The North America Artificial Intelligence in BFSI Market would witness market growth of 31.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Artificial Intelligence in BFSI Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $62,433.6 million by 2031. The Canada market is experiencing a CAGR of 34.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 33.2% during (2024 - 2031).
Adopting artificial intelligence (AI) in the banking, financial services, and insurance (BFSI) sector represents a transformative shift in how financial institutions operate, interact with customers, and manage risk. As technological advancements reshape the financial landscape, BFSI organizations increasingly turn to AI to drive innovation, enhance operational efficiency, and deliver personalized services.
Additionally, BFSI institutions face intensifying competition, regulatory pressures, and evolving customer expectations, necessitating the adoption of AI to stay ahead in the market. AI enables organizations to streamline processes, improving decision-making and customer engagement. The availability of scalable computing resources, cloud platforms, and open-source AI frameworks further accelerates AI adoption in BFSI.
Canada boasts a robust ecosystem of technology companies, research institutions, and startups, driving innovation and technological advancements in the BFSI sector. With a strong emphasis on AI research and development, Canadian organizations leverage cutting-edge AI algorithms and solutions to enhance operational efficiency, risk management, and customer experiences in banking, insurance, and financial services. As per the data published in 2023 by the International Trade Administration, US$55 billion, or 3.6%, of Canada's gross domestic product was contributed by the finance sector. Hence, the rising BFSI sector in North America will boost the demand for the market.
Free Valuable Insights: The Artificial Intelligence in BFSI Market is Predict to reach USD 252 Billion by 2031, at a CAGR of 32.3%
Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing, Computer Vision, and Others. Based on Solution, the market is segmented into Chatbots, Fraud Detection & Prevention, Customer Relationship Management, Data Analytics & Prediction, Anti-Money Laundering, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Microsoft Corporation
- IBM Corporation
- Palantir Technologies Inc.
- Salesforce, Inc.
- SAP SE
- Baidu, Inc.
- Google LLC (Alphabet Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Intel Corporation
North America Artificial Intelligence in BFSI Market Report Segmentation
By Offering
- Software
- Hardware
- Services
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
By Solution
- Chatbots
- Fraud Detection & Prevention
- Customer Relationship Management
- Data Analytics & Prediction
- Anti-Money Laundering
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Artificial Intelligence in BFSI Market, by Offering
1.4.2 North America Artificial Intelligence in BFSI Market, by Technology
1.4.3 North America Artificial Intelligence in BFSI Market, by Solution
1.4.4 North America Artificial Intelligence in BFSI Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Market Share Analysis, 2023
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.4.2 Key Strategic Move: (Partnership, Collaborations and Agreements: 2021, Jun – 2024, Apr) Leading Players
4.5 Porter’s Five Forces Analysis
Chapter 5. North America Artificial Intelligence in BFSI Market by Offering
5.1 North America Software Market by Country
5.2 North America Hardware Market by Country
5.3 North America Services Market by Country
Chapter 6. North America Artificial Intelligence in BFSI Market by Technology
6.1 North America Machine Learning Market by Country
6.2 North America Natural Language Processing Market by Country
6.3 North America Computer Vision Market by Country
6.4 North America Others Market by Country
Chapter 7. North America Artificial Intelligence in BFSI Market by Solution
7.1 North America Chatbots Market by Country
7.2 North America Fraud Detection & Prevention Market by Country
7.3 North America Customer Relationship Management Market by Country
7.4 North America Data Analytics & Prediction Market by Country
7.5 North America Anti-Money Laundering Market by Country
7.6 North America Others Market by Country
Chapter 8. North America Artificial Intelligence in BFSI Market by Country
8.1 US Artificial Intelligence in BFSI Market
8.1.1 US Artificial Intelligence in BFSI Market by Offering
8.1.2 US Artificial Intelligence in BFSI Market by Technology
8.1.3 US Artificial Intelligence in BFSI Market by Solution
8.2 Canada Artificial Intelligence in BFSI Market
8.2.1 Canada Artificial Intelligence in BFSI Market by Offering
8.2.2 Canada Artificial Intelligence in BFSI Market by Technology
8.2.3 Canada Artificial Intelligence in BFSI Market by Solution
8.3 Mexico Artificial Intelligence in BFSI Market
8.3.1 Mexico Artificial Intelligence in BFSI Market by Offering
8.3.2 Mexico Artificial Intelligence in BFSI Market by Technology
8.3.3 Mexico Artificial Intelligence in BFSI Market by Solution
8.4 Rest of North America Artificial Intelligence in BFSI Market
8.4.1 Rest of North America Artificial Intelligence in BFSI Market by Offering
8.4.2 Rest of North America Artificial Intelligence in BFSI Market by Technology
8.4.3 Rest of North America Artificial Intelligence in BFSI Market by Solution
Chapter 9. Company Profiles
9.1 Microsoft Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.6 SWOT Analysis
9.2 IBM Corporation
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional & Segmental Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Partnerships, Collaborations, and Agreements:
