Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Artificial Intelligence in the BFSI market bolstering the market growth due to an emerging need for digital banking and growing data
The global artificial intelligence in the BFSI market has the potential to grow with USD 200.52 billion with bolstering CAGR in the forecast period from 2020-2027. The emerging data, increasing penetration of the internet, adoption of digital banking methods, increasing demand for artificial intelligence boost the market growth.
Artificial intelligence in BFSI helps in smoothen the function and daily operations of the bank that helps in improving the customer experience and enhance the business strategy. Artificial intelligence uses different technology to explain the product descriptions, enhances the user interface, and interacts with the customer by smart assistants.
Additionally, it will help in reducing the cost, saves time, and helps in managing the data of every customer effectively and safely. Artificial intelligence is also very essential for the analysis of business growth, maintaining revenue, and growth strategies of the bank.
Furthermore, the primary purpose of artificial intelligence in the banking sector is to improve the customer support management, reduces fraud, provide effective solutions for proactive business growth strategies. Thus, it helps in fueling the market demand for global artificial intelligence in the BFSI market.
Offering overview in the Global Artificial Intelligence in BFSI Market
Based on the offerings, global artificial intelligence in the BFSI market classified into Hardware, Software, and Services. The software segment accounted for the largest share in the global artificial intelligence in the BFSI market. Software used for maintaining the banking industry is helping in improving the security and safety of the customer data and support KYC verifications. It also helps in keeping track of all the transactions, reports, and every real-time information related to the purchase as well.
Solutions overview in the Global Artificial Intelligence in BFSI Market
Based on the solutions, the global artificial intelligence in the BFSI market segmented into Chatbots, Fraud Detection & Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics & Prediction, and Others. The chatbots segment has the largest market share in the worldwide artificial intelligence in the BFSI market. The emerging changing banking service dynamics owing to internet penetration has emerged the need for the adoption of chatbots. Chatbots helps in assisting customers' problems in real-time and improves the onboarding process and increases revenue as well.
Technology overview in the Global Artificial Intelligence in BFSI Market
Based on the technology, the global artificial intelligence in the BFSI market categorized into Deep Learning, Querying Method, Natural Language Processing, and Context-Aware Processing. The natural language processing segment accounts for the largest share in the global artificial intelligence in the BFSI market. The natural language processing understands human speech and assists them in solving their queries in digital banking.
Region Overview in the Global Artificial Intelligence in BFSI Market
Based on geography, the global artificial intelligence in the BFSI market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America has the most extensive artificial intelligence in the BFSI market share and expected to maintain its dominant position during the forecast period. It is mainly owing to the emerging adoption of artificial intelligence in the various industry that has enhanced the functioning and improve the scalability of the banking systems. Thus, artificial intelligence in the BFSI is propelling the market demand in North America.
Global Artificial Intelligence in BFSI Market: Competitive Landscape
Companies such as Intel, NVIDIA, Samsung Electronics, Xilinx, Micron Technology, IBM, Microsoft, Google Inc, Amazon Web Services, Facebook, Baidu, Oracle, Salesforce, SAS, SAP SE, General Electric, Cisco, Rockwell Automation, Siemens, Graphcore and other key players in the global artificial intelligence in BFSI market.