Ocean View, DE -- (SBWIRE) -- 04/22/2020 -- AI in BFSI market is driven by the improving customer experience provided by the AI solutions in banking and finance industry. The BFSI sector witnesses extremely narrow competition on account of the presence of several banks or financial institutions trying to gain customer loyalty. In such highly competitive landscape, customer satisfaction is the prime focus among the BFSI organizations. So, the rising demand for incorporating cutting edge solutions in the financial services will foster the product penetration.

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Growth Drivers of AI in BFSI Market: -
1. Exponentially growing digital data
2. Rising investment in AI
3. Increasing parTrillion (USD)ership between financial institutes and fintech companies
4. Growing need to provide enhanced customer experience

Most of the financial institutes have started integrating various advanced analytics tools and solutions which helps understand the customer requirements by analyzing the customer data. Implementation of AI technologies enables smarter decision-making by examining customer behavior and requirements. Owing to the growing prevalence of smartphones and affordable internet connectivity, the BFSI organizations are looking toward implementing friendly e-solutions to simplify the banking operations.

Similar such initiatives will be further supported by digitization of the BFSI sector and will be complemented by growing investments from the venture capitalists in AI and fintech markets, thus driving the AI in BFSI market trends. Some of the major players are planning for collaborations to supersede in the core financial services and create a technological dominance over the market, which should accelerate the industry outlook over the forecast timeline. As per Global Market Insights, Inc., Artificial Intelligence (AI) BFSI Market \ will surpass USD 25 billion by 2024.

Considering the end-use segment of AI in BFSI market, the banks hold more than 50% of the market share. Majority of the banks have been collaborating with fintech companies to revamp the existing services and improve the customer services. The increasing reliance on machine learning algorithms for crucial assessments such as risk management and fraud detection will boost product demand.

Furthermore, increasing digitization across the banking industry coupled with favoring government initiatives to promote cashless banking are very likely to augment the AI in BFSI market growth.

Owing to the broad application spectrum the solutions segment dominates the overall AI in BFSI market revenue and was able to grab a revenue percentage of over 85% in 2017. Among solutions segment, the CRM is projected to account for largest share pertaining to high adoption among the financial institutes.

Market Segmentation, By Application
1. Back Office/Operation
2. Customer Service
3. Financial Advisory
4. Risk Management, Compliance & Security
5. Others

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The North American region has been experiencing high investments in the AI and fintech sector, owing to the presence of technology giants. Also, the region was an early adopter of the technology and also enjoys a highly developed technological infrastructure. Owing to such factors North America held over 50% of the global AI in BFSI market share in 2017.

The Major Key Players in the Market are as follows:
1. Amazon Web Services
2. Google
3. Intel Corporation
4. IPsoft
5. Microsoft
6. Oracle
7. Palantir Technologies
8. Salesforce
9. SAP
10. Baidu, Inc.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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