[email protected] +44 20 8123 2220 (UK) +1 732 587 5005 (US) Contact Us | FAQ |

Artificial Intelligence (AI) in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

September 2023 | 146 pages | ID: A491338CF147EN
IMARC Group

US$ 2,499.00

E-mail Delivery (PDF), Hard Copy Mail Delivery, CD-ROM Mail Delivery

Download PDF Leaflet

Accepted cards
Wire Transfer
Checkout Later
Need Help? Ask a Question
Market Overview:

The global artificial intelligence (AI) in BFSI market size reached US$ 14.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 94.1 Billion by 2028, exhibiting a growth rate (CAGR) of 33.9% during 2023-2028.

Artificial intelligence (AI) assists a computer or computer-controlled robot in performing tasks commonly associated with human beings. It can make predictions, give recommendations, or take decisions influencing real or virtual environments. Nowadays, AI finds extensive applications in the banking, financial services and insurance (BFSI) industry as it aids in fraud detection and regulatory compliance. It can also help identify malicious activities, such as money laundering and identity theft. Besides this, it enables banks to deploy AI virtual assistants that monitor transactions and customer behaviors, and audit and log information into numerous regulatory systems.

Artificial Intelligence (AI) in BFSI Market Trends:
The rising digitalization and automation in the BFSI sector represent one of the key factors bolstering the growth of the market. Moreover, the existing credit reporting systems consider factors, such as the credit score, history, and bank transactions of customers, which are prone to errors, missing real-world transaction history, and misclassifying creditors. However, AI-based loan and credit systems can help study the behavior patterns of customers with limited credit history to determine their creditworthiness. These systems also warn banks about specific behaviors that may increase the chances of default. Besides this, AI and machine learning (ML) target repetitive manual tasks that are prone to error by replacing them with software that has the potential to sense, learn, and improve. In addition, AI can help improve efficiency, manage risks and regulatory needs, and enhance customer experience. It also facilitates banks to manage enormous volumes of data at high speed to derive valuable insights. This, coupled with significant growth in the BFSI sector, is projected to create a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence (AI) in BFSI market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering, solution and end user.

Breakup by Offering:

Software
Hardware
Services

Breakup by Solution:

Chatbots
Fraud Detection and Prevention
Anti-Money Laundering
Customer Relationship Management
Data Analytics and Prediction
Others

Breakup by End User:

Banks
Insurance
Wealth Management

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amelia, Atos SE, Avaamo Inc., CognitiveScale Inc., Inbenta Holdings Inc., Interactions LLC, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Palantir Technologies Inc., SAP SE and SAS Institute Inc.

Key Questions Answered in This Report:
How has the global artificial intelligence (AI) in BFSI market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global artificial intelligence (AI) in BFSI market?
What are the key regional markets?
What is the breakup of the market based on the offering?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global artificial intelligence (AI) in BFSI market and who are the key players?
What is the degree of competition in the industry?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
  2.3.1Primary Sources
  2.3.2Secondary Sources
2.4Market Estimation
  2.4.1Bottom-Up Approach
  2.4.2Top-Down Approach
2.5Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1Overview
4.2Key Industry Trends

5 GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BFSI MARKET

5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast

6 MARKET BREAKUP BY OFFERING

6.1Software
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2Hardware
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3Services
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY SOLUTION

7.1Chatbots
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2Fraud Detection and Prevention
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3Anti-Money Laundering
  7.3.1 Market Trends
  7.3.2 Market Forecast
7.4Customer Relationship Management
  7.4.1 Market Trends
  7.4.2 Market Forecast
7.5Data Analytics and Prediction
  7.5.1 Market Trends
  7.5.2 Market Forecast
7.6Others
  7.6.1 Market Trends
  7.6.2 Market Forecast

