Artificial Intelligence in BFSI Market
OREGAON, PORTLAND, UNITED STATES, September 5, 2022 /EINPresswire.com/ — Allied Market Research published a latest report, titled, “Artificial Intelligence in BFSI Market by Offerings (Hardware, Software, and Services), Solution (Chatbots, Fraud Detection & Prevention, Anti-Money Laundering, Customer Relationship Management, Data Analytics & Prediction, and Others), Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing) : Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global AI in BFSI industry was estimated at $17.76 billion in 2018 and is expected to hit $247.36 billion by 2026, registering a CAGR of 38.0% during the estimated period.
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Rise in technological development, increase in preferences for personalized financial services, and remarkable business expansion across the world fuel the growth of the global AI in BFSI market. On the other hand, several security concerns and low adoption of artificial intelligence in businesses curtail down the growth to some extent. Nevertheless, demand for greater customer experience is expected to create an array of opportunities for the frontrunners in the industry.
The software segment to maintain its dominance during the forecast period-
By offering, the software segment contributed to nearly two-thirds of the total market in 2018, and is projected to rule the roost during the from 2019 to 2026. The hardware segment, on the other hand, would showcase the fastest CAGR of 39.6% by the end of 2026. The services segment is also mentioned in the market report.
The chatbots segment to lead the trail by 2026-
By solution, the chatbots segment accounted for nearly one-third of the total market share in 2018, and is expected to maintain the lion’s share during the study period. The same segment would also manifest the fastest CAGR of 39.4% throughout the forecast period. The other segments discussed in the report include fraud detection & prevention, anti-money laundering, customer relationship management, and data analytics & prediction.
Fraud Detection & Prevention
Customer Relationship Management
Data Analytics & Prediction
Natural Language Processing
Context Aware Processing
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North America to rule the roost by 2026-
Based on geography, North America contributed to nearly half of the global AI in BFSI market share in 2018, and is predicted to maintain its lion’s share throughout the forecast period. The commercial banks in this region are prioritizing technological advancements, with higher investments in artificial intelligence technology aiming at improving customer services and increasing revenue in their businesses. Simultaneously, the region across Asia-Pacific would grow at the fastest CAGR of 42.7% during the period 2019–2026. The fact that banks and other financial institutions are focused on large scale investments has driven the adoption of artificial intelligence in the region.
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Key players in the market-
Alphabet Inc. (Google)
International Business Machines Corporation (IBM),
Palantir Technologies Inc.
Inbenta Technologies, Inc.
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