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AI and Advance Machine Learning in BFSI Market

Global AI and Advance Machine Learning in BFSI Market Size: By Component: Solution, Services; By Mode of Deployment: On-premises, Cloud; By Enterprise Size: Large Enterprises, Small and Medium Enterprises; By Application: Digital Assistance, Fraud and Risk Management, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global AI and Advance Machine Learning in BFSI Market Outlook

The global AI and advance machine learning in BFSI market is projected to grow at a CAGR of 28.5% between 2024 and 2032. The market is expected to grow rapidly during the forecast period owing to the increasing need for security in the BFSI sector.

 

Key Trends in the Market

Artificial Intelligence (AI) refers to the development of computer systems that can perform tasks that typically require human intelligence. Advanced Machine Learning (AML) is a subset of AI that focuses on the development of algorithms and models capable of learning and improving through analysis.

 

AI and AML technologies are employed in the BFSI (Banking, Financial Services, and Insurance) sector for critical functions that enable automation, enhance customer experiences, improve risk management, and drive innovation.

 

  • The increasing availability of services online has made security one of the most important global AI and advance machine learning in BFSI market trends. AI and AML can significantly bolster fraud detection capabilities within the BFSI sector. Advanced algorithms can analyse historical transactional data and identify anomalies or suspicious activities in real time. Machine learning models continuously adapt to new threats, enabling early detection and prevention of fraudulent activities, which is crucial in maintaining trust and security in the sector.
  • The substantial daily influx of data, encompassing transactional records, customer interactions, and various other sources is a major factor enabling global AI and advance machine learning in BFSI market growth. This abundant availability of extensive datasets forms a robust foundation for the application of AI and AML. These cutting-edge technologies excel when operating on large datasets, enabling more accurate predictions, better customer insights, and enhanced risk assessment.
  • The integration of AI-powered chatbots and virtual assistants is a key factor propelling AI and advance machine learning in BFSI market demand. These tools elevate customer engagement by offering immediate responses to inquiries, guiding users through various processes, and even aiding in intricate transactions.

 

Market Analysis

Based on components, the market can be segmented into solutions and services. The global AI and advance machine learning in BFSI market segmentation, based on the mode of deployment, include on-premises and cloud. Based on the enterprise size, the market is bifurcated into large enterprises and small and medium enterprises.

 

The market, based on application, is segmented into digital assistance, fraud and risk management, customer relationship management, and sales and marketing, among others. The major regional markets for AI and advance machine learning in BFSI are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global AI and advance machine learning in BFSI market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • Amazon Web Services, Inc. 
  • IBM Corporation 
  • ATOS SE 
  • SAP SE 
  • SAS Institute Inc. 
  • NVIDIA Corporation 
  • Palantir Technologies Inc. 
  • Avaamo 
  • Amelia US LLC 
  • Tecnotree Corporation
  • Others

 

Market Share by Mode of Deployment

According to the global AI and advance machine learning in BFSI market analysis, cloud-based deployment of AI and AML is likely to find increased applications in the BFSI sector. The expansion can be attributed to the cloud technology’s scalability and accessibility. It allows companies to scale resources up or down based on demand. This flexibility is crucial for handling the large volumes of data typically encountered in BFSI operations.

 

Market Share by Application

Sales and marketing services and solutions are expected to be one of the early adopters of the latest technologies, enhancing the global AI and advance machine learning in BFSI market share in the coming years. AI and Advanced Machine Learning technologies are leveraged to enhance customer engagement and drive targeted marketing efforts.

 

AI-driven algorithms analyse vast amounts of customer data to gain insights into preferences, behaviours, and purchasing patterns. This information is then utilised to create personalised marketing campaigns and offers, effectively tailoring products and services according to the customer’s preferences.

 

Competitive Landscape

Amazon Web Services, Inc. is a prominent subsidiary of the global e-commerce giant, Amazon.com. Established in 2006, AWS has emerged as a leading cloud computing platform, offering a comprehensive suite of services that encompass computing power, storage solutions, and a wide array of applications tailored for businesses and individuals alike.

 

IBM Corporation, founded in 1911, stands as one of the world's foremost technology and consulting companies. With a rich history of innovation and a global presence, IBM has consistently pushed the boundaries of technology to address complex business challenges. The company's diverse portfolio encompasses a range of offerings, including cloud computing, artificial intelligence, data analytics, and enterprise solutions.

 

ATOS SE is a prominent multinational information technology services and consulting company operating since 1997. Based in France, with a strong global presence, ATOS operates in over 70 countries, providing a comprehensive range of digital transformation solutions to a diverse clientele, spanning various industries.

