in BFSI Market: Impact Analysis
3.3. Market Opportunities

4. Competitive Landscape

4.1. Competitive Dashboard - AI & Advanced Machine Learning in BFSI Market Revenue by Manufacturers
4.2. Key Company Analysis
- 4.2.1. Overview
- 4.2.2. Product Portfolio
- 4.2.3. Financial Analysis (Subject to Data Availability)
- 4.2.4. SWOT Analysis
- 4.2.5. Business Strategy
4.3. Top Winning Strategies by Market Players
- 4.3.1. Merger and Acquisition
- 4.3.2. Product Launch
- 4.3.3. Partnership And Collaboration

5. Global AI & Advanced Machine Learning in BFSI Market by Component ($ Million)

5.1. Solution
5.2. Services

6. Global AI & Advanced Machine Learning in BFSI Market by Deployment ($ Million)

6.1. On-Premises
6.2. Cloud-Based

7. Global AI & Advanced Machine Learning in BFSI Market by Application ($ Million)

7.1. Chatbots
7.2. Credit Scoring
7.3. Quantitative & Asset Management
7.4. Fraud Detection
7.5. Others (Digital Assistance, Sales & Marketing, Customer Segmentation)

8. Regional Analysis

8.1. North American AI & Advanced Machine Learning in BFSI Market Sales Analysis - Component| Deployment | Application | Country ($ Million)
- 8.1.1. United States
- 8.1.2. Canada
8.2. European AI & Advanced Machine Learning in BFSI Market Sales Analysis - Component | Deployment| Application | Country ($ Million)
- 8.2.1. UK
- 8.2.2. Germany
- 8.2.3. Italy
- 8.2.4. Spain
- 8.2.5. France
- 8.2.6. Russia
- 8.2.7. Rest of Europe
8.3. Asia-Pacific AI & Advanced Machine Learning in BFSI Market Sales Analysis - Component| Deployment | Application | Country ($ Million)
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. South Korea
- 8.3.4. India
- 8.3.5. Australia & New Zealand
- 8.3.6. ASEAN Countries (Thailand, Indonesia, Vietnam, Singapore, And others)
- 8.3.7. Rest of Asia-Pacific
8.4. Rest of the World AI & Advanced Machine Learning in BFSI Market Sales Analysis - Component| Deployment | Application | Country ($ Million)
- 8.4.1. Latin America
- 8.4.2. Middle East and Africa

9. Company Profiles

9.1. Accenture plc
9.2. Altair Engineering Inc.
9.3. Capgemini SE
9.4. Cognizant Technology Solutions Corp.
9.5. DataRobot, Inc.
9.6. Fair Isaac Corp.
9.7. Finastra Ltd.
9.8. IBM Corp.
9.9. Infosys Ltd.
9.10. JPMorgan Chase & Co.
9.11. Kyndryl Inc.
9.12. NVIDIA Corp.
9.13. Mastercard Inc.
9.14. Oracle Corp.
9.15. PricewaterhouseCoopers International Ltd.
9.16. SAS Institute Inc.
9.17. Tata Consultancy Services Ltd.
9.18. ThoughtWorks Inc.
9.19. Visa Inc.
9.20. ZestFinance Inc