WESTFORD, Mass., June 25, 2024 /PRNewswire/ -- As per SkyQuest, the global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market size was valued at USD 20.15 Billion in 2022 and is poised to grow from USD 26.24 Billion in 2023 to USD 246.04 Billion by 2031, growing at a CAGR of 32.5% in the forecast period (2024-2031).
Artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market is supported by the increasing digitization of the BFSI sector and advancements in AI technology. Growing emphasis on reducing transaction costs and increasing emphasis on resource utilization are also projected to help artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market development going forward. The global artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market is segmented into component, application, and region.
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Artificial Intelligence (AI) In Banking, Financial Services, And Insurance (BFSI) Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 26.24 billion |
Estimated Value by 2031 | $ 246.04 billion |
Growth Rate | Poised to grow at a CAGR of 32.5% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application, Technology and End User |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Enhanced Customer Experience |
Key Market Drivers | Operational Efficiencies and Cost Reductions |
Segments covered in Artificial Intelligence (AI) In Banking, Financial Services, And Insurance (BFSI) Market are as follows:
- Component
- Hardware, Software, Service
- Application
- Chatbot, Cyber Security, Risk Management, Predictive Analytics, Data Collection & Analysis, Others
- Technology
- Machine Learning, Natural Learning Processing, Generative AI, Computer Vision, Others
- End-User
- Banking, Financial Services, Insurance
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Risk Management Takes Precedence in Artificial Intelligence (AI) in Banking, Financial Services, And Insurance (BFSI) Market
As the BFSI industry goes digital, they are more prone to the rapidly evolving cyber threat landscape, and this has bolstered the demand for better risk management. High emphasis on compliance with modern risk management and data privacy mandates is bolstering the adoption of artificial intelligence in the BFSI industry. A growing number of digital transactions and the expansion of complex financial products are also estimated to promote the demand for AI-powered risk management solutions in BFSI companies over the coming years.
As the number of digital transactions increases in the BFSI industry so does the need for better customer service as well. This is why the use of artificial intelligence to enhance customer experience and deliver better service is projected to increase rapidly in the BFSI space across the forecast period and beyond. AI chatbots and IVR systems powered by artificial intelligence are projected to help artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market expand through the customer service application sub-segment in the future.
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AI Solutions and Services to Remain Equally Crucial for AI in BFSI Market Growth in the Future
High use of AI-powered tools such as fraud detection, chatbots, risk management tools, etc. in the BFSI industry is allowing the solutions sub-segment to hold sway over the global market. Increasing modernization and digitization of banks and financial institutions is also estimated to boost the demand for AI solutions and tools over the coming years. High emphasis on improving the efficiency and security of transactions in this increasingly complex BFSI landscape is estimated to help the solutions sub-segment bolster market development through 2031.
High demand for integration of AI solutions in the banking and financial sector is projected to help the services sub-segment expand at a rapid pace in the future. The requirement of training, maintenance, and consulting for various AI tools and solutions being used in the BFSI industry will help the services sub-segment grow rapidly. The need for specialized support and consultation for artificial intelligence (AI) in banking, financial services, and insurance (BFSI) is also expected to augment market growth in the long run.
To conclude, the global artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market will witness bright growth from all segments as AI adoption is still in its initial stages. Efforts to reduce operating costs and high investments in the adoption of AI tools will also favor market growth in the long term. Developing novel AI solutions for BFSI industry and concentrating on providing improved risk management will help artificial intelligence (AI) in banking, financial services, and insurance (BFSI) companies expand their market share going forward.
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