Summary

Market Overview:

The global artificial intelligence (AI) in BFSI market size reached US$ 14.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 94.1 Billion by 2028, exhibiting a growth rate (CAGR) of 33.9% during 2023-2028.

Artificial intelligence (AI) assists a computer or computer-controlled robot in performing tasks commonly associated with human beings. It can make predictions, give recommendations, or take decisions influencing real or virtual environments. Nowadays, AI finds extensive applications in the banking, financial services and insurance (BFSI) industry as it aids in fraud detection and regulatory compliance. It can also help identify malicious activities, such as money laundering and identity theft. Besides this, it enables banks to deploy AI virtual assistants that monitor transactions and customer behaviors, and audit and log information into numerous regulatory systems.

Artificial Intelligence (AI) in BFSI Market Trends:
The rising digitalization and automation in the BFSI sector represent one of the key factors bolstering the growth of the market. Moreover, the existing credit reporting systems consider factors, such as the credit score, history, and bank transactions of customers, which are prone to errors, missing real-world transaction history, and misclassifying creditors. However, AI-based loan and credit systems can help study the behavior patterns of customers with limited credit history to determine their creditworthiness. These systems also warn banks about specific behaviors that may increase the chances of default. Besides this, AI and machine learning (ML) target repetitive manual tasks that are prone to error by replacing them with software that has the potential to sense, learn, and improve. In addition, AI can help improve efficiency, manage risks and regulatory needs, and enhance customer experience. It also facilitates banks to manage enormous volumes of data at high speed to derive valuable insights. This, coupled with significant growth in the BFSI sector, is projected to create a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence (AI) in BFSI market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering, solution and end user.

Breakup by Offering:

Software
Hardware
Services

Breakup by Solution:

Chatbots
Fraud Detection and Prevention
Anti-Money Laundering
Customer Relationship Management
Data Analytics and Prediction
Others

Breakup by End User:

Banks
Insurance
Wealth Management

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amelia, Atos SE, Avaamo Inc., CognitiveScale Inc., Inbenta Holdings Inc., Interactions LLC, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Palantir Technologies Inc., SAP SE and SAS Institute Inc.

Key Questions Answered in This Report:
How has the global artificial intelligence (AI) in BFSI market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global artificial intelligence (AI) in BFSI market?
What are the key regional markets?
What is the breakup of the market based on the offering?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global artificial intelligence (AI) in BFSI market and who are the key players?
What is the degree of competition in the industry?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Artificial Intelligence (AI) in BFSI Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Offering
6.1 Software
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hardware
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Solution
7.1 Chatbots
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Fraud Detection and Prevention
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Anti-Money Laundering
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Customer Relationship Management
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Data Analytics and Prediction
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by End User
8.1 Banks
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Insurance
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Wealth Management
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Amelia
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 SWOT Analysis
14.3.2 Atos SE
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Avaamo Inc.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 CognitiveScale Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Inbenta Holdings Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Interactions LLC
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 International Business Machines Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Microsoft Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 NVIDIA Corporation
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Palantir Technologies Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.11 SAP SE
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 SAS Institute Inc.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 SWOT Analysis

List of Figures

Figure 1: Global: Artificial Intelligence in BFSI Market: Major Drivers and Challenges
Figure 2: Global: Artificial Intelligence in BFSI Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Artificial Intelligence in BFSI Market: Breakup by Offering (in %), 2022
Figure 5: Global: Artificial Intelligence in BFSI Market: Breakup by Solution (in %), 2022
Figure 6: Global: Artificial Intelligence in BFSI Market: Breakup by End User (in %), 2022
Figure 7: Global: Artificial Intelligence in BFSI Market: Breakup by Region (in %), 2022
Figure 8: Global: Artificial Intelligence in BFSI (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Artificial Intelligence in BFSI (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Artificial Intelligence in BFSI (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Artificial Intelligence in BFSI (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Artificial Intelligence in BFSI (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Artificial Intelligence in BFSI (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Artificial Intelligence in BFSI (Chatbots) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Artificial Intelligence in BFSI (Chatbots) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Artificial Intelligence in BFSI (Fraud Detection and Prevention) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Artificial Intelligence in BFSI (Anti-Money Laundering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Artificial Intelligence in BFSI (Customer Relationship Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Artificial Intelligence in BFSI (Data Analytics and Prediction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Artificial Intelligence in BFSI (Other Solutions) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Artificial Intelligence in BFSI (Other Solutions) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Artificial Intelligence in BFSI (Banks) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Artificial Intelligence in BFSI (Banks) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Artificial Intelligence in BFSI (Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Artificial Intelligence in BFSI (Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Artificial Intelligence in BFSI (Wealth Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Artificial Intelligence in BFSI (Wealth Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: North America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: United States: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: United States: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Canada: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Canada: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Asia-Pacific: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Asia-Pacific: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: China: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: China: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Japan: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Japan: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: India: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: India: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: South Korea: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: South Korea: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Australia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Australia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Indonesia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Indonesia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Europe: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Europe: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Germany: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Germany: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: France: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: France: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: United Kingdom: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: United Kingdom: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Italy: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Italy: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Spain: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Spain: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Russia: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Russia: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Latin America: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Latin America: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Brazil: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Brazil: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Mexico: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Mexico: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Others: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Others: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Middle East and Africa: Artificial Intelligence in BFSI Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Middle East and Africa: Artificial Intelligence in BFSI Market: Breakup by Country (in %), 2022
Figure 80: Middle East and Africa: Artificial Intelligence in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Global: Artificial Intelligence in BFSI Industry: SWOT Analysis
Figure 82: Global: Artificial Intelligence in BFSI Industry: Value Chain Analysis
Figure 83: Global: Artificial Intelligence in BFSI Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Artificial Intelligence in BFSI Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Offering (in Million US$), 2023-2028
Table 3: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Solution (in Million US$), 2023-2028
Table 4: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Artificial Intelligence in BFSI Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Artificial Intelligence in BFSI Market: Competitive Structure
Table 7: Global: Artificial Intelligence in BFSI Market: Key Players