8 MARKET BREAKUP BY END USER

8.1Banks
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2Insurance
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3Wealth Management
  8.3.1 Market Trends
  8.3.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1Overview
10.2Strengths
10.3Weaknesses
10.4Opportunities
10.5Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1Overview
12.2Bargaining Power of Buyers
12.3Bargaining Power of Suppliers
12.4Degree of Competition
12.5Threat of New Entrants
12.6Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1Market Structure
14.2Key Players
14.3Profiles of Key Players
  14.3.1Amelia
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 SWOT Analysis
  14.3.2Atos SE
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
    14.3.2.3 Financials
    14.3.2.4 SWOT Analysis
  14.3.3Avaamo Inc.
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
  14.3.4CognitiveScale Inc.
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
  14.3.5Inbenta Holdings Inc.
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6Interactions LLC
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
  14.3.7International Business Machines Corporation
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
    14.3.7.3 Financials
    14.3.7.4 SWOT Analysis
  14.3.8Microsoft Corporation
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 Financials
    14.3.8.4 SWOT Analysis
  14.3.9NVIDIA Corporation
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
    14.3.9.4 SWOT Analysis
  14.3.10Palantir Technologies Inc.
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
  14.3.11SAP SE
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 Financials
    14.3.11.4 SWOT Analysis
  14.3.12SAS Institute Inc.
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio
    14.3.12.3 SWOT Analysis

LIST OF TABLES

Table 1: Global: Artificial Intelligence in BFSI Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Offering (in Million US$), 2023-2028
Table 3: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Solution (in Million US$), 2023-2028
Table 4: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Artificial Intelligence in BFSI Market: Competitive Structure
Table 7: Global: Artificial Intelligence in BFSI Market: Key Players

LIST OF FIGURES

Figure 1: Global: Artificial Intelligence in BFSI Market: Major Drivers and Challenges
Figure 2: Global: Artificial Intelligence in BFSI Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Artificial Intelligence in BFSI Market: Breakup by Offering (in %), 2022
Figure 5: Global: Artificial Intelligence in BFSI Market: Breakup by Solution (in %), 2022
Figure 6: Global: Artificial Intelligence in BFSI Market: Breakup by End User (in %), 2022
Figure 7: Global: Artificial Intelligence in BFSI Market: Breakup by Region (in %), 2022
Figure 8: Global: Artificial Intelligence in BFSI (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Artificial Intelligence in BFSI (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Artificial Intelligence in BFSI (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Artificial Intelligence in BFSI (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Artificial Intelligence in BFSI (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Artificial Intelligence in BFSI (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Artificial Intelligence in BFSI (Chatbots) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Artificial Intelligence in BFSI (Chatbots) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Artificial Intelligence in BFSI (Other Solutions) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Artificial Intelligence in BFSI (Other Solutions) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Artificial Intelligence in BFSI (Banks) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Artificial Intelligence in BFSI (Banks) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Artificial Intelligence in BFSI (Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Artificial Intelligence in BFSI (Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Artificial Intelligence in BFSI (Wealth Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Artificial Intelligence in BFSI (Wealth Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: North America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: United States: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: United States: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Canada: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Canada: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Asia-Pacific: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Asia-Pacific: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: China: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: China: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Japan: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Japan: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: India: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: India: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: South Korea: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: South Korea: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Australia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Australia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Indonesia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Indonesia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Europe: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Europe: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Germany: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Germany: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: France: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: France: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: United Kingdom: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: United Kingdom: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Italy: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Italy: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Spain: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Spain: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Russia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Russia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Latin America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Latin America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Brazil: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Brazil: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Mexico: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Mexico: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Middle East and Africa: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Middle East and Africa: Artificial Intelligence in BFSI Market: Breakup by Country (in %), 2022
Figure 80: Middle East and Africa: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Global: Artificial Intelligence in BFSI Industry: SWOT Analysis
Figure 82: Global: Artificial Intelligence in BFSI Industry: Value Chain Analysis
Figure 83: Global: Artificial Intelligence in BFSI Industry: Porter's Five Forces Analysis


More Publications