New York, USA, April 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global AI in BFSI market is envisioned to garner $84,337.5 million in revenue and grow at a noteworthy CAGR of 19.1% throughout the forecast timeframe from 2021 to 2028.
As per our analysts, the increasing adoption of AI-based technologies across industries, such as banks, retail & e-commerce, and telecommunications industries to provide real-time information to their end-users, fast assistance, and improved overall customer experience is expected to uplift the growth of AI in BFSI market over the analysis period. Moreover, the growing utilization of AI technologies, such as robotic process automation (RPA) and natural language processing across organizations is expected to create excellent growth opportunities for the market during the estimated period. However, the lack of awareness of AI in the BFSI sector and privacy concerns may hamper the market growth throughout the estimated period.
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Segments of the AI in BFSI Market
The report has divided the market into segments based on component, application, end-user, and region.
Component: Solution sub-Segment to be Most Productive
The solution sub-segment is predicted to generate a revenue of $50,606.0 million during the analysis timeframe. The increasing demand for AI-based solutions, such as robo-advice, biometric authentication & authorization, voice banking, and many more across businesses is expected to propel the growth of the market sub-segment over the forecast period.
Application: Front Line Sub-Segment to be Most Profitable
The front-line sub-segment is expected to garner a revenue of $45,246.8 million throughout the forecast period. This is mainly because banks are implementing AI on the front line for smooth customer identification and authentication, voice assistants, deepening customer relationships, and many more. In addition, the growing utilization of artificial intelligence in functions, such as customer analytics, investment portals, lending, financial advice, and many more is predicted to augment the growth of the AI in BFSI market sub-segment over the analysis period.
End-Use: Bank Sub-Segment to be Most Gainful
The bank sub-segment is predicted to register a revenue of $38,893.2 million during the analysis timeframe. This is mainly because the implementation of AI in banking delivers numerous advantages, such as offering personalized communication, advice, offers, and services. In addition, the increasing usage of AI in banking for labor-intensive work, such as new customer onboarding communications, and others is expected to bolster the growth of the market sub-segment over the forecast period.
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North America Region to Hold the Largest Market Share
The North America region of the AI in BFSI market is projected to generate a revenue of $32,706.1 million throughout the analysis timeframe. The increasing investments in AI by governments of this region are predicted to drive the regional growth of the market over the estimated period.
Covid-19 Impact on the AI in BFSI Market
The outbreak of the Covid-19 pandemic has moderately impacted the AI in BFSI market. This pandemic adversely impacted the customer service business along with the entire world economy. However, the increase in the usage of technological advancements in businesses to continue their operations, and bring flexibility and scalability to their operations has created wide growth opportunities for the market over the pandemic period.
Key Players of the Market
The major players of the AI in BFSI Market include
- Avaamo Inc.
- Google LLC.
- Intel Corporation
- Salesforce.com
- Amelia
- Oracle Corporation
- Baidu Inc.
- Microsoft Corporation
- SAP SE
- Amazon Web Services (AWS) Inc.
These players widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leading position in the global industry.
Triangulate date as per your Format and Definition of AI in BFSI Market
For instance, in January 2032, Microsoft Inc., AI research and deployment company announced its partnership with Open AI, a leading AI research and deployment company to accelerate AI breakthroughs such as the development and deployment of specialized supercomputing systems, providing AI-powered experiences, and many more for providing numerous benefits to end-users around the world.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about AI in BFSI Market:
- Ai in BFSI: A Powerful Tool that Helps BFSI Industry to Carry Various Activities Seamlessly
- Technological Advancements, Strategic Partnerships, and Product Launches by Market Players such as OneMoney Group, and Others to Foster the Growth of the Global AI in BFSI Market