9.2.5.2 Product Launches and Product Expansions:
9.2.5.3 Acquisition and Mergers:
9.2.6 SWOT Analysis
9.3 Palantir Technologies Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expenses
9.3.5 Recent strategies and developments:
9.3.5.1 Partnerships, Collaborations, and Agreements:
9.3.6 SWOT Analysis
9.4 Salesforce, Inc.
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Regional Analysis
9.4.4 Research & Development Expenses
9.4.5 Recent strategies and developments:
9.4.5.1 Partnerships, Collaborations, and Agreements:
9.4.5.2 Product Launches and Product Expansions:
9.4.6 SWOT Analysis
9.5 SAP SE
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.6 SWOT Analysis
9.6 Baidu, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental Analysis
9.6.4 Research & Development Expenses
9.6.5 SWOT Analysis
9.7 Google LLC (Alphabet Inc.)
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expense
9.7.5 Recent strategies and developments:
9.7.5.1 Partnerships, Collaborations, and Agreements:
9.7.5.2 Product Launches and Product Expansions:
9.7.6 SWOT Analysis
9.8 Amazon Web Services, Inc. (Amazon.com, Inc.)
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental Analysis
9.8.4 Recent strategies and developments:
9.8.4.1 Partnerships, Collaborations, and Agreements:
9.8.5 SWOT Analysis
9.9 Oracle Corporation
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.5 Recent strategies and developments:
9.9.5.1 Partnerships, Collaborations, and Agreements:
9.9.5.2 Product Launches and Product Expansions:
9.9.6 SWOT Analysis
9.10. Intel Corporation
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expenses
9.11 SWOT Analysis
TABLE 1 North America Artificial Intelligence in BFSI Market, 2020 - 2023, USD Million
TABLE 2 North America Artificial Intelligence in BFSI Market, 2024 - 2031, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Artificial Intelligence in BFSI Market
TABLE 4 Product Launches And Product Expansions– Artificial Intelligence in BFSI Market
TABLE 5 Acquisition and Mergers– Artificial Intelligence in BFSI Market
TABLE 6 North America Artificial Intelligence in BFSI Market by Offering, 2020 - 2023, USD Million
TABLE 7 North America Artificial Intelligence in BFSI Market by Offering, 2024 - 2031, USD Million
TABLE 8 North America Software Market by Country, 2020 - 2023, USD Million
TABLE 9 North America Software Market by Country, 2024 - 2031, USD Million
TABLE 10 North America Hardware Market by Country, 2020 - 2023, USD Million
TABLE 11 North America Hardware Market by Country, 2024 - 2031, USD Million
TABLE 12 North America Services Market by Country, 2020 - 2023, USD Million
TABLE 13 North America Services Market by Country, 2024 - 2031, USD Million
TABLE 14 North America Artificial Intelligence in BFSI Market by Technology, 2020 - 2023, USD Million
TABLE 15 North America Artificial Intelligence in BFSI Market by Technology, 2024 - 2031, USD Million
TABLE 16 North America Machine Learning Market by Country, 2020 - 2023, USD Million
TABLE 17 North America Machine Learning Market by Country, 2024 - 2031, USD Million
TABLE 18 North America Natural Language Processing Market by Country, 2020 - 2023, USD Million
TABLE 19 North America Natural Language Processing Market by Country, 2024 - 2031, USD Million
TABLE 20 North America Computer Vision Market by Country, 2020 - 2023, USD Million
TABLE 21 North America Computer Vision Market by Country, 2024 - 2031, USD Million
TABLE 22 North America Others Market by Country, 2020 - 2023, USD Million
TABLE 23 North America Others Market by Country, 2024 - 2031, USD Million
TABLE 24 North America Artificial Intelligence in BFSI Market by Solution, 2020 - 2023, USD Million
TABLE 25 North America Artificial Intelligence in BFSI Market by Solution, 2024 - 2031, USD Million
TABLE 26 North America Chatbots Market by Country, 2020 - 2023, USD Million
TABLE 27 North America Chatbots Market by Country, 2024 - 2031, USD Million
TABLE 28 North America Fraud Detection & Prevention Market by Country, 2020 - 2023, USD Million
TABLE 29 North America Fraud Detection & Prevention Market by Country, 2024 - 2031, USD Million
TABLE 30 North America Customer Relationship Management Market by Country, 2020 - 2023, USD Million
