LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market in BFSI sector is expected to post a CAGR of more than 32% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global artificial intelligence (AI) market size in BFSI sector is the push toward autonomous banking. Automation has become one of the most prioritized digital transformation strategies for banks. Financial institutions are increasingly focusing on developing more self-driving finance solutions owing to increased customer expectations for personalized services and rewards. Therefore, banks and credit unions are integrating AI and big data analytics to understand customer behavior. Thus, the push toward autonomous banking will drive the demand for AI in BFSI segment during the forecast period.
As per Technavio, the growing focus on providing a personalized experience to customers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial intelligence (AI) market in BFSI sector 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial intelligence (AI) market in BFSI sector: Growing Focus on Providing Personalized Experience to Customers
The adoption of AI in the BFSI sector is increasing significantly, due to the increasing focus of financial institutions on offering a more customized and enhanced digital experience to customers. AI is creating immense opportunities for BFSI companies to recognize customers, offer personalized services, and increase loyalty by offering suggestions. Thus, the growing focus on providing a personalized experience is expected to stimulate the growth of the AI market in BFSI sector.
“Apart from the growing focus on personalized experience, other factors such as the rise in popularity of open banking, and the growth of the cloud-based solutions will have a significant impact on the growth of the artificial intelligence (AI) market value in BFSI sector during the forecast period,” says a senior analyst at Technavio.
Global Artificial intelligence (AI) market in BFSI sector: Segmentation Analysis
This market research report segments the global artificial intelligence (AI) market in BFSI sector worth by end-user (banking, investment and securities management, and insurance) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North America region led the artificial intelligence (AI) market in BFSI sector in 2018, followed by APAC, Europe, MEA, and South America respectively. The growth of the artificial intelligence (AI) market share in BFSI sector in North America can be attributed to factors such as the increasing investments towards AI technologies and increasing initiatives by governments and regulators to strengthen the implementation of AI.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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