According to a new report by Expert Market Research titled, “Global AI and Advance Machine Learning in BFSI Market Share, Size, Report and Forecast 2024-2032″, the global AI and advance machine learning in BFSI market size is projected to grow at a CAGR of 28.5% between 2024 and 2032. Aided by the need for enhanced efficiency, personalised customer experiences, and robust security measures, the market is expected to grow significantly by 2032.
AI and advanced machine learning have emerged as pivotal technologies in the BFSI sector, offering unprecedented opportunities for innovation and transformation. From algorithmic trading and personalised banking services to fraud detection and risk management, these technologies are at the forefront of driving operational excellence and strategic differentiation. The ability of AI to process and analyse vast amounts of data in real-time has opened new avenues for customer insights, operational automation, and decision-making accuracy.
Several key factors contribute to the AI and advance machine learning in BFSI market growth. The digitalisation of financial services and the increasing volume of data require sophisticated tools for analysis and management. Moreover, the competitive market landscape urges institutions to leverage AI for enhanced customer engagement and service delivery. Regulatory pressures and the need for compliance also play a crucial role, as AI technologies offer efficient solutions to meet stringent regulatory requirements.
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The application of AI and machine learning in BFSI spans various domains, including but not limited to, customer service automation through chatbots and virtual assistants, predictive analytics for credit scoring and fraud detection, and personalised financial advisory services. According to the AI and advance machine learning in BFSI market analysis, the introduction of AI-driven platforms for wealth management and insurance underwriting has revolutionised these sectors, offering customised solutions and improving risk assessment models. Furthermore, blockchain integration with AI is enhancing security and transparency in financial transactions and operations.
The global landscape of AI and machine learning in BFSI presents diverse regional dynamics, with North America accounting for a significant portion of the AI and advance machine learning in BFSI market share due to its technological advancements and robust financial sector. Asia-Pacific is witnessing rapid growth, fuelled by digital transformation initiatives and the burgeoning fintech industry. Europe, with its stringent regulatory environment, is focusing on AI for regulatory compliance and fraud prevention. The adoption of AI in emerging economies is also gaining momentum, driven by mobile banking and financial inclusion efforts.
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Market Segmentation
The market can be divided based on component, mode of deployment, enterprise size, application, and region.
Market Breakup by Component
• Solution
• Services
Market Breakup by Mode of Deployment
• On-premises
• Cloud
Market Breakup by Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
Market Breakup by Application
• Digital Assistance
• Fraud and Risk Management
• Customer Relationship Management
• Sales and Marketing
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global AI and advance machine learning in BFSI market. Some of the major players explored in the report by Expert Market Research are as follows:
• 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
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