Global Artificial Intelligence in BFSI Market Size to Reach USD 236.87 Billion in 2032 | Emergen Research

Vancouver, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global Artificial Intelligence in BFSI market size is expected to reach USD 236.87 Billion at a steady CAGR of 36.5% in 2032, according to latest analysis by Emergen Research. Artificial intelligence (AI) is the future of banking and is being used to combat fraudulent transactions and improve compliance. AI algorithms accomplish anti-money laundering services, which generally takes hours or days to complete. AI also enables banks to manage large volumes of data at rapid speed and to derive valuable insights, which is driving deployment and market growth to a significant extent.

Changing customer expectation has extended bank’s need to enable e-banking, mobile banking, and real-time money transfer services. Advancements in technology have allowed customers to avail banking services at their fingertips anytime and anywhere, which is propelling adoption of AI in the BFSI sector. Increase in online security threats in banking transactions has also resulted in implementation of more stringent government regulations. These regulations are useful to monitor online financial services, which limit the capability of a bank, which in turn is expected to restrain growth of the Artificial Intelligence in BFSI marker to a certain extent going forward.

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Another driving factor of market growth is ability of AI to help evaluate probability of a client failing to pay back a loan by analyzing past behavior and patterns. AI helps in predicting future behavior and decides on eligibility of loan of a client. Possible currency fluctuations, political unrest, and natural disasters have serious impact on banking operations, which are considered while making any business decisions. AI is also used in the BFSI sector to prepare for such unexpected situations and events.

Scope of Research

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MAJOR COMPANIES and Competitive Landscape

The global Artificial Intelligence in BFSI market is consolidated, with few small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the Artificial Intelligence in BFSI market. Some prominent players operating in the market are:

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

Strategic Development

• 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 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.

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Some Key Highlights in the Report

• In February 2021, Google Cloud and BBVA announced their strategic partnership to transform the bank’s security strategy by improving and optimizing its security infrastructure. According to the agreement, the collaboration will help in the development of groundbreaking new AI and machine learning models to forecast and intercept cyberattack against BBVA’s banking infrastructure, thereby offering a secure experience to bank and its customers and shape its “Security Operations Center (SOC) of the Future” feature.
• Banks are employing AI to disclose and prevent money laundering. The act of laundering money is difficult to detect at a single transaction, and in a wider network of activity. AI and machine learning algorithms are necessary to detect this type of criminal activity where silos across various verticals are broken down. These solutions help to reduce costs of investigating money-laundering schemes by recognizing suspicious activity quickly.
• Natural Language Processing (NLP) is used in banks to automate document processing, analysis, and customer services. NLP is branch of AI which enables computers to understand and process human language and respond. Computers are trained to process text and speech and interpret the meaning of words in context.
• Cognitive process automation uses AI technologies to improve customers and workforce experience. This feature enables automation of a variety of information-intensive, expensive, and error-prone services such as risk management. It also helps in securing ROI, reducing cost, and ensuring accurate and quick processing of services at every step.
• Asia Pacific market revenue is expected to increase at the fastest growth rate during the forecast period due to increasing focus on large scale investment to boost productivity of financial institutions. Innovations in AI and advanced analytics is creating new opportunities across various banking, financial and insurance sectors and the trend is expected to continue in future.

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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; 2019–2032)
  • Software
  • Services
  • Hardware
• Solution Outlook (Revenue, USD Million; 2019–2032)
  • Fraud Detection & Prevention
  • Customer Relationship Management
  • Chabot
  • Anti-money Laundering
  • Data Analytics & Prediction
  • Others   
• Technology Outlook (Revenue, USD Million; 2019–2032)
  • Machine Learning
  • Context Aware Processing
  • Natural Language Processing (NLP)
  • Deep Learning
  • Others
• Application Outlook (Revenue, USD Million; 2019–2032)
  • Risk Management
  • Financial Advisory
  • Compliance & Security
  • Back Office / Operation Customer Service
• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. Benelux
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Taiwan
    6. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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