Artificial Intelligence in BFSI Market Emerging Trend, Future Growth, Industry Analysis, Share and Forecasts Report 2028
Increasing usage of Artificial Intelligence in BFSI for fraud prevention is driving growth of the market
VANCOUVER, BC, CANADA, May 5, 2022 /EINPresswire.com/ — Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028, according to latest analysis by Emergen Research. Artificial Intelligence (AI) helps in predicting future trends based on analysis of past behavior of customers, and also helps banks to detect patterns in laundering, identify fraud, and make customer recommendations. These advantages are resulting in increasing deployment of AI in banking operations, which is driving revenue growth of the global Artificial Intelligence in BFSI market.
AI understands customer behavior and allows banks to customize financial products and services by adding personalized features to build strong relationships with customers. Digital payment advisors, Artificial Intelligence bots, and biometric fraud detection mechanisms result in high quality of services to a wider customer base. AI helps in increasing revenue, reducing costs, and boosting potential of profit.
The report discusses in detail the increase opportunities, challenges, marketplace drivers and restraints, limitations, threats, and demands of the Artificial Intelligence in BFSI marketplace. The study further assesses the regional market as well as the global marketplace to garner an insight into the scope of the market. The report additionally provides deeper insights into the technological advancements, business landscape, and emerging product and technological trends in the Artificial Intelligence in BFSI market. It gives fruitful insights into the business sphere to help groups capitalize at the beneficial increase opportunities.
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Some Key Highlights
In February 2021, FinMkt, which is a loan origination and point of sale financing SaaS provider, announced its partnership with Persistent, which is a global solutions company that delivers enterprise modernization, next-generation product engineering, and digital business acceleration. The partnership will allow small and mid-sized financial institutions to accelerate the digital lending strategies. FinMkt will ramp up its Artificial Intelligence and machine learning capabilities to provide financial institutions with significant insights to shape their credit policies.
Fraud detection & prevention units in BFSI companies are using Artificial Intelligence to eliminate such activities. Big data is characterized by volume & value and by capturing and processing this in real-time, and Natural Language Processing (NLP) algorithms can detect inconsistencies and discrepancies and ensure fraud prevention.
Machine learning provides banking companies the opportunity to enhance their business by improving performance and efficiency of BFSI activities. Machine learning attempts to study, identify and classify patterns and make decisions from data collected over time. Machine learning can be used to produce accurate and rapid results, which will drive demand among BFSIs.
The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Key Players Profiled in the Report are:
Amazon Web Services (AWS), Inc., Google LLC, CognitiveScale, Inc., Descartes Labs, Inc., Avaamo, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation.
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Furthermore, the report provides a comprehensive overview of the Artificial Intelligence in BFSI market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.
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Emergen Research has segmented the global Artificial Intelligence in BFSI market on the basis of offering, solution, technology, application, and region:
Offering Component Outlook (Revenue, USD Million; 2018–2028)
Solution Outlook (Revenue, USD Million; 2018–2028)
Fraud Detection & Prevention
Customer Relationship Management
Anti money Laundering
Data Analytics & Prediction
Technology Outlook (Revenue, USD Million; 2018-2028)
Context Aware Processing
Natural Language Processing (NLP)
Application Outlook (Revenue, USD Million; 2018–2028)
Compliance & Security
Back Office / Operation Customer Service
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Artificial Intelligence in BFSI market expected to boost the growth of the industry in the coming years.
Key Questions Answered in the Report:
What is the growth rate of the Artificial Intelligence in BFSI market? What is the anticipated market valuation of Artificial Intelligence in BFSI industry by 2028?
What are the key growth driving and restraining factors of the Artificial Intelligence in BFSI market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the Artificial Intelligence in BFSI industry over the forecast period?
Which region is expected to show significant growth in the coming years?
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