AI and advance machine learning in BFSI market
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Rise in investments by BFSI companies in AI and machine learning, preferences for personalized financial services, and increase in collaboration activities between financial institutes and AI & machine learning solution companies drive the growth of the global AI and advance machine learning in BFSI market.
However, high cost of deployment for AI and advanced machine learning and lack of skilled professionals hinder the market growth. On the other hand, support in government initiatives and rise in investments to leverage the AI technology create new opportunities in the coming years.
Covid-19 Scenario:
The adoption of AI and advance machine learning in the BFSI sector increased during the Covid-19 pandemic due to shift toward “work from home” culture and need to carry out difficult tasks in banks and fintech organizations.
Increase in digitization and transaction delays & need to raise the speed of payment processing led to increased adoption of AI and machine learning technologies.
Furthermore, nearly 35% of banks reported that machine learning tools and data science technologies made a positive impact in supporting remote working among employees and providing overall security for projects.
There has been increase in number of inquiries for various banking and fintech services during the pandemic. This accelerated the usage of machine learning-powered tools for management of sudden increase in customer enquiries.
The report offers detailed segmentation of the global AI and advance machine learning in BFSI market based on component, deployment model, enterprise size, application, and region.
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Based on application, the fraud & risk management segment contributed to the highest market share in 2020, accounting for nearly one-third of the global AI and advance machine learning in BFSI market, and is estimated to continue its leadership status during the forecast period.
However, the digital assistance segment is projected to witness the largest CAGR of 24.8% from 2021 to 2030.
Based on region, North America held the largest share in 2020, accounting for more than two-fifths of the total market share, and is expected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the highest CAGR of 24.6% during the forecast period.
List of companies profiled of the global AI and advance machine learning in BFSI market analyzed in the research include Amazon Web Services Inc., Cisco Systems, Inc., BigML, Inc, Hewlett Packard Enterprise Development LP, Fair Isaac Corporation, Microsoft Corporation, International Business Machines Corporation, SAP SE, RapidMiner, Inc., and SAS Institute Inc.
Key Benefits For Stakeholders
The study provides an in-depth analysis of global AI and advanced machine learning in BFSI market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global AI and advance machine learning in BFSI market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
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Key Market Segments
By Component
Solution
Services
Implementation & Integration Service
Training & Support Service
Consulting Service
By Deployment Model
On-premise
Cloud
By Enterprise Size
Large Enterprises
SMEs
By Application
Fraud & Risk Management
Customer Segmentation
Sales & Marketing
Digital Assistance
Others
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Amazon Web Services Inc.
BigML, Inc
Cisco Systems, Inc.
Fair Isaac Corporation
Hewlett Packard Enterprise Development LP
International Business Machines Corporation
Microsoft Corporation
RapidMiner, Inc.
SAP SE
SAS Institute Inc.
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