AI in BFSI Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031
AI in BFSI market is anticipated to grow at an exponential CAGR of 34.3% during the forecast period. The market growth is attributed to the growing demand for AI in banking to enhance efficiency, security, and customer experiences, automate routine tasks such as data entry and fraud detection, reducing operational costs with AI-driven chatbots providing 24/7 customer support globally. The BFSI sector is recognizing that one of the main drivers of its rapid expansion is the potential of artificial intelligence and related platforms. To realize AI’s full potential in automating risk management, customer relationship management, and data analytics and prediction, industries all across the globe are choosing to invest and work together. For instance, in December 2022, Deutsche Bank announced a multi-year innovation partnership with NVIDIA to accelerate the use of artificial intelligence (AI) and machine learning (ML) in the financial services sector. Combining Deutsche Bank’s financial industry expertise with NVIDIA’s leadership in AI and accelerated computing will hasten the development of a broad range of regulatory-compliant AI-powered services.
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To support companies using AI, machine learning, and advanced analytics to fight fraud, manage risk, and better serve customers, and others. Market player’s commitment to investing in innovation while delivering the market’s best analytics. For instance, in May 2023, SAS Institute Inc. announced an investment of $1.0 billion over the next three years to further develop advanced analytics solutions targeted at the unique needs of specific industries. In banking, government, insurance, and others, SAS builds upon its decades-long focus on providing tailored solutions to industry challenges.
By evaluating past data and forecasting future trends, artificial intelligence (AI) may provide tailored recommendations for financial products and investment opportunities, improving the client experience all around. By doing this, financial institutions can harness AI capabilities with significant upfront investments and lessen the strain on their on-premises infrastructure. For instance, in September 2023, EY introduced of artificial intelligence platform EY.ai following a $1.4 billion investment. EY investment has provided the foundation to introduce EY.ai, a new unifying platform to help organizations confidently adopt artificial intelligence (AI). EY.ai innovative EY technology platforms and AI capabilities, with deep experience in strategy, transactions, transformation, risk, assurance, and tax, all augmented by a robust AI ecosystem.
Global AI in BFSI Market Report Segment
By Component
- Hardware
- Software
- Services
By Technology
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Computer Vision
By Application
- Chatbots
- Fraud Detection and Prevention
- Anti-Money Laundering
- Customer Relationship Management
- Data Analytics and Prediction
- Automating Risk Management
- Others (Managing investment portfolios)
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Company Profiles
- Accenture PLC
- Avaamo, Inc.
- Boston Consulting Group, Inc.
- Brighterion Inc.
- Capgemini SE
- DataRobot, Inc.
- HCLTech Ltd.
- HighRadius Corporation
- Inbenta Technologies Inc.
- Intel Corporation
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