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Artificial Intelligence (AI) in BFSI Market Trends, Companies, Driver, Segmentation, Forecast to 2024

New research report on Artificial Intelligence (AI) in BFSI market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Artificial Intelligence (AI) in BFSI market also includes an in-depth study of the industry's competitive scenario.

Furthermore, an increase in the digital data and investments by the venture capitalists in AI and fintech market space are major forces driving the market growth. In addition, the rising partnership between financial institutes and fintech companies to integrate technology into the core financial services will also foster the growth.

However, the financial institutes are hesitant to use AI-powered products due to the safety and security problems related with AI. Moreover, the black box effect and the low accuracy of the intelligent algorithms hinder the market revenue.

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AI in BFSI Market is projected to exceed USD 25 billion by 2024. The market is driven by the growing requirement among the financial institutes to improve customer experience, gain customer loyalty along with the high intensity of competition among the market players. As the competition among the market players is rising and the customers are becoming more empowered, financial institutes are looking for cutting-edge technologies to provide a better experience and retain customers.

Artificial Intelligence (AI) in BFSI Market Trends, Companies, Driver, Segmentation, Forecast to 2024
Artificial Intelligence (AI) in BFSI Market Trends, Companies, Driver, Segmentation, Forecast to 2024

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The service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38%. The market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.

Machine learning technology accounts for approximately 40% share in the AI in BFSI market. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology. Natural Language Processing (NLP) is also used widely in the BFSI sector in the customer contact center to analyze the customers? voice and solve their queries. Financial institutions are also utilizing NLP for back-office applications & operations and text-mining.

The solution segment is leading the AI in BFSI market with more than 85% stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience. The solution market includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40% share due to the high adoption among the financial institutes in the customer contact centers and business operations.

The customer service is the dominating application of the AI in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.

Banks cover more than 50% of the AI in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection. Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the market growth.

Major Highlights from Table of contents are listed below for quick lookup into Artificial Intelligence (AI) in BFSI Market report

Chapter 1. Methodology and Scope

  • Definitions & forecast parameters
  • Methodology and forecast parameters
  • Data Sources

Chapter 2. Executive Summary

  • Business trends of Artificial Intelligence (AI) in BFSI Market
  • Product trends
  • Application trends

Chapter 3. Artificial Intelligence (AI) in BFSI Industry Insights

  • Artificial Intelligence (AI) in BFSI Market Industry segmentation
  • Industry landscape
  • Analysis of Manufacturers in the Artificial Intelligence (AI) in BFSI industry
  • Distribution channel analysis
  • End-use landscape
  • Vendor matrix
  • Artificial Intelligence (AI) in BFSI Market Technology & innovation landscape
  • Industry impact forces
  • Artificial Intelligence (AI) in BFSI Market Growth drivers
  • Industry pitfalls & challenges
  • Key trends by Segments

Chapter 4. Company Profiles

  • Business Overview of Artificial Intelligence (AI) in BFSI Market Companies
  • Financial Data
  • Product Landscape
  • Strategic Outlook and Decisive Analysis of companies in Artificial Intelligence (AI) in BFSI Market
  • SWOT Analysis

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