Artificial Intelligence in BFSI Market Size Will Achieve USD 68.23 Billion by 2028 Growing at 36.5% CAGR – Exclusive Report by Emergen Research

The global Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028, according to latest analysis by Emergen Research. Artificial Intelligence (AI) helps in predicting future trends based on analysis of past behavior of customers, and also helps banks to detect patterns in laundering, identify fraud, and make customer recommendations. These advantages are resulting in increasing deployment of AI in banking operations, which is driving revenue growth of the global Artificial Intelligence in BFSI market.

Government rules have become more stringent as online security dangers in financial transactions have increased. These restrictions have limited banks’ capacity to keep up with the digital transformation even if they are useful for monitoring online financial activities. Because they must maintain a capital adequacy ratio in accordance with international regulatory framework rules, banks are unable to invest in technology. Because they are not required to maintain a capital adequacy ratio, agile Financial Technology (FinTech) businesses present a threat to banks. About half of clients worldwide expressed an increased chance to switch banks with these players, according to the 2016 World Retail Banking Report.

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Report Scope:

Forecast Period : 2021-2028

CAGR: 36.5%

Base Year: 2020

Number of Pages: 250

In the next section of the Artificial Intelligence in BFSI market report, readers present thoughts that stimulate insight into a variety of key aspects, including product portfolios, payment structures, trading interfaces, as well as technical sophistication that decisively enlightens the growth prognosis of the target market. A thorough analysis of the dissolution of local stars is also included in the trailing section of the report before conducting a competitive environment overview.

Prominent Players Analyzed in the Report:

Amazon Web Services (AWS), Inc., Google LLC, CognitiveScale, Inc., Descartes Labs, Inc., Avaamo, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation.

Some Key Highlights in the Report

• In February 2021, FinMkt, which is a loan origination and point of sale financing SaaS provider, announced its partnership with Persistent, which is a global solutions company that delivers enterprise modernization, next-generation product engineering, and digital business acceleration. The partnership will allow small and mid-sized financial institutions to accelerate the digital lending strategies. FinMkt will ramp up its Artificial Intelligence and machine learning capabilities to provide financial institutions with significant insights to shape their credit policies.
• Fraud detection & prevention units in BFSI companies are using Artificial Intelligence to eliminate such activities. Big data is characterized by volume & value and by capturing and processing this in real-time, and Natural Language Processing (NLP) algorithms can detect inconsistencies and discrepancies and ensure fraud prevention.
• Machine learning provides banking companies the opportunity to enhance their business by improving performance and efficiency of BFSI activities. Machine learning attempts to study, identify and classify patterns and make decisions from data collected over time. Machine learning can be used to produce accurate and rapid results, which will drive demand among BFSIs.

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Furthermore, the report divides the Artificial Intelligence in BFSI market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.

Emergen Research has segmented the global Artificial Intelligence in BFSI market on the basis of offering, solution, technology, application, and region:

Offering Component Outlook (Revenue, USD Million; 2018–2028)

• Software
• Services
• Hardware

Solution Outlook (Revenue, USD Million; 2018–2028)

• Fraud Detection & Prevention
• Customer Relationship Management
• Chabot
• Anti-money Laundering
• Data Analytics & Prediction
• Others

Technology Outlook (Revenue, USD Million; 2018–2028)

• Machine Learning
• Context Aware Processing
• Natural Language Processing (NLP)
• Deep Learning
• Others

Application Outlook (Revenue, USD Million; 2018–2028)

• Risk Management
• Financial Advisory
• Compliance & Security
• Back Office / Operation Customer Service

The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities,

In conclusion, the report is designed to provide an in-depth analysis of all the key change calculation factors that replicate the decisions that trigger the change, which pushes the player’s winning position profitable on the growth curve despite massive competition in the target Artificial Intelligence in BFSI market.

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