This report provides an extensive analysis of the current and emerging market trends and dynamics in the global artificial intelligence in BFSI market between 2016 and 2023 to identify the prevailing market opportunities.
Pune, Maharashtra -- (SBWIRE) -- 08/29/2017 -- Artificial intelligence in BFSI refers to the simulation of human intelligence into machines with the help of sophisticated machine learning, cognitive computing, and natural language processing algorithms that help in customer relationship management, communication, and recruitment & wealth management.
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The need to provide better customer support, enhance process automation, and improve decision-making process generates the demand for artificial intelligence in the BFSI market.
The global artificial intelligence in BFSI market is expected to register substantial growth in the near future, attributed to a rapid demand for anti-money laundering (AML) pattern detector, rapid digitalization in the financial market, and adoption of chatbots in banking and financial services. O The need for personalized financial services and rise in demand for data-driven solutions for imparting decision-making capability further drive the market growth.
However, high initial investment cost, government policy, and regulatory frameworks related to AI are expected to restrict this growth.
The artificial intelligence in BFSI market is segmented on the basis of deployment type, technology, and geography. Based on deployment type, it is bifurcated into cloud and on-premise. According to the technology, the market is classified into machine learning, natural language processing, image processing & video recognition, cognitive computing, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Artificial Intelligence in BFSI Market Key Segments:
By Deployment Type
- Machine Learning
- Natural Language Processing
- Image Processing & Video Recognition
- Cognitive Computing