Artificial Intelligence in BFSI Market in Asia Pacific to See 40% CAGR to 2024: Microsoft, Google, Intel, IBM, AWS and 15 Other Companies Profile
Sellbyville, DE -- (SBWIRE) --
Artificial Intelligence in BFSI Market is projected to exceed
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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.
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.
The customer service is the dominating application of the artificial intelligence in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.
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Banks cover more than 50% of the artificial intelligence in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection. Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the market growth.
The artificial intelligence in BFSI market is characterized by the presence of a large number of AI and fintech companies. Several new players are entering the market to take the advantage of the myriad growth opportunities offered by the market. The prominent players of the AI solutions in the BFSI sector are Salesforce, Google,
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