Increase in the demand for AI based security features, rise in preferences for personalized financial services, and developments in advanced technologies contribute towards the growth of the market.
PORTLAND, Ore., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Intelligence in BFSI Market by Offering (Hardware, Software, and Services), Solution (Chatbots, Fraud Detection & Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics & Prediction, and Others), and Technology (Machine Learning, Natural Language Processing, Computer Vision, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global artificial intelligence in BFSI industry generated $ 22.5 billion in 2022, and is anticipated to generate $ 368.6 billion by 2032, witnessing a CAGR of 32.5% from 2023 to 2032.
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- 127 - Tables
- 48 - Charts
- 260 - Pages
Prime determinants of growth
The increase in need to optimize operational costs and the availability of large data sets to leverage AI-based solutions propel the growth of the artificial intelligence in BFSI market. However, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating artificial intelligence in BFSI usage, are some of the factors that limit the artificial intelligence in BFSI market growth. Conversely, utilization of chatbots, blockchain, and other services is expected to improve consumer engagements which fuel the growth of the market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $22,459.62 Million |
Market Size in 2032 | $368,638.57 Million |
CAGR | 32.5 % |
No. of Pages in Report | 425 |
Segments covered | Offering, Solution, Technology, and Region. |
Drivers | Increase in the demand for AI based security features Increase in preferences for personalized financial services |
Developments in technology | |
Opportunities | Developments in digitalization in the banking sector The emergence of fintech startups |
Restraints | Lack of awareness and privacy concerns |
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The software segment to maintain its leadership status throughout the forecast period
Based on offering, the software segment held the highest market share in 2022, accounting for nearly three-fifths of the global artificial intelligence in BFSI market revenue, owing to the fact that artificial intelligence enabled software verifies data and generates reports, reviews documents according to the given parameters, and extracts information for further decision-making process. However, the hardware segment is projected to attain the highest CAGR of 35.0% from 2023 to 2032. This is because hardware accelerators mark a significant trend in the global AI in BFSI market, becoming a major driver for the improvement in the accuracy of AI models for hardware technologies.
The chatbots segment to maintain its leadership status throughout the forecast period
Based on solution, the chatbots segment held the highest market share in 2022, accounting for more than one-third of the global artificial intelligence in BFSI market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the fact that chatbots, which are powered by natural language processing, provide banks and other financial institutions the access to quickly assist common customer service queries, enhance on-boarding processes, and improve sales effectiveness. However, the fraud detection and prevention segment is projected to attain the highest CAGR of 36.8% from 2023 to 2032. This is because it provides real-time and advanced cyber-security solutions to protect data and user privacy. It improves customer experiences and helps enhance company reputation by mitigating financial risk.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global artificial intelligence in BFSI revenue, owing to the fact that North America region is witnessing an increase in the number of AI-driven startups, which are providing innovative solutions to the BFSI sector. However, the Asia-Pacific region is expected to witness the fastest CAGR of 36.3% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is due to the widespread adoption of smartphones and the increasing preference for mobile banking and payments present a significant growth factor. AI-driven mobile banking applications offer seamless and secure transactions, fraud detection, and personalized financial insights.
Leading Market Players: -
- Amazon Web Services, Inc.
- Baidu, Inc.
- Google LLC
- Intel Corporation
- IBM Corporation
- Microsoft Corporation
- Oracle
- SAP SE
- Salesforce, Inc.
- Palantir Technologies Inc.
The report provides a detailed analysis of these key players of the global artificial intelligence in BFSI market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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