The global Artificial Intelligence (AI) in BFSI Market was valued at 11.2 billion in 2021 and it is anticipated to grow up to USD 114.6 billion by 2031, at a CAGR of 26.2% during the forecast period.
Artificial intelligence (AI) is a branch of computer science that deals with the creation of intelligent agents, AI in BFSI is used to create systems that can make decisions for themselves, which is important in an industry where there is a lot of data to process and where decisions need to be made quickly. AI can help to automate decision-making processes, making them faster and more accurate. It can also help to identify patterns and trends in data, which can be used to make better decisions.
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Market Trends and Drivers
The industry is witnessing rapid growth in the adoption of big data and machine learning algorithms as BFSI institutes are preparing themselves for the next wave of digital disruption. In 2021, the fintech sector showcased around 68% increase in investments across the globe compared to 2020.
Moreover, the integration of AI into the BFSI toolchain in various digital financial services has also accentuated AI in BFSI market demand.
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Global Artificial Intelligence (AI) in BFSI Market Segmentation
By Technology
- Machine Learning & Deep Learning
- Natural Language Processing (NLP)
- Computer Vision
- Others
By Component
- Solution
- Services
By Application
- Back Office/Operations
- Customer Service
- Financial Advisory
- Risk Management, Compliance & Security
- Others
By End-user
- Bank
- Insurance
- Wealth Management
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Major Players in the Global Artificial Intelligence (AI) in BFSI Market
The key players in the market are Microsoft Corporation, IBM, Oracle Corporation, SAP SE, Baidu, Inc., salesforce.com, Inc., Intel Corporation, Alphabet Inc., Palantir Technologies Inc., and Inbenta Technologies Inc., among others.
Market Trends and Drivers
The industry is witnessing rapid growth in the adoption of big data and machine learning algorithms as BFSI institutes are preparing themselves for the next wave of digital disruption. In 2021, the fintech sector showcased around 68% increase in investments across the globe compared to 2020. Moreover, the integration of AI into the BFSI toolchain in various digital financial services has also accentuated AI in BFSI market demand
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