Dublin, Aug. 13, 2019 (GLOBE NEWSWIRE) -- The "Global Artificial Intelligence (AI) Market in BFSI Sector 2019-2023" report has been added to ResearchAndMarkets.com's offering.
Push toward autonomous banking
BFSI organizations have started integrating AI and Big Data analytics into their IT systems not only to enhance data security but also to automate data cleaning and organizing and data analysis. These features will improve revenue generation for banking enterprises. As a result, banking enterprises are gradually transforming their solutions into AI-driven, which will lead to the expansion of the artificial intelligence market in BFSI Sector at a CAGR over 32% during the forecast period.
Growing focus on providing personalized experience to customers
The BFSI sector is focusing on customizing services and improving digital experience for its customers by deploying AI in the form of chatbots, predictive analysis, recommendation engines, and others. Demand secure and automated banking solutions is also rising from the customers, prompting BFSI enterprises to further opt for AI solutions. Therefore, this trend will have a positive impact on the overall market growth.
Market Dynamics
Also, our report on global artificial intelligence market in BFSI sector has observed market growth factors such as enhanced operational efficiency with AI, push toward autonomous banking, and rise in demand for fraud detection and compliance. However, need for high data quality, lack of skilled labor, and concerns about cybersecurity may hamper the growth of the artificial intelligence industry in the BFSI sector over the forecast period.
Segment Analysis
The artificial intelligence market in the BFSI sector analysis considers sales to the banking, investment and securities management, and insurance segments. The analysis also considers the sales of AI solutions for the BFSI market in APAC, Europe, MEA, North America, and South America.
In 2018, the banking segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the rising need by banking enterprises to combat cyberattacks autonomously and offer enhanced digital customer experience and the emergence of fintech players will significantly help the market segment in maintaining its leading position.
Competitive Landscape
With the presence of a few major players, the global artificial intelligence market in BFSI sector is moderately concentrated. The robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading AI solutions manufacturers, which include Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp.
Also, the artificial intelligence market in BFSI sector analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY END-USER
- Comparison by end-user
- Banking - Market size and forecast 2018-2023
- Investment and securities management - Market size and forecast 2018-2023
- Insurance - Market size and forecast 2018-2023
- Market opportunity by end-user
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic comparison
- North America - Market size and forecast 2018-2023
- APAC - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
- Rise in cloud-based solutions
- Growing focus on personalized experience
- Rise in popularity of open banking
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Amazon Web Services Inc.
- Google LLC
- IBM Corp.
- Microsoft Corp.
- Oracle Corp.
For more information about this report visit https://www.researchandmarkets.com/r/xbqxa8
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