Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market

Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market Size, Share, Growth Analysis, By Component(Service, and Solution), By Application(Risk Management, and Customer Service) - Industry Forecast 2024-2031

Report ID: SQMIG40A2015 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 61 | Figures: 71

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Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market size was valued at USD 15.08 Billion in 2022 and is poised to grow from USD 19.87 Billion in 2023 to USD 180.93 Billion by 2031, growing at a CAGR of 31.8% in the forecast period (2024-2031).

A notable strategic partnership in artificial intelligence (AI) in the Banking, Financial Services and Insurance (BFSI) market is IBM and Bank of America, a leading manufacturer of AI solutions between the former. They have jointly developed and implemented technologies. The partnership added IBM's advanced AI capabilities, including its Watson platform, to Bank of America's digital banking strategy. For example, Bank of America used AI-powered chatbots powered by IBM Watson to provide immediate support and assistance to customers through natural language. 'ATOS SE', 'AWS Inc.', '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'

One of the key drivers for the rapid adoption of artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market is the ability to enhance customer experience. AI-powered solutions such as chatbots, virtual assistants, personalized recommendation engines enable financial institutions to offer services an optimized seamlessly for their customers. Leveraging AI algorithms, BFSI companies can anticipate customer needs, provide proactive support, and deliver highly personalized offers Improve customer experience. That mindset installation not only improves customer satisfaction and loyalty but also improves retention and increases revenue opportunities for BFSI organizations.

Rise of Expression AI: The key market trend shaping AI in BFSI landscape is the increasing attention on Expression AI. As AI systems become more complex and opaquer, there is a need for transparency and interpretability in AI decision-making processes, especially in highly regulated industries such as banking and finance grows interpretable AI Guide AI models and systems developers to provide human-understandable explanations for decisions and predictions Can be made. For a BFSI industry where decisions have a significant impact on the financial well-being of individuals, the ability to understand and rely on AI-driven recommendations is paramount. Consequently, the BFSI institute is investing in XAI technologically large. They enable compliance and risk management.

North America is the dominating segment in the market. North America accounted for the largest share of revenue by 2023. North America boasts a strong technology base and widespread digitization in its banking sector, which creates a favorable environment. Early adoption continues to be driven by the presence of leading AI technology providers, enabling AI integration and growth within the banking sector in North America.

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Global Artificial Intelligence (AI) in Banking, Financial Services and Insurance (BFSI) Market

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