Westford, USA, May 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market will attain a value of USD 180.93 billion by 2031, with a CAGR of 31.8% over the forecast period (2024-2031). The market is facing a wave of global artificial intelligence (AI) revolution, driven by a combination of changing consumer demands and technological advances. The rise in recognition and adoption of digital mechanization among BFSI organizations with tremendous potential of AI to deliver cost savings and efficiency gains is considered a prime growth factor. As a result, investments in AI technology by banks, corporations, insurers and other financial institutions worldwide have soared.
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Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 19.87 billion |
| Estimated Value by 2031 | USD 180.93 billion |
| Growth Rate | Poised to grow at a CAGR of 31.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rise of Expression AI |
| Key Market Drivers | Operational Efficiencies and Cost Reductions |
Risk Management Segment to Dominate Due to Rise in Mitigation Strategies
Risk management is a dominating segment of the market. Risk management accounted for the largest market revenue share by 2023. The evolving nature of financial fraud and cybersecurity threats requires sophisticated use of AI capabilities, early risk detection and management of fraud. AI-enabled risk management tools provide in-depth analysis and modeling capabilities, thereby helping banks reduce risk across a range of complex financial products and services. The improvement in analyzing and addressing underlying risks through business solutions significantly strengthens the risk management stage.
Customer Service Segment to Drive Market Due to the Growing Speed of Query Resolution
The customer service segment is estimated to register the highest CAGR during the forecast period. Banking places a strong emphasis on delivering a customer-focused and effective experience. AI-powered solutions deliver responsive yet highly personalized customer service through chatbots, virtual assistants, and voice recognition systems. As consumer expectations continue to evolve, the demand for increased speed solving the query enables four strategies to be integrated, where a consistent experience is easy to use.
North America Holding Dominance Due to Rise in Digitization Rate
North America emerged dominant in 2023. This is owing to the presence of well-established technological infrastructure and facilities coupled with the rapid rate of digitization in its banking industry, thereby creating a favorable environment. Early adoption of latest innovation and mechanization in countries like US and Canada continues to be driven by the presence of leading AI technology providers, enabling AI integration and growth within the banking sector of the entire region.
Asia-Pacific is expected to grow at the largest CAGR during the forecast period. AI in the banking industry is booming in Asia Pacific due to the growth of the fintech industry, the rapid pace of digital transformation and the increasing number of people who have access to digital banking services. Growing economies within Asia Pacific, such as China and India, driven by institutions of new fintech startups and aggressive investments from the established economy. Additionally, banking is witnessing increasing adoption of AI, the rise of smartphones and the demand for convenient and efficient banking services among various regional customers is driving the adoption of AI technology in banking in markets.
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Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market Insights:
Drivers
- Operational Efficiencies and Cost Reductions
- Enhanced Customer Experience
Restraints
- High Initial Investment
- Regulatory and Compliance Issues
Prominent Players in Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market
- Google LLC (Alphabet, Inc.)
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- NVIDIA Corporation
- Palo Alto Networks, Inc.
- Tencent Holdings Limited
- Amazon Web Services Inc
- Avaamo Inc
- Baidu Inc
- Cape Analytics LLC
- Oracle Corporation
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Key Questions Answered in Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market Report
- What is the current market size of Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market size?
- Who are the key players in Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market?
- Which is the fastest growing region in Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market?
- Which region has the biggest share in Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market?
This report provides the following insights:
- Analysis of key drivers (operational efficiencies and cost reductions, enhanced customer experience), restraints (data privacy and security issues, ethical and legal challenges), opportunities (rise of expression AI), influencing the growth of Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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