Change Language

Select Language

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Artificial Intelligence (AI) in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global artificial intelligence (AI) in BFSI market reached a value of US$ 10.17 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 69.66 Billion by 2027, exhibiting a CAGR of 34.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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, along with forecasts at the global, regional and country level from 2022-2027. 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Offering, Solution, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

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

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

    4.1    Overview
    4.2    Key Industry Trends
5    Global Artificial Intelligence (AI) in BFSI Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Offering
    6.1    Software
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Hardware
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Services
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Solution
    7.1    Chatbots
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Fraud Detection and Prevention
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Anti-Money Laundering
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Customer Relationship Management
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Data Analytics and Prediction
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Others
        7.6.1 Market Trends
        7.6.2 Market Forecast
8    Market Breakup by End User
    8.1    Banks
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Insurance
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Wealth Management
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North 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
    9.2    Asia-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
    9.3    Europe
        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
    9.4    Latin 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
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

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

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$), 2016-2021
Figure 3: Global: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Artificial Intelligence in BFSI Market: Breakup by Offering (in %), 2021
Figure 5: Global: Artificial Intelligence in BFSI Market: Breakup by Solution (in %), 2021
Figure 6: Global: Artificial Intelligence in BFSI Market: Breakup by End User (in %), 2021
Figure 7: Global: Artificial Intelligence in BFSI Market: Breakup by Region (in %), 2021
Figure 8: Global: Artificial Intelligence in BFSI (Software) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Artificial Intelligence in BFSI (Software) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Artificial Intelligence in BFSI (Hardware) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Artificial Intelligence in BFSI (Hardware) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Artificial Intelligence in BFSI (Services) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Artificial Intelligence in BFSI (Services) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Artificial Intelligence in BFSI (Chatbots) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Artificial Intelligence in BFSI (Chatbots) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Artificial Intelligence in BFSI (Other Solutions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Artificial Intelligence in BFSI (Other Solutions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Artificial Intelligence in BFSI (Banks) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Artificial Intelligence in BFSI (Banks) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Artificial Intelligence in BFSI (Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Artificial Intelligence in BFSI (Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Artificial Intelligence in BFSI (Wealth Management) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Artificial Intelligence in BFSI (Wealth Management) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: North America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: North America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: United States: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: United States: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Canada: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Canada: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Asia-Pacific: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Asia-Pacific: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: China: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: China: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Japan: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Japan: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: India: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: India: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: South Korea: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: South Korea: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Australia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Australia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Indonesia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Indonesia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Europe: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Europe: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Germany: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Germany: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: France: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: France: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: United Kingdom: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: United Kingdom: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Italy: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Italy: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Spain: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Spain: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Russia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Russia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Latin America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Latin America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Brazil: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Brazil: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Mexico: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Mexico: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Middle East and Africa: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Middle East and Africa: Artificial Intelligence in BFSI Market: Breakup by Country (in %), 2021
Figure 80: Middle East and Africa: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2022-2027
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

List of Tables

Table 1: Global: Artificial Intelligence in BFSI Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Offering (in Million US$), 2022-2027
Table 3: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Solution (in Million US$), 2022-2027
Table 4: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Artificial Intelligence in BFSI Market: Competitive Structure
Table 7: Global: Artificial Intelligence in BFSI Market: Key Players


Note: We value your privacy and will never rent or sell your email address. Privacy policy

Need more help?

  •   Speak to our experienced analysts for insights on the current market scenarios.
  •   Include additional segments and countries to customize the report as per your requirement.
  •   Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  •   For further assistance, please connect with our analysts.

Related Report

Purchase Options




$ 2499

REACH OUT TO US

Call us on

( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )


Drop us an email at

sales@imarcgroup.com

Social Links

4