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Artificial Intelligence in BFSI Market by Application Analysis, Regional Outlook, Competitive Strategies & Forecast up to 2026

Author : Ronak Bora | Published Date : 2020-09-15 

One of the recent breakthroughs in the artificial intelligence in BFSI market is the launch of an AI-powered learning eco-system for the BFSI sector. As per news reports, a leading stock exchange, NSE on January 2020, announced the launch of Knowledge Hub- an AI powered eco-system which has been introduced to assist the banking and financial services sector in enriching the skills of their employees. In addition to this, the software is also likely to render its support to the academic institutions in preparing future ready skilled for the financial services industry. This move is expected to accelerate the demand of AI in BFSI sector, in turn augmenting the market dynamics.

In this regard, it is safe to declare that the advent of fintech technology and innovations in banking processes aligned with rapid digitization are poised to support the AI in BFSI market expansion in the near future. The artificial intelligence in BFSI market size would reach a mammoth of USD 80 billion by the end of 2026, in terms of revenue.

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The service segment is further categorized into managed service, and professional service. Professional service segment witnessed a market share of over 80% in 2019 due to increasing need for deployment and maintenance as retailers are rapidly embracing AI solutions.

The managed service segment is likely to witness an impressive CAGR of nearly 50% over the forecast time period due to the increasing adoption of intelligent algorithms among the managed service providers.

In terms of application, the overall artificial intelligence in BFSI market is categorized into risk management, compliance & security; financial advisory; customer service; and back office/operation. The bank office/operation segment will witness a CAGR of over 40% through the analysis period owing to increasing trends of digitalization and automation of banking operation.

Growing focus on cutting downtime along with advancement like image recognition and NLP have driven artificial intelligence in BFSI market trends. Emergence of fintech technology, rapid digitization and innovations in banking processes are other key factors contributing towards the industry growth.

Proliferation of advanced technologies including blockchain, big data, biometrics generates and cloud computing results in generation of extensive data base. Utilization of AI-based solutions and ML algorithms aid banks in collecting and analyzing this data. This in turn enables in-depth analysis of customer data and better position banks to make fruitful decisions, and hence increase operational efficiency and ROI.

Increasing adoption of cloud-based services is resulting in high demand for virtual assistance across BFSI enterprises. The associated need to analyze, report and collect a large volume of data for gaining meaningful insights to support banking processes will propel technology demand over the coming years. A report suggests that global artificial intelligence in BFSI market size will cross the USD 80 billion mark by 2026.

From a regional frame of reference, Latin America artificial intelligence in BFSI market will witness a CAGR of around 43% over the forecast timeframe due to supportive government initiatives for promoting the use of AI in banking services.

Middle East & Africa artificial intelligence in BFSI market will witness a CAGR of over 45% over the projected timeframe due to the increasing digitalization in the region.

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The new launch enabled credit unions and banks to offer rapid loans to retail customers and SMEs. Major companies offering artificial intelligence solutions for BFSI markets are Google LLC, Amazon Web Services, Intel Corporation, Oracle Corporation and Microsoft Corporation, among others.

Table of Contents (ToC) of the report:

Chapter 5.   Artificial Intelligence in BFSI Market, By Component

5.1.  Key trends, by component

5.2.  Solution

5.2.1. Market estimates and forecast, 2015 – 2026

5.2.2. Chatbot

5.2.2.1.    Market estimates and forecast, 2015 – 2026

5.2.3. Customer behavior tracking

5.2.3.1.    Market estimates and forecast, 2015 – 2026

5.2.4. Customer Relationship Management (CRM)

5.2.4.1.    Market estimates and forecast, 2015 – 2026

5.2.5. Data Analytics & visualization

5.2.5.1.    Market estimates and forecast, 2015 – 2026

5.2.6. Fraud detection

5.2.6.1.    Market estimates and forecast, 2015 – 2026

5.2.7. Others

5.2.7.1.    Market estimates and forecast, 2015 – 2026

5.3.  Service

5.3.1. Market estimates and forecast, 2015 – 2026

5.3.2. Professional service

5.3.2.1.    Market estimates and forecast, 2015 – 2026

5.3.3. Managed service

5.3.3.1.    Market estimates and forecast, 2015 – 2026

Chapter 6.   Artificial Intelligence in BFSI Market, By Technology

6.1.  Key trends, by technology

6.2.  Machine learning & deep learning

6.2.1. Market estimates and forecast, 2015 – 2026

6.3.  Natural Language Processing (NLP)

6.3.1. Market estimates and forecast, 2015 – 2026

6.4.  Computer vision

6.4.1. Market estimates and forecast, 2015 – 2026

6.5.  Others

6.5.1. Market estimates and forecast, 2015 – 2026

Chapter 7.   Artificial Intelligence in BFSI Market, By Application

7.1.  Key trends, by application

7.2.  Back office/operation

7.2.1. Market estimates and forecast, 2015 – 2026

7.3.  Customer service

7.3.1. Market estimates and forecast, 2015 – 2026

7.4.  Financial advisory

7.4.1. Market estimates and forecast, 2015 – 2026

7.5.  Risk management, compliance & security

7.5.1. Market estimates and forecast, 2015 – 2026

7.6.  Others

7.6.1. Market estimates and forecast, 2015 – 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/artificial-intelligence-ai-in-bfsi-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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