Global Artificial Intelligence (AI) in BFSI MarketPosted by maximizenetworkid on January 12th, 2021 Global Artificial Intelligence (AI) in BFSI Market was valued at USD xx Mn in 2019 and is expected to reach at USD xx Mn by 2027 at a CAGR of xx% over the forecast period 2020-2027.
Global Artificial Intelligence (AI) in BFSI Market Dynamics: BFSI is one of the fastest growing verticals for artificial intelligence adoption in the field. This is due to the increasing progress in different industries in artificial intelligence and machine learning around the globe. AI's ability to respond probabilistically to uncertain real-world inputs is one of its crucial features in the BFSI industry. Analytics; bots; robotic process automation (RPA); and report generation are among the main applications of artificial intelligence in banking. In the current BFSI business scenario, consumer preference varies widely. Artificial intelligence has helped banks and financial institutions adjust and tailor their service to customer requirements. By deploying bots for customer support, AI has allowed financial institutions to reduce their long-term costs. Increased understanding of banks' use of AI in BFSI instruments to improve their operational efficiency and provide better customer experience. With growing competition from fintech firms, banks will be encouraged to opt for more innovative and smart technologies and services, creating new avenues for AI growth in the BFSI industry. Global Artificial Intelligence (AI) in BFSI Market is segmented by component, by technology, application, by end-use and by region. By component, solution accounted for a major share in 2019 and is expected to keep its dominance over the forecast period owing to the security and evaluation of know your customer (KYC) verification process is highly simplified by software tools. Chatbot is the leading segment among the solutions due to driven by natural language processing; banks and other financial institutions provide easy access to common customer service questions, enhance on-boarding processes, and increase sales performance. In addition, it increases cost efficiency by reducing consumer acquisition costs on a wide scale and gathers input from consumers on the market in real time. By Technology, National Language Processing (NLP) held the highest market share in 2019 due to the rising usage of NLP in financial services is expanding beyond its use in banking, insurance and hedge funds. By geography, global Artificial Intelligence (AI) in BFSI market is segmented into North America, APAC, Europe, ME & Africa, and South America. Among these, Europe held the highest market share of xx% in 2019 and is expected to keep its dominance over the forecast period owing to widespread acceptance of innovations and the forthcoming analytics technology among the large numbers of vendors operational in the region. Several European countries are also integrating process analytics tools into their current analytics portfolio to receive fast and actionable executive insights to keep pace with their analytical-driven rivals in other regions. The service in the market in North America is forecasted to provide a huge market scope for the adoption of process analytics tools. The objective of the report is to present a comprehensive analysis of the Global Artificial Intelligence (AI) in BFSI Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Artificial Intelligence (AI) in BFSI Market dynamics, structure by analyzing the market segments and project Global Artificial Intelligence (AI) in BFSI Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Artificial Intelligence (AI) in BFSI Market the report investor’s guide. Global Artificial Intelligence (AI) in BFSI Market Visit Full Report Below Links : Global Artificial Intelligence (AI) in BFSI Market Segmentation by Component • Solution • Machine Learning • Back Office/Operation • Banks • North America • Amazon Web Services, Inc About Us: Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors. Contact info: Like it? Share it! More by this author |
