Artificial intelligence in BFSI market in the customer behavior analytics solution market is estimated to grow at a CAGR of over 35% during the forecast timespan. The growing demand to analyze the structured and unstructured customer data among the financial institutes to provide a personalized experience to the customers is a major factor affecting the growth of the market. This solution can mine a vast volume of data to extract actionable insights and recommend appealing & personalized offers to the individual customers. Furthermore, the ability of the solution to transform the marketing activities and enhance the customer engagement also drives the demand.
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The solution segment is leading the artificial intelligence in BFSI market with more than 85% stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience. The solution market includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40% share due to the high adoption among the financial institutes in the customer contact centers and business operations.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Amazon Web Services
3. Baidu Inc.
4. Cape Analytics
6. Comply Advantage.com
7. Descartes Labs
8. Digital Reasoning Inc.
9. Google Inc.
10. Inbenta Technologies
11. Intel Corporation, Interaction LLC
12. Ipsoft Inc.
13. Lexalytics Inc.
14. Microsoft Corporation
15. NEXT IT
16. Oracle Corporation
18. Salesforce.com Inc.
19. SAP SE
20. Zest Finance
The risk management, compliance, and security applications of the Artificial Intelligence in BFSI market are anticipated to grow noticeably at a CAGR of about 40%. The market is driven by the improved demand for advanced machine learning algorithms in Anti-Money Laundering (AML) and fraud detection applications. Unlike the traditional security systems, the AI-powered system can actively learn and calibrate as per the new potential security threats. This solution can detect unique security issues & vulnerabilities and flag the security teams.
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The customer behavior analytics solution market is estimated to grow at a CAGR of over 35% during the forecast timespan. The growing demand to analyze the structured and unstructured customer data among the financial institutes to provide a personalized experience to the customers is a major factor affecting the growth of the market. This solution can mine a vast volume of data to extract actionable insights and recommend appealing & personalized offers to the individual customers. Furthermore, the ability of the solution to transform the marketing activities and enhance the customer engagement also drives the demand.
Machine learning technology accounts for approximately 40% share in the artificial intelligence in BFSI market. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology. Natural Language Processing (NLP) is also used widely in the BFSI sector in the customer contact center to analyze the customers’ voice and solve their queries. Financial institutions are also utilizing NLP for back-office applications & operations and text-mining.
Artificial intelligence in BFSI market is driven by a rapid surge in the digital data. The digital data is anticipated to grow at an annual growth rate of about 40% over the next 10 years. The increasing adoption of IoT devices and advanced technologies, such as Big Data, are the major factors responsible for the surge in the data. Furthermore, the growing adoption of smart devices and internet services across the globe also fuels the growth of the data. It is estimated that by the year 2020, approximately 1.7 megabytes of the new data will be generated every second. This encourages organizations to deploy advanced technologies to extract insights from large disparate data sets.
The solution market accounts for over 85% share in the artificial intelligence in BFSI market. The increasing adoption of the customized software among the financial institutes is propelling the market growth. Banks, insurance companies, and wealth management companies are using various AI-based solutions such as chatbot, customer behavior analytics, customer relationship management, and data analytics & visualization solutions to extract the actionable insights and improve the customer experience.
Browse key industry insights spread across 320 pages with 200 market data tables & 25 figures & charts from the report, Artificial Intelligence (AI) in BFSI Market in detail along with the table of contents:
Asia Pacific Artificial Intelligence in BFSI market is estimated to grow at a CAGR of over 40%. The growth is owing to the rising venture capital investments in AI and fintech. China is leading the investment landscape in Asia Pacific with more than USD 8.0 investment in the fintech sector in 2016. Furthermore, the country also accounts for more than 11% share in the global AI investments in 2016. Similarly, India also accounts for significant investments in the AI and fintech sectors.
North America held more than 50% share in the global AI in BFSI market. It is one of the early adopters of the AI technology in BFSI sector. The major factors that are driving the growth of the market are the increasing investments in the AI by the technology giants such as Google, AWS, and IBM. For instance, in 2016, Google has invested approximately USD 20 billion in AI. Furthermore, the favorable condition in the region for the technology start-ups also backs the market.
Europe held more than 20% share in Artificial Intelligence (AI) in BFSI market. The investments by the tech giants in the region support the market growth. For instance, Amazon Web Services (AWS) invested approximately USD 2.3 million in Max Planck Institute for Intelligent Systems, a Germany-based AI research center for the development of AI and robotics technology. Similarly, in 2016, Google announced the establishment of a new research and development facility in Zurich, Germany.
The prominent players of the artificial intelligence in BFSI market are Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta Technologies, Next IT, Interaction, Zest Finance, Lexalytics Inc., Digital Reasoning, Descartes Labs, Comply Advantage.com and Cape Analytics.
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