Latest News- Artificial Intelligence (AI) In BFSI Sector Market: Banking is expected to lead the End-user segment during 2025-2029

The Artificial Intelligence (AI) In BFSI Sector Market is being driven by Enhanced operational efficiency with AI

The Artificial Intelligence (AI) In BFSI Sector Market is expected to grow at a CAGR of 54.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 101350.3 million. Artificial Intelligence (AI) in the BFSI sector encompasses advanced technologies such as machine learning, deep learning, and neural networks. These technologies enable the creation of cloud-based AI software and services, including natural language processing and computer vision, which can process vast amounts of data for demand forecasting. The financial sector's adoption of AI is on the rise due to the availability of new technologies like machine learning algorithms and cloud computing. However, implementing AI in on-premises data centers necessitates substantial compute and storage capabilities, leading to increased capital expenditure. To mitigate this cost, BFSI companies developing in-house products are exploring cost-effective strategies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Banking
  • Investment and securities management
  • Insurance
• Solution
  • Software
  • Services
• Type
  • Fraud detection and prevention
  • Customer relationship management
  • Data analytics and prediction
  • Anti-money laundering
  • Others
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Enhanced operational efficiency with AI
• Push towards autonomous banking
• Rise in detection of fraud detection compliance

However, the market also witnesses some limitations, which are as follows:

• Need for high data quality
• Lack of skilled workforce
• Concerns on cybersecurity

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Market Scope in Artificial Intelligence (AI) In BFSI Sector Market Research Report

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Research Analysis Overview

In the BFSI sector, Artificial Intelligence (AI) is revolutionizing operations through automated underwriting, AI-driven customer segmentation, personalized financial recommendations, and fraud prevention. Risk scoring, investment optimization, and real-time fraud detection enhance decision making, while increased efficiency and reduced costs follow. Data-driven customer insights, cybersecurity threat detection, and personalized marketing are other benefits. AI powers regulatory reporting, financial modeling, portfolio management, wealth management, insurance underwriting, claims management, payment processing, trade finance, lending, investment banking, and capital markets.

Market Research Overview

In the Business, Financial Services, and Insurance (BFSI) sector, Artificial Intelligence (AI) is revolutionizing operations through ai-powered solutions. Machine learning and deep learning technologies are driving advancements in areas such as fraud detection and risk management. Computer vision is being utilized for image recognition and analysis. Technavio's market analysis calculates the global IT software market size, which encompasses revenue from companies providing all types of IT software, including cloud-based applications. The application software market specifically focuses on businesses, covering enterprise and technical software, as well as cloud-based solutions. AI technologies, including machine learning, deep learning, and computer vision, are integral components of this market, significantly impacting the BFSI sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/