Global $20+ Bn AI in BFSI Market Forecast to 2024 - Open Source and Data Ecosystems to Pose as Market Opportunity
DUBLIN, Sept. 26, 2019 /PRNewswire/ -- The "AI in BFSI Market Research Report: By Offering, Technology, End-User, Regional Insight - Industry Size Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Registering a 37.2% CAGR during the forecast period (2019-2024), the market is expected to reach $20,017.9 million by 2024, from $3,091.9 million in 2018.
The inclusion of chatbots for enhancing customer engagement, rising digital disruptions across the globe, and improving risk management are the drivers of the artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market. AI is the mimicking of human intelligence by machines, especially computer systems, to perform tasks, such as learning the information, reasoning to reach conclusions, and self-correction.
The use of AI to counter fraudulent activities is trending in the AI in BFSI market. As frauds are common and difficult to track in the BFSI industry, advanced data analytics is being deployed to improve compliance and keep track of transactions. The technology has enabled the use of digital payment advisers, AI bots, and biometric fraud-detection mechanism in achieving a wider customer base and higher quality service, and at the same time reducing operational costs and increasing market revenue. This way, it helps banks identify frauds and prevent money laundering.
The inclusion of chatbots for engaging customers is driving the AI in BFSI market. Technical advancements have resulted in reduced personal contact with customers, which has raised the need for customer retention among many BFSI companies across the world. Banks are extensively using AI to build a customer-centric culture using machine learning, cognitive technologies, and natural language processing. For instance, the Bank of America developed a chatbot, Erica, in 2018, which is an AI-powered tool that helps clients by providing financial guidance via text and voice messages.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
4.1.1.1 Solution
4.1.1.1.1 Chatbot
4.1.1.1.2 Customer behavior tracking
4.1.1.1.3 Customer relationship management (CRM)
4.1.1.1.4 Data analytics & visualization
4.1.1.1.5 Fraud detection
4.1.1.1.6 Others
4.1.1.2 Service
4.1.1.2.1 Managed
4.1.1.2.2 Professional
4.1.2 By Technology
4.1.2.1 Machine learning
4.1.2.2 Natural language processing (NLP)
4.1.2.3 Computer vision
4.1.2.4 Others
4.1.3 By End-Use
4.1.3.1 Banking
4.1.3.2 Insurance
4.1.3.3 Wealth management
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing requirement to handle massive data from connected devices
4.3.1.2 Usage of AI to combat fraudulent transactions
4.3.2 Drivers
4.3.2.1 Digital disruption across the globe
4.3.2.2 Usage of chatbots to enhance customer engagement
4.3.2.3 Improved risk management
4.3.2.4 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Lack of awareness and understanding on technology
4.3.3.2 Absence of standards or regulatory compliance
4.3.3.3 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Open source and data ecosystems to pose as market opportunity
4.3.4.2 Advances in cognitive technologies as market opportunity for players
4.3.4.3 Computer vision to prevent from forceful intrusion
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 By Solution
5.1.2 By Service
5.2 By Technology
5.3 By End-Use
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players
11.2 Industry Landscape
11.3 Competitive Landscape and Ranking of Key Market Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Partnerships
11.4.3 Product Launches
11.4.4 Client Wins
Chapter 12. Company Profiles
- IBM Corporation
- Microsoft Corporation
- Alphabet Inc.
- Inbenta Technologies Inc.
- Intel Corporation
- Lexalytics Inc.
- Salesforce.com Inc.
- Oracle Corporation
- SAP SE
- Amazon Web Services Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vgllro
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