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

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Artificial Intelligence in BFSI Market to reach
25 bn by 2024 Global Market Insights Inc.
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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.

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Artificial Intelligence (AI) in BFSI Market

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• 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.

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

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Industry Coverage

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• 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.

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