AI in BFSI Market in insurance to grow at 38% CAGR from 2018–2024 - PowerPoint PPT Presentation

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AI in BFSI Market in insurance to grow at 38% CAGR from 2018–2024

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More Information @ The machine learning and deep learning market is dominating the technology space with over 38% share in the AI in BFSI market. The growth of the market is attributed to the increasing investments in the technology across the globe; as in 2016, approximately USD 6 billion was invested in AI – PowerPoint PPT presentation

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Title: AI in BFSI Market in insurance to grow at 38% CAGR from 2018–2024


1
Artificial Intelligence in BFSI Market to reach
25 bn by 2024 Global Market Insights Inc.
2
Industry Overview
  • Artificial Intelligence (AI) BFSI Market set to
    exceed USD 25 billion by 2024 driven by
    increasing partnership between financial
    institutes and fintech companies. The need to
    provide an enhanced customer experience is the
    primary factor augmenting the growth of the AI in
    BFSI market. As the competition among the market
    players is mounting day-by-day, companies have
    started to focus on providing a better experience
    to the customers to gain the customer loyalty.
    This encourages financial institutes to integrate
    advanced analytics tools and solutions to analyze
    customer data to fulfill their requirement,
    understand the customer experience, and to make
    smarter predictions about their behavior and
    requirements. Furthermore, companies are also
    looking forward to connecting with the customers
    on their choice of channels to provide a more
    seamless experience.
  • Furthermore, as digitalization is spreading
    across the globe, customers are becoming more
    empowered. They have access to a wide array of
    products offered by the traditional as well as
    dynamic new entrants. As the choices increase,
    the customer loyalty becomes more friable and the
    customer becomes more empowered. The
    organizations have no option but to remain agile
    and continuously innovate their business by
    adopting modern technologies to cater to the high
    expectations and standards for customers.

3
Artificial Intelligence (AI) in BFSI Market

4

Browse Full Market Research Report Of Artificial
Intelligence (AI) in BFSI Market _at_
https//bit.ly/2IYaMCd Request for a
Sample of this Research report _at_
https//www.gminsights.com/request-sample/detail/2
605
5
Continue
  • The customer behavior analytics solution market
    is estimated to grow at a CAGR of over 35 during
    the forecast timespan. The growing demand to
    analyze the structured and unstructured customer
    data among the financial institutes to provide a
    personalized experience to the customers is a
    major factor affecting the growth of the market.
    This solution can mine a vast volume of data to
    extract actionable insights and recommend
    appealing personalized offers to the individual
    customers. Furthermore, the ability of the
    solution to transform the marketing activities
    and enhance the customer engagement also drives
    the demand.
  • The risk management, compliance, and security
    applications of the AI in BFSI market are
    anticipated to grow noticeably at a CAGR of about
    40. The market is driven by the improved demand
    for advanced machine learning algorithms in
    Anti-Money Laundering (AML) and fraud detection
    applications. Unlike the traditional security
    systems, the AI-powered system can actively learn
    and calibrate as per the new potential security
    threats. This solution can detect unique security
    issues vulnerabilities and flag the security
    teams.
  • The insurance market is estimated to grow at a
    CAGR of over 38 during 2018-2024. The growth of
    the market is credited with the adoption of
    advanced data models and analytics solution among
    the insurance companies to identify and quantify
    risks in a better manner. Furthermore, increasing
    collaboration partnership activities between
    the insurers and fintech companies are also the
    major factors propelling the AI in BFSI market
    growth.

6
U.S. Artificial Intelligence in BFSI Market
Share, By Solution, 2017 (USD Million)

7
Industry Coverage

8
Continue
  • Europe held more than 20 share in AI in BFSI
    market. The investments by the tech giants in the
    region support the market growth. For instance,
    Amazon Web Services (AWS) invested approximately
    USD 2.3 million in Max Planck Institute for
    Intelligent Systems, a Germany-based AI research
    center for the development of AI and robotics
    technology. Similarly, in 2016, Google announced
    the establishment of a new research and
    development facility in Zurich, Germany.
  • Asia Pacific AI in BFSI market is estimated to
    grow at a CAGR of over 40. The growth is owing
    to the rising venture capital investments in AI
    and fintech. China is leading the investment
    landscape in Asia Pacific with more than USD 8.0
    investment in the fintech sector in 2016.
    Furthermore, the country also accounts for more
    than 11 share in the global AI investments in
    2016. Similarly, India also accounts for
    significant investments in the AI and fintech
    sectors.
  • AI in BFSI market is highly competitive due to
    the presence of both multinational companies and
    start-ups. The players are constantly innovating
    and developing advanced products to cater to the
    growing customer demand. The prominent vendors of
    the AI solution in BFSI sector are Microsoft,
    Google, Intel, IBM, AWS, Salesforce, Oracle, SAP,
    Palantir, IPsoft, Inbenta, Lexalytics,
    Interaction, and Next IT. The multinational
    companies, such as AWS, Google, and Microsoft,
    account for the majority of the share in the
    market.

9
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