AI And Advance Machine Learning in BFSI Market to Generate $61.24 Billion by 2030 & Top Impacting Factors.

AI and Advance Machine Learning in BFSI Market outlook – 2030

Rise in investments by BFSI companies in AI and machine learning and preferences for personalized financial services drive the growth of the global AI and advance machine learning in BFSI market. 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.

The global AI and advance machine learning in BFSI market size was valued at $7.66 billion in 2020, and is projected to reach $61.24 billion by 2030, growing at a CAGR of 23.1% from 2021 to 2030. Artificial intelligence in finance is transforming the BFSI industry as AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. In addition, advanced machine learning technology is used to help organizations to improve customer experience, services, and to optimize budgets. Furthermore, it provides solutions to process automation to replace routine manual work in most cases. In addition, AI and advanced machine learning help in reducing the credit default frauds by monitoring transactions to detect suspicious transactions with compliance concerns.

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The global AI and advance machine learning in BFSI market is segmented into component, deployment model, enterprise size, application and region. Depending on component, the AI and advanced machine learning in BFSI market is segregated into solution and services. On the basis of deployment model, it is categorized into on-premise and cloud. Depending on enterprise size, it is fragmented into large enterprises and SMEs.  Based on application, the market is divided into fraud & risk management, customer segmentation, sales & marketing, digital assistance and others. Region wise, the AI and advance machine learning in BFSI market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Competitive Analysis 

The key players operating in the global AI and advanced machine learning in BFSI industry include 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 and SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the competitive AI & advance machine learning in BFSI industry. 

Top Impacting Factors

Increase in Investment by BFSI Companies in AI and Machine Learning

Rise in Preference for Personalized Financial Services

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.

Related Links

AI in Insurance Market :

BFSI Crisis Management Market :

IoT Insurance Market :

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