Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market Analysis, By Component, and Application - Global Forecast 2024-2031
The Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market is projected to witness notable growth owing to the rising investments in the fintech sector and the rise in customer preferences for personalized financial services. The market value stood at USD 15.08 Billion in 2022 and is expected to grow from USD 19.87 Billion in 2023 to reach USD 180.93 Billion by the end of 2031.
Solutions Sub-segment to Hold Growing Position in Component Segment
The solutions segment dominated the market with a 56.4% revenue share by 2023. In the global artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market. The solutions segment of the banking industry is booming due to sophisticated AI-powered tools, such as fraud detection, due to increased customer demand. Additionally, advances in AI technology provide sophisticated, unique solutions tailored to specific banking needs, improving operational efficiency and accuracy. Banks are striving to modernize, prompting them to invest in AI-based solutions to streamline processes, improve decision-making and deliver an enhanced customer experience. This growing adoption of AI solutions in banking operations drives the expansion of the global artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market.
Asia Pacific to Grow the Market with Major Revenue Generation from China
Asia-Pacific is expected to grow at the largest CAGR during the forecast period. AI in the banking industry is booming in Asia Pacific due to the growth of the fintech industry, the rapid pace of digital transformation and the increasing number of people who have access to digital banking services. Growing economies within Asia Pacific, such as China and India, driven by institutions of new fintech startups and aggressive investments from the established economy. Additionally, banking is witnessing increasing adoption of AI, the rise of smartphones and the demand for convenient and efficient banking services among various regional customers is driving the adoption of AI technology in markets.
The Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market is semi-consolidated, occupied by major manufacturers such as Cape Analytics LLC, Google LLC (Alphabet, Inc.), IBM Corporation, Lexalytics, Inc., Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Palo Alto Networks, Inc., Tencent Holdings Limited , Amazon Web Services Inc, Avaamo Inc, Baidu Inc, Cape Analytics LLC, Oracle Corporation catering to market needs.
Rise in the Improved Customer Experience
One of the most significant opportunities offered by Artificial Intelligence (AI) in the Banking, Financial Services and Insurance (BFSI) market lies in enhancing customer experience. AI-enabled solutions that enable BFSI to change the way that organizations deal with their customers. Using chatbots, virtual assistants and AI-powered recommendation engines, BFSIs will be able to offer tailored financial advice and support services to individual customers in real time.
To know more about the Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market, refer to Global Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market 2024-2031. (skyquestt.com
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