New York, USA, March 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global AI in BFSI market is expected to generate a revenue of $84,337.5 million by 2028, growing at a CAGR of 21.4% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
Dynamics of the AI in BFSI Market
Drivers: Growing demand for AI-based security features is expected to drive the growth of the market during the forecast period. In addition, enhanced customer experience and extensive adoption of chatbot in the banking, retail, & e-commerce sector is expected to bolster the growth of the global AI in BFSI market during the forecast period.
Restraints: Increasing privacy concerns is expected to hinder the growth of the market during the forecast period.
Opportunities: Increasing application of innovative technologies like robotic process automation (RPA) and natural language processing is expected to create ample opportunities for the growth of the global AI in BFSI market during the forecast period.
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COVID-19 Impact on the AI in BFSI Market
The outbreak of COVID-19 has had a moderate impact on the growth of the global AI in BFSI market, owing to the prevalence of lockdowns in various countries across the globe. Customer service business was adversely affected during the pandemic as the world economy was inauspiciously affected. However, improved operational efficiencies and persistent technological advancements in AI had a considerable impact on the market.
Segments of the AI in BFSI Market
The report has divided the market into various segments based on component, application, end-use and region.
Component: Solutions Sub-segment to be Most Profitable
The solutions sub-segment is expected to generate a revenue of $50,606.0 million during the forecast period. Growing demand for AI-based solutions such as customer service improvement, biometric authentication, voice banking, robo-advice, etc. is expected to accelerate the growth of the AI in BFSI market sub-segment during the forecast period.
Application: Front-line Sub-segment to be Most Beneficial
The front-line sub-segment is expected to garner a revenue of $45,246.8 million during the forecast period. Increasing use of AI on the front line in banks to deepen customer relationship, provide seamless customer identification and authentication, and offer personalized insights and & recommendations is expected to bolster the growth of the sub-segment during the forecast period.
End-use: Bank Sub-segment to be Most Lucrative
The bank sub-segment is expected to generate a revenue of $38,893.2 million during the forecast period. AI in banking is extensively implemented to undertake personalized communication, advice, offers, and services. This factor is expected to stimulate the growth of the market sub-segment during the forecast period.
Region: North America Region to Dominate the Global AI in BFSI Market
The North America region is expected to generate a revenue of $32,706.1 million during the forecast period. Increasing investments in AI technology in this region is expected to drive the growth of the market. In addition, immaculate technological advancements in this region are expected to accelerate the growth of the regional AI in BFSI market during the forecast period.
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Key Players of the AI in BFSI Market
The major players of the market include
- Salesforce.com
- Google LLC
- Avaamo, Inc.
- Microsoft Corporation
- Amazon Web Services (AWS), Inc.
- Intel Corporation
- Amelia
- Baidu, Inc.
- SAP SE
- Oracle Corporation, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. - Check How The competitive rivalry among industry leaders is rather intense
For instance, in July 2021, Peak Fintech Group Inc., an innovative Fintech service provider to the Chinese commercial lending sector, announced a major step to begin the acquisition of Zhongke Software Intelligence Ltd., a banking artificial intelligence software provider, in order to maximize its presence in the global AI in BFSI market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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