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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

Artificial Intelligence in BFSI Market Size – USD 5.64 Billion in 2020, Market Growth – at a CAGR of 36.5%, Market Trends – Increased usage during COVID-19 pandemic ”
— Emergen Research

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.

Click Here to Read Full Summary of Report: https://www.emergenresearch.com/industry-report/artificial-intelligence-in-bfsi-market

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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Thank you for reading our report. If you have any requests for customization of the latest report, kindly get in touch with us. Our team will assist you and ensure the report is designed as per your requirements.

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Emergen Research
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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

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