Rise in technological advancements, increase in preferences for personalized financial services, and significant business expansion across the world drive the growth of the global AI in BFSI market
PORTLAND, Oregon, Dec. 6, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Intelligence in BFSI Market by Offerings (Hardware, Software, and Services), Solution (Chatbots, Fraud Detection & Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics & Prediction, and Others), Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing) : Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global AI in BFSI industry was estimated at $17.76 billion in 2018 and is expected to hit $247.36 billion by 2026, registering a CAGR of 38.0% during the estimated period.
Drivers, restraints & opportunities-
Increase in technological advancements, rise in preferences for personalized financial services, and remarkable business expansion across the world fuel the growth of the global AI in BFSI market. On the other hand, several security concerns and low adoption of artificial intelligence in businesses curtail down the growth to some extent. Nevertheless, demand for greater customer experience is expected to create an array of opportunities for the frontrunners in the industry.
The software segment to retain its dominance during the estimated period-
Based on offering, the software segment accounted for the major share in 2018, garnering nearly two-thirds of the global AI in BFSI market and is expected to dominate during the forecast period. This is attributed to the benefits provided by financial industries immensely to track transactions, verify data, generate reports, and extract information related to customers. At the same time, the hardware segment would cite the fastest CAGR of 39.6% by 2026. This is due to hardware allows machines to process large unparalleled amount of data for various Banking, financial services, and insurance industry in the market.
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The chatbots segment to lead the trail during the study period-
Based on solution, the chatbots segment held nearly one-third of the global AI in BFSI market revenue in 2018, and is anticipated to retain its top status during the estimated period. The same segment is also projected to register the fastest CAGR of 39.4% till 2026. This is owing to banks and other financial institutions are integrating chatbots access to quickly assist common customer service queries, enhance onboarding processes, and improve sales effectiveness.
North America to rule the roost by 2026-
Based on geography, North America contributed to nearly half of the global AI in BFSI market share in 2018, and is predicted to maintain its lion's share throughout the forecast period. The commercial banks in this region are prioritizing technological advancements, with higher investments in artificial intelligence technology aiming at improving customer services and increasing revenue in their businesses. Simultaneously, the region across Asia-Pacific would grow at the fastest CAGR of 42.7% during the period 2019–2026. The fact that banks and other financial institutions are focused on large scale investments has driven the adoption of artificial intelligence in the region.
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Key players in the market-
- Baidu, Inc.
- Alphabet Inc. (Google)
- International Business Machines Corporation (IBM),
- Microsoft Corporation
- Intel Corporation
- Oracle Corporation
- Palantir Technologies Inc.
- Inbenta Technologies, Inc.
- SAP SE
- Salesforce.com, Inc.
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SOURCE Allied Market Research