Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028.
Increasing usage of Artificial Intelligence in BFSI for fraud prevention is driving growth of the market
The insightful data and information in the report have been gathered from a wide range of primary and secondary sources. The extensive overview of the market is also inclusive of an in-depth summary of the competitive landscape of the market on both regional and global levels.
The report elaborates on various national and international business development prospects and explains the competitive landscape of the global Artificial Intelligence in BFSI market
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AI is finding several applications in back-office operations. Robotic process automation is helping in automating repetitive, rule-based tasks, which streamline meticulous and tiresome tasks, and avoid errors.
AI helps financial institutions to optimize salary budget by eliminating the need to hire new employees for repetitive tasks, which in turn is fueling market growth.
Some Key Highlights From the Report.
- 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.
- Artificial Intelligence is proving to be a major game changer in risk management. Financial institutions are prone to risk due to the type of sensitive information they handle on daily basis. AI streamlines management of those risks in a growing competitive industry and new algorithms are being developed to completely automate the risk management process.
- Amazon Web Services (AWS) Inc.
- Google LLC
- CognitiveScale Inc.
- Descartes Labs Inc.
- Avaamo Inc.
- Intel Corporation
- Baidu Inc.
- SAP SE
- Microsoft Corporation
- Oracle Corporation
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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:
- 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)
- Machine Learning
- Context Aware Processing
- Natural Language Processing (NLP)
- Deep Learning
- Application Outlook (Revenue, USD Million; 2018–2028)
- Risk Management
- Financial Advisory
- Compliance & Security
- Back Office / Operation Customer Service
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