WESTFORD, Mass., June 25, 2024 /PRNewswire/ -- As per SkyQuest,
the global Artificial Intelligence (AI) in Banking, Financial
Services and Insurance (BFSI) Market size was valued at
USD 20.15 Billion in 2022 and is
poised to grow from USD 26.24 Billion
in 2023 to USD 246.04 Billion by
2031, growing at a CAGR of 32.5% in the forecast period
(2024-2031).
Artificial intelligence (AI) in banking, financial services, and
insurance (BFSI) market is supported by the increasing digitization
of the BFSI sector and advancements in AI technology. Growing
emphasis on reducing transaction costs and increasing emphasis on
resource utilization are also projected to help artificial
intelligence (AI) in banking, financial services, and insurance
(BFSI) market development going forward. The global artificial
intelligence (AI) in banking, financial services, and insurance
(BFSI) market is segmented into component, application, and
region.
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Artificial Intelligence (AI) In Banking, Financial Services,
And Insurance (BFSI) Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 26.24
billion
|
Estimated Value by
2031
|
$ 246.04
billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 32.5%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, Application,
Technology and End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Enhanced Customer
Experience
|
Key Market
Drivers
|
Operational
Efficiencies and Cost Reductions
|
Segments covered in Artificial Intelligence (AI) In
Banking, Financial Services, And Insurance (BFSI) Market are as
follows:
- Component
- Hardware, Software, Service
- Application
- Chatbot, Cyber Security, Risk Management, Predictive Analytics,
Data Collection & Analysis, Others
- Technology
- Machine Learning, Natural Learning Processing, Generative AI,
Computer Vision, Others
- End-User
- Banking, Financial Services, Insurance
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Risk Management Takes Precedence in Artificial Intelligence
(AI) in Banking, Financial Services, And Insurance (BFSI)
Market
As the BFSI industry goes digital, they are more prone to the
rapidly evolving cyber threat landscape, and this has bolstered the
demand for better risk management. High emphasis on compliance with
modern risk management and data privacy mandates is bolstering the
adoption of artificial intelligence in the BFSI industry. A growing
number of digital transactions and the expansion of complex
financial products are also estimated to promote the demand for
AI-powered risk management solutions in BFSI companies over the
coming years.
As the number of digital transactions increases in the BFSI
industry so does the need for better customer service as well. This
is why the use of artificial intelligence to enhance customer
experience and deliver better service is projected to increase
rapidly in the BFSI space across the forecast period and beyond. AI
chatbots and IVR systems powered by artificial intelligence are
projected to help artificial intelligence (AI) in banking,
financial services, and insurance (BFSI) market expand through the
customer service application sub-segment in the future.
View report summary and Table of Contents (TOC):
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AI Solutions and Services to Remain Equally Crucial for AI in
BFSI Market Growth in the Future
High use of AI-powered tools such as fraud detection, chatbots,
risk management tools, etc. in the BFSI industry is allowing the
solutions sub-segment to hold sway over the global market.
Increasing modernization and digitization of banks and financial
institutions is also estimated to boost the demand for AI solutions
and tools over the coming years. High emphasis on improving the
efficiency and security of transactions in this increasingly
complex BFSI landscape is estimated to help the solutions
sub-segment bolster market development through 2031.
High demand for integration of AI solutions in the banking and
financial sector is projected to help the services sub-segment
expand at a rapid pace in the future. The requirement of training,
maintenance, and consulting for various AI tools and solutions
being used in the BFSI industry will help the services sub-segment
grow rapidly. The need for specialized support and consultation for
artificial intelligence (AI) in banking, financial services, and
insurance (BFSI) is also expected to augment market growth in the
long run.
To conclude, the global artificial intelligence (AI) in banking,
financial services, and insurance (BFSI) market will witness bright
growth from all segments as AI adoption is still in its initial
stages. Efforts to reduce operating costs and high investments in
the adoption of AI tools will also favor market growth in the long
term. Developing novel AI solutions for BFSI industry and
concentrating on providing improved risk management will help
artificial intelligence (AI) in banking, financial services, and
insurance (BFSI) companies expand their market share going
forward.
Related Reports:
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Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Robots Market
About Us:
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Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
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USA (+1) 351-333-4748
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