Global AI in BFSI Market Anticipated to Generate a Revenue of $84,337.5 Million and Grow at a CAGR of 21.4% during the forecast period from 2021 to 2028 [220-Pages] | Report by Research Dive

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10 Jun, 2022, 13:15 GMT

The AI in the BFSI market is expected to see significant growth by 2028, due to the increasing demand for AI-based security features. The solution sub-segment is expected to be the most lucrative. The North America region is expected to be dominant.

NEW YORK, June 10, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "AI in BFSI Market by Component (Solution and Services), Application (Front Line, Mid Office, and Back Office), End-Use (Bank, Insurance, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

The global AI in the BFSI market is anticipated to generate a revenue of $84,337.5 million and rise at a CAGR of 21.4% during the estimated timeframe from 2021 to 2028.

Dynamics of the AI in BFSI Market

With the increasing demand for AI-based security features to increase greater client loyalty and generate higher revenue in the BFSI sectors, the market is predicted to experience striking growth during the analysis timeframe. Besides, the growing adoption of chatbot solutions in the banking, e-commerce, telecom, and retail sectors are further expected to boost the growth of AI in the BFSI market over the forecast period. Moreover, the rising utilization of AI-based technologies, such as natural language processing, and robotic process automation, is expected to foster the growth of the market throughout the estimated timeframe. However, the lack of awareness and privacy concerns may restrain the growth of the market during the forecast period.

Avail Exclusive Sample Report of AI in BFSI Market

Impact of Covid-19 on AI in BFSI Market

Though the outbreak of the novel coronavirus has devastated several other industries, it has had a moderate impact on the AI in BFSI market. Initially, the market has seen a downfall due to a standstill economy throughout the world caused by the spread of the virus. However, later on, the growing usage of technological advancements across various industries for greater flexibility and scalability in their performances has created enhanced growth opportunities for the market during the period of crisis.

Know about Post COVID-19 Impact on AI in BFSI Market. Connect with our Expert Analyst to Get Data as per your Format and definition

Segments of the AI in BFSI Market

The report has divided the AI in the BFSI market into segments based on component, application, end-use, and region.

  • By component, the solution sub-segment is predicted to be most lucrative and expected to garner a revenue of $50,606.0 million during the analysis timeframe. The rising demand for the AI-based solutions such as voice banking, biometric authentication, customer segmentation, and many more are predicted to drive the growth of the market sub-segment over the forecast period.
  • By application, the front-line sub-segment is expected to be the most productive and predicted to generate a revenue of $45,246.8 million over the forecast period. The rising utilization of artificial intelligence in various operations, such as customer analytics, investment portals, trading, and many more, is predicted to amplify the growth of the market sub-segment during the analysis timeframe.
  • By end-use, the bank sub-segment is predicted to be most profitable and expected to generate $38,893.2 million during the analysis period. The growing implementation of AI in the banking sector to generate customer awareness for various advantages, such as availing of customized services, personalized offers, and many others, is expected to uplift the growth of the market sub-segment over the estimated period.
  • By region, the North America region is expected to hold the largest share of the market and is estimated to garner $32,706.1 million over the estimated timeframe. Moreover, the increasing government investments in the AI domain are predicted to drive regional growth of the market during the analysis timeframe.

Key Players of the Market

The major players of the AI in the BFSI market include

  1. Google LLC
  2. Intel Corporation
  3. Oracle Corporation
  4. Avaamo, Inc.
  5. Salesforce.com
  6. Amelia
  7. Microsoft Corporation
  8. SAP SE
  9. Amazon Web Services (AWS), Inc.
  10. Baidu, Inc, and many more.

These players are working on the development of new strategies and tactics to acquire leading positions in the global industry.

For instance, in August 2021, Talisma, a leading digital customer engagement platform, announced its partnership with Active.Ai, a renowned Singapore-based Fintech company, to make use of conversational AI chatbots to enhance the customer experience in BFSI sectors. 

Further, the report also presents other crucial aspects such as SWOT analysis, latest strategic developments, product portfolio, and the financial performance of key players.

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