Artificial Intelligence for Banking, Financial Services and Insurance Market Emerging Trend |Key players-AWS, Google LLC
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Increasing usage of Artificial Intelligence in BFSI for fraud prevention is driving growth of the market
VANCOUVER, BC, CANADA, May 24, 2022 /EINPresswire.com/ -- The Artificial Intelligence (AI) in BFSI Market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028, according to latest analysis by Emergen Research. Artificial Intelligence (AI) helps in predicting future trends based on analysis of past behavior of customers, and also helps banks to detect patterns in laundering, identify fraud, and make customer recommendations. These advantages are resulting in increasing deployment of AI in banking operations, which is driving revenue growth of the global Artificial Intelligence in BFSI market.
The study finds that how on certain account threats and challenges can act as a roadblock for the business. A thorough evaluation of the Artificial Intelligence (AI) in BFSI market in the light of macro-environment such as social, political, economical as well as technological environment add granularity to the overall research. In addition, the study produces real-time data on vital aspects including sales, profits, gross margin and growth prospects to show how going forward the business will witness a substantial upswing.
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Strategic Initiatives:
Collaborations among Companies to Increase Business Prospects in Global Market
The research report provides the reader with an in-depth interpretation of the Artificial Intelligence (AI) in BFSI market dynamics, including the crucial drivers, opportunities, threats, and challenges. The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall Artificial Intelligence (AI) in BFSI industry. The market intelligence report is a prototype of the 360 overview of the global Artificial Intelligence (AI) in BFSI industry, shedding light on the estimated market value, share, growth trends, gross revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications.
List of Key Players Covered in the Report:
Amazon Web Services (AWS), Inc., Google LLC, CognitiveScale, Inc., Descartes Labs, Inc., Avaamo, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation.
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Some Key Highlights in the Report
In February 2021, FinMkt, which is a loan origination and point of sale financing SaaS provider, announced its partnership with Persistent, which is a global solutions company that delivers enterprise modernization, next-generation product engineering, and digital business acceleration. The partnership will allow small and mid-sized financial institutions to accelerate the digital lending strategies. FinMkt will ramp up its Artificial Intelligence and machine learning capabilities to provide financial institutions with significant insights to shape their credit policies.
Fraud detection & prevention units in BFSI companies are using Artificial Intelligence to eliminate such activities. Big data is characterized by volume & value and by capturing and processing this in real-time, and Natural Language Processing (NLP) algorithms can detect inconsistencies and discrepancies and ensure fraud prevention.
Machine learning provides banking companies the opportunity to enhance their business by improving performance and efficiency of BFSI activities. Machine learning attempts to study, identify and classify patterns and make decisions from data collected over time. Machine learning can be used to produce accurate and rapid results, which will drive demand among BFSIs.
Global Artificial Intelligence (AI) in BFSI Market Highlights:
Regional demand estimation and forecast
Product Mix Matrix
R&D Analysis
Cost-Benefit Analysis
Pre-commodity pricing volatility
Supply chain optimization analysis
Technological updates analysis
Raw Material Sourcing Strategy
Competitive Analysis
Mergers & Acquisitions
Location Quotients Analysis
Carbon Footprint Analysis
Patent Analysis
Vendor Management
A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Artificial Intelligence (AI) in BFSI market and pinpoint the fundamental growth trends.
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Emergen Research has segmented the global Artificial Intelligence in BFSI market on the basis of offering, solution, technology, application, and region:
Offering Component Outlook (Revenue, USD Million; 2018–2028)
Software
Services
Hardware
Solution Outlook (Revenue, USD Million; 2018–2028)
Fraud Detection & Prevention
Customer Relationship Management
Chabot
Anti-money Laundering
Data Analytics & Prediction
Others
Technology Outlook (Revenue, USD Million; 2018–2028)
Machine Learning
Context Aware Processing
Natural Language Processing (NLP)
Deep Learning
Others
Application Outlook (Revenue, USD Million; 2018–2028)
Risk Management
Financial Advisory
Compliance & Security
Back Office / Operation Customer Service
To offer more clarity on the current business environment researchers probe into the import and export status, supply chain management, demand and supply, consumption capability and manufacturing capacity. When assessing the size of the industry special consideration is given to the value and volume of the products and services offered on a year on year basis
Key Parameters Analyzed in This Section:
Company Profiles
Gross Revenue
Profit margins
Product sales trends
Product pricing
Industry Analysis
Sales & distribution channels
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
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The global Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028
Distribution channels: IT Industry
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