IMARC Group’s report titled “
Artificial Intelligence Ai In Bfsi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The global
artificial intelligence ai in BFSI market size reached US$ 19.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 224.5 Billion by 2032, exhibiting a growth rate (CAGR) of 30.3% during 2024-2032.
Artificial intelligence (AI) in BFSI is utilized to enable computers or computer-controlled robots to perform tasks typically associated with human beings. It possesses the capability to make predictions, offer recommendations, and make decisions that impact both real and virtual environments. AI in BFSI industry is employed particularly for the purpose of fraud detection and regulatory compliance. AI systems can identify and flag potentially fraudulent activities, including money laundering and identity theft. AI in BFSI enables banks to implement AI virtual assistants that monitor transactions and customer behaviors, as well as record and analyze information to ensure compliance with various regulatory systems. Consequently, it is extensively used across countries.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/artificial-intelligence-in-bfsi-market/requestsample
Artificial Intelligence Ai In Bfsi Market Trends and Drivers:
The artificial intelligence (AI) in BFSI market is primarily driven by the elevating digitalization and automation in the banking, financial services, and insurance industry to counter the limitation of conventional credit reporting systems, such as potential errors, incomplete transaction history, and misclassification of creditors. Moreover, the increasing need for AI-based loan and credit systems to analyze customer behavior patterns, even for those with limited credit history, to assess their creditworthiness and provide banks with early warnings about behaviors that may indicate a higher risk of default, is acting as another significant growth-inducing factor. Additionally, the growing adoption of AI and machine learning (ML) technologies to automate repetitive manual tasks for reducing the potential for errors, owing to their ability to sense, learn, and improve over time and manage risks and regulatory compliance while enhancing the overall customer experience is also positively influencing the global market. Besides this, the rising reliance on AI to handle large volumes of data quickly and the expanding BFSI sector across the globe are expected to fuel the artificial intelligence (AI) in BFSI market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Offering:
Software
Hardware
Services
Breakup by Solution:
Chatbots
Fraud Detection and Prevention
Anti-Money Laundering
Customer Relationship Management
Data Analytics and Prediction
Others
Breakup by End User:
Banks
Insurance
Wealth Management
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Amelia
Atos SE
Avaamo Inc.
CognitiveScale Inc.
Inbenta Holdings Inc.
Interactions LLC
International Business Machines Corporation
Microsoft Corporation
NVIDIA Corporation
Palantir Technologies Inc.
SAP SE
SAS Institute Inc
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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