Artificial Intelligence AKA AI in BFSI market is primarily driven by rapid surge in the digital data. The digital data is growing to with annual growth rate of more than 40% over the period of decade. Growing adoption of IoT devices and advanced technologies including Big Data are major factors propelling the surge in the data.
The Artificial Intelligence (AI) in BFSI market report discusses the growth factors, opportunities, trends, and challenges. These market dynamics show the current scenario coupled with future growth and opportunities present in the global Artificial Intelligence (AI) in BFSI market. One of the key part of the report is vendor landscape, which also involves the details of key players such as segmental share, company history, annual turnover, new product launches, SWOT analysis, mergers and acquisitions (M&A) activities, and recent research and development (R&D).
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Growing adoption of smart devices and growing penetration of internet services across the globe is fuelling amount of the data. This encourages numerous groups and businesses to deploy advanced technologies and to extract visions from huge dissimilar data sets.
Additionally, financial institutes and businesses are leveraging on the AI for collection and analyzing large chunks of data from extracting important insights about the customers to cater their requirements. The technology is able to perform tasks including understanding natural language, images, advanced machine learning algorithms, and speech & text. This is a factor that is expected to augment demand for the technology over the forecast period.
However, the enterprises are reluctant to adoption of these technologies due to the concerns over data privacy and some safety issues with the technology. Additionally, major concern is the protection of the data in the machine learning. These factors are influencing negatively on the growth of the global Artificial Intelligence (AI) in BFSI market.
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On the basis of region, the Artificial Intelligence (AI) in BFSI market could be segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these regions, North America is expected to dominate the global market for Artificial Intelligence (AI) in BFSI owing to presence of numerous large players operating in the market. However, Asia Pacific is expected to expand at the highest CAGR over the forecast period in the Artificial Intelligence (AI) in BFSI market owing to dynamic changes witnessed in the adoption of automation in various business areas.
Some of the key players operating in the Artificial Intelligence (AI) in BFSI market are Google, Microsoft, Intel, AWS, IBM, SAP, Oracle, IPsoft, Palantir, Salesforce, Lexalytics, and Inbenta technologies.