AI in BFSI Market to Hit US$140 Billion by 2028, Says Global Market Insights Inc.

The growing demand for analyzing, reporting and collecting large volume of data and obtaining useful insights to support banking processes will support the growth of the market. The increasing adoption of advanced technologies, including big data, blockchain, cloud computing and biometrics, generates a lot of data. AI-based solutions are integrated with machine learning algorithms to help banks collect and analyze data. It provides in-depth analysis of customer data and helps banks make decisions, enabling operational efficiency and higher return on investment.

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The data analytics and visualization solutions segment is expected to grow at a CAGR of over 30% from 2022 to 2028. The demand for data analytics in financial enterprises has grown exponentially, which is attributed to the continued growth of digital data and the growing inclination towards the customer. – centered business model. Data analytics and visualization solutions help BFSI companies analyze large volume of structured and unstructured data and provide in-depth analysis. They also help organizations identify customer needs and provide personalized services.

The computer vision technology segment is expected to grow significantly over the forecast period. Insurance and wealth management companies use automated processing with computer vision technology to analyze digital information. Businesses are leveraging computer vision to automate the analysis of digital information such as images, content, and more. This technology is also used in processes such as automated data subscription and extraction.

The customer service segment is expected to hold a market share of over 40% in the global AI market in the BFSI market by 2028. Growing competition in the BFSI industry and the need to acquire a large customer base drive companies to focus on improving customer relationships. AI-powered chatbots are being widely deployed in the financial services industry to improve service delivery, handling customer queries, and assisting customers with banking transactions.

The adoption of AI-based solutions for wealth management is growing significantly and is expected to register lucrative gains by 2028. The use of AI-based tools helps wealth managers advise clients based on analyzed historical data and current analysis. It also provides AI-based recommendations and insights specifically tailored to customer needs. For example, in November 2021, Verint, Inc. has announced real-time, AI-driven agent assistance capabilities. These capabilities included sentiment analysis and a new work assistance feature, which gave brands a robust tool to help employees and increase customer satisfaction and loyalty.

North America is expected to hold a substantial share of AI revenue in the BFSI market by 2028. COVID-19 outbreak has severely affected the regional BFSI industry. In response, companies operating in the market are developing innovative solutions to help banking and financial institutions manage their activities. For example, in April 2020, Temenos, a leading banking software company, has launched explainable AI models for banks. This has enabled credit unions and banks to provide quick loans to SMEs and individuals.

Companies operating in the market are focusing on developing advanced AI-based solutions to help banking institutions in data-driven applications. Tech companies are leveraging AI and ML capabilities to improve data collection processes, which is expected to drive demand for AI-based solutions from financial institutions to modernize the data collection process and improve the customer experience. For example, in February 2022, Intel introduced an improved version of the OpenVINO toolkit. This update added support for natural language processing (NLP), improved device portability on hardware, and improved inference performance. This tool helps users develop solutions to handle tasks such as automatic speech recognition, NLP, and human vision emulation.

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Some of the key findings of the AI ​​in BFSI Market report include:

  • Growing adoption of cloud-based services and demand for virtual assistance in BFSI enterprises will support technology development in the market.
  • North America is expected to hold a major market share in AI solutions due to heavy investment in AI technology by companies such as AWS and Google.
  • Major players operating in the AI ​​on BFSI market include Amazon Web Services, Google LLC, Intel Corporation, Microsoft Corporation, and Oracle Corporation, among others.
  • Companies operating in the market are focusing on developing innovative AI-based solutions such as Explainable AI (XAI) models and platforms.

Partial chapters of the table of contents (TOC) of the report:

Chapter 2 Executive Summary

2.1 AI in BFSI Industry 360º Synopsis, 2018 – 2028

2.1.1 Trade trends

2.1.2 Regional trends

2.1.3 Component trends

2.1.4 Technology Trends

2.1.5 Application trends

2.1.6 End-use trends

Chapter 3 AI in BFSI Industry Overview

3.1 Presentation

3.2 Impact of the COVID-19 outbreak

3.3 Evolution of AI in BFSI technology

3.4 AI in BFSI Industry Ecosystem Analysis

3.5 Investment Portfolio

3.6 Patent Analysis

3.7 Regulatory landscape

3.8 Use cases

3.9 Industry impact forces

3.9.1 Drivers of growth Exponentially growing digital data Increased investment in AI Increase partnership between financial institutions and fintech companies Growing need to provide an improved customer experience

3.9.2 Industry Pitfalls and Challenges Data safety and security Black box effect with AI tools

3.10 Analysis of growth potential

3.11 Porter’s analysis

3.12 PESTEL Analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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business sales, UNITED STATES
Global Market Insights Inc.
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SOURCE Global Market Insights Inc.

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