 

Other key players in the global AI and advance machine learning in BFSI market are SAP SE, SAS Institute Inc., NVIDIA Corporation, Palantir Technologies Inc., Avaamo, Amelia US LLC, and Tecnotree Corporation, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Mode of Deployment
  • Enterprise Size
  • Application
  • Region
Breakup by Component
  • Solution
  • Services
Breakup by Mode of Deployment
  • On-premises
  • Cloud
Breakup by Enterprise Size
  • Large Enterprises
  • Small and Medium Enterprises
Breakup by Application
  • Digital Assistance
  • Fraud and Risk Management
  • Customer Relationship Management
  • Sales and Marketing
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Amazon Web Services, Inc. 
  • IBM Corporation 
  • ATOS SE 
  • SAP SE 
  • SAS Institute Inc. 
  • NVIDIA Corporation 
  • Palantir Technologies Inc. 
  • Avaamo 
  • Amelia US LLC 
  • Tecnotree Corporation
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description   
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global AI and Advance Machine Learning in BFSI Market Analysis
    8.1    Key Industry Highlights
    8.2    Global AI and Advance Machine Learning in BFSI Historical Market (2018-2023) 
    8.3    Global AI and Advance Machine Learning in BFSI Market Forecast (2024-2032)
    8.4    Global AI and Advance Machine Learning in BFSI Market by Component
        8.4.1    Solution
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Services
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global AI and Advance Machine Learning in BFSI Market by Mode of Deployment
        8.5.1    On-premises
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Cloud
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global AI and Advance Machine Learning in BFSI Market by Enterprise Size 
        8.6.1    Large Enterprises
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Small and Medium Enterprises
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global AI and Advance Machine Learning in BFSI Market by Application
        8.7.1    Digital Assistance
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Fraud and Risk Management
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Customer Relationship Management
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Sales and Marketing
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Others
    8.8    Global AI and Advance Machine Learning in BFSI Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023)
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023)
            8.8.5.2    Forecast Trend (2024-2032)
9    North America AI and Advance Machine Learning in BFSI Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe AI and Advance Machine Learning in BFSI Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific AI and Advance Machine Learning in BFSI Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America AI and Advance Machine Learning in BFSI Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa AI and Advance Machine Learning in BFSI Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price  
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Amazon Web Services, Inc. 
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    IBM Corporation 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    ATOS SE 
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    SAP SE 
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    SAS Institute Inc. 
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    NVIDIA Corporation 
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Palantir Technologies Inc. 
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Avaamo 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Amelia US LLC 
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Tecnotree Corporation 
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global AI and Advance Machine Learning in BFSI Market: Key Industry Highlights, 2018 and 2032
2.    Global AI and Advance Machine Learning in BFSI Historical Market: Breakup by Component (USD Million), 2018-2023
3.    Global AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Component (USD Million), 2024-2032
4.    Global AI and Advance Machine Learning in BFSI Historical Market: Breakup by Mode of Deployment (USD Million), 2018-2023
5.    Global AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Mode of Deployment (USD Million), 2024-2032
6.    Global AI and Advance Machine Learning in BFSI Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
7.    Global AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
8.    Global AI and Advance Machine Learning in BFSI Historical Market: Breakup by Application (USD Million), 2018-2023
9.    Global AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Application (USD Million), 2024-2032
10.    Global AI and Advance Machine Learning in BFSI Historical Market: Breakup by Region (USD Million), 2018-2023
11.    Global AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Region (USD Million), 2024-2032
12.    North America AI and Advance Machine Learning in BFSI Historical Market: Breakup by Country (USD Million), 2018-2023
13.    North America AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Europe AI and Advance Machine Learning in BFSI Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Europe AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Asia Pacific AI and Advance Machine Learning in BFSI Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Asia Pacific AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Latin America AI and Advance Machine Learning in BFSI Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Latin America AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Middle East and Africa AI and Advance Machine Learning in BFSI Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Middle East and Africa AI and Advance Machine Learning in BFSI Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Global AI and Advance Machine Learning in BFSI Market Structure

Key Questions Answered in the Report

What is the growth rate of the global AI and advance machine learning in BFSI market value?

The market is projected to grow at a CAGR of 28.5% between 2024 and 2032.

How does AI impact the global AI and advance machine learning in BFSI market?

AI has made significant contributions to the market by enhancing customer protection, improving banking services, and streamlining transactions. It's a key driver in accelerating digital transformation for companies in the sector.

What are the major global AI and advance machine learning in BFSI market drivers?

The market is driven by the increasing integration of AI-powered chatbots and virtual assistants in the BFSI sector and the availability of huge datasets.

What are the major trends in the market?

The growing application of chatbots and virtual assistants and the digitisation of various services are likely to propel the development of the market.

What is the most important benefit of AI in the banking industry?

Banks can properly follow the regulatory mandates, including vital protocols like anti-money laundering (AML) and Know Your Customer (KYC) regulations by utilising AI.

What are the major regional markets for AI and advance machine learning in BFSI, according to the EMR report?

The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the major applications of the technology?

The different applications include digital assistance, fraud and risk management, customer relationship management, and sales and marketing, among others.

Who are the key market players, according to the global AI and advance machine learning in BFSI market report?

The key players in the market include Amazon Web Services, Inc., IBM Corporation, ATOS SE, SAP SE, SAS Institute Inc., NVIDIA Corporation, Palantir Technologies Inc., Avaamo, Amelia US LLC, and Tecnotree Corporation, among others.

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