According to the report published by Allied Market Research, the global AI and advance machine learning in BFSI market garnered $7.66 billion in 2020, and is expected to generate $61.24 billion by 2030, witnessing a CAGR of 23.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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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.
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 component, the solution segment accounted for the highest share in 2020, contributing to nearly four-fifths of the total share, and is projected to maintain its lead position during the forecast period. However, the service segment is expected to manifest the fastest CAGR of 25.5% from 2021 to 2030.
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.
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