Home » Artificial Intelligence (AI) in BFSI Market Predicted to Hit US$ 224.5 Billion by 2032

Artificial Intelligence (AI) in BFSI Market Predicted to Hit US$ 224.5 Billion by 2032

IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence (AI) in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024–2032.” The study provides a detailed analysis of the industry, including the artificial intelligence (AI) in BFSI market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is Artificial Intelligence (AI) in BFSI Market

Artificial intelligence (AI) in the BFSI sector involves the deployment of computer systems or robot-controlled machines to execute tasks commonly associated with human capabilities. It encompasses the ability to predict, provide recommendations, and make decisions that impact both real-world and digital scenarios. The integration of AI in the BFSI industry is particularly harnessed for tasks like fraud detection and regulatory adherence. AI systems have the capacity to identify and flag potential instances of fraud, encompassing activities such as money laundering and identity theft. Within the BFSI realm, AI facilitates the implementation of virtual assistants that vigilantly monitor transactions and customer behaviors. These assistants record and analyze data, ensuring alignment with diverse regulatory frameworks. As a result, the widespread application of AI in BFSI is prevalent across various countries.

How big is the Artificial Intelligence Ai In Bfsi Market?

The global artificial intelligence (AI) in BFSI market size reached US$ 19.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 224.5 Billion by 2032, exhibiting a growth rate (CAGR) of 30.3% during 2024-2032.

What Are the Growth Prospects and Trends in The Artificial Intelligence Ai In Bfsi Market?

The expansion of the artificial intelligence (AI) in the BFSI market is primarily steered by the increasing digitization and automation within the banking, financial services, and insurance sector. This shift addresses the limitations of traditional credit reporting systems, which may involve errors, incomplete transaction records, and incorrect creditor classifications. Furthermore, the rising demand for AI-driven loan and credit systems is noteworthy. These systems assess customer behavioral patterns, even for those with limited credit histories, to determine creditworthiness. They also offer banks early alerts about behaviors that could signify higher default risks, contributing to market growth. Additionally, the escalating adoption of AI and machine learning (ML) technologies for automating repetitive manual tasks is a key driver. These technologies possess the capability to sense, learn, and enhance performance over time, thereby reducing errors and facilitating risk management and regulatory compliance. This adoption also enhances the overall customer experience, further propelling the global market. Moreover, the increasing reliance on AI for swift data processing, coupled with the expansion of the BFSI sector on a global scale, is expected to drive the artificial intelligence (AI) in BFSI market in the upcoming years.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

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

The report provides a comprehensive analysis of the industry key players listed below:

The Major Players in the market are 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 highlights of the Report:

Market Performance (2018–2023)

Market Outlook (2024–2032)

COVID-19 Impact on the Market

Porter’s Five Forces Analysis

Historical, Current and Future Market Trends

Market Drivers and Success Factors

SWOT Analysis

Structure of the Market

Value Chain Analysis

Comprehensive Mapping of the Competitive Landscape

TOC for the Report:

Preface

Scope and Methodology

Executive Summary

Introduction

SWOT Analysis

Value Chain Analysis

Price Analysis

 

Competitive Landscape