TABLE 31 North America Customer Relationship Management Market by Country, 2024 - 2031, USD Million
TABLE 32 North America Data Analytics & Prediction Market by Country, 2020 - 2023, USD Million
TABLE 33 North America Data Analytics & Prediction Market by Country, 2024 - 2031, USD Million
TABLE 34 North America Anti-Money Laundering Market by Country, 2020 - 2023, USD Million
TABLE 35 North America Anti-Money Laundering Market by Country, 2024 - 2031, USD Million
TABLE 36 North America Others Market by Country, 2020 - 2023, USD Million
TABLE 37 North America Others Market by Country, 2024 - 2031, USD Million
TABLE 38 North America Artificial Intelligence in BFSI Market by Country, 2020 - 2023, USD Million
TABLE 39 North America Artificial Intelligence in BFSI Market by Country, 2024 - 2031, USD Million
TABLE 40 US Artificial Intelligence in BFSI Market, 2020 - 2023, USD Million
TABLE 41 US Artificial Intelligence in BFSI Market, 2024 - 2031, USD Million
TABLE 42 US Artificial Intelligence in BFSI Market by Offering, 2020 - 2023, USD Million
TABLE 43 US Artificial Intelligence in BFSI Market by Offering, 2024 - 2031, USD Million
TABLE 44 US Artificial Intelligence in BFSI Market by Technology, 2020 - 2023, USD Million
TABLE 45 US Artificial Intelligence in BFSI Market by Technology, 2024 - 2031, USD Million
TABLE 46 US Artificial Intelligence in BFSI Market by Solution, 2020 - 2023, USD Million
TABLE 47 US Artificial Intelligence in BFSI Market by Solution, 2024 - 2031, USD Million
TABLE 48 Canada Artificial Intelligence in BFSI Market, 2020 - 2023, USD Million
TABLE 49 Canada Artificial Intelligence in BFSI Market, 2024 - 2031, USD Million
TABLE 50 Canada Artificial Intelligence in BFSI Market by Offering, 2020 - 2023, USD Million
TABLE 51 Canada Artificial Intelligence in BFSI Market by Offering, 2024 - 2031, USD Million
TABLE 52 Canada Artificial Intelligence in BFSI Market by Technology, 2020 - 2023, USD Million
TABLE 53 Canada Artificial Intelligence in BFSI Market by Technology, 2024 - 2031, USD Million
TABLE 54 Canada Artificial Intelligence in BFSI Market by Solution, 2020 - 2023, USD Million
TABLE 55 Canada Artificial Intelligence in BFSI Market by Solution, 2024 - 2031, USD Million
TABLE 56 Mexico Artificial Intelligence in BFSI Market, 2020 - 2023, USD Million
TABLE 57 Mexico Artificial Intelligence in BFSI Market, 2024 - 2031, USD Million
TABLE 58 Mexico Artificial Intelligence in BFSI Market by Offering, 2020 - 2023, USD Million
TABLE 59 Mexico Artificial Intelligence in BFSI Market by Offering, 2024 - 2031, USD Million
TABLE 60 Mexico Artificial Intelligence in BFSI Market by Technology, 2020 - 2023, USD Million
TABLE 61 Mexico Artificial Intelligence in BFSI Market by Technology, 2024 - 2031, USD Million
TABLE 62 Mexico Artificial Intelligence in BFSI Market by Solution, 2020 - 2023, USD Million
TABLE 63 Mexico Artificial Intelligence in BFSI Market by Solution, 2024 - 2031, USD Million
TABLE 64 Rest of North America Artificial Intelligence in BFSI Market, 2020 - 2023, USD Million
TABLE 65 Rest of North America Artificial Intelligence in BFSI Market, 2024 - 2031, USD Million
TABLE 66 Rest of North America Artificial Intelligence in BFSI Market by Offering, 2020 - 2023, USD Million
TABLE 67 Rest of North America Artificial Intelligence in BFSI Market by Offering, 2024 - 2031, USD Million
TABLE 68 Rest of North America Artificial Intelligence in BFSI Market by Technology, 2020 - 2023, USD Million
TABLE 69 Rest of North America Artificial Intelligence in BFSI Market by Technology, 2024 - 2031, USD Million
TABLE 70 Rest of North America Artificial Intelligence in BFSI Market by Solution, 2020 - 2023, USD Million
TABLE 71 Rest of North America Artificial Intelligence in BFSI Market by Solution, 2024 - 2031, USD Million
TABLE 72 Key Information – Microsoft Corporation
TABLE 73 Key Information – IBM Corporation
TABLE 74 Key Information – Palantir Technologies Inc.
TABLE 75 Key Information – Salesforce, Inc.
TABLE 76 Key Information – SAP SE
TABLE 77 Key Information – Baidu, Inc.
TABLE 78 Key Information – Google LLC
TABLE 79 Key Information – Amazon Web Services, Inc.
TABLE 80 Key Information – Oracle Corporation
TABLE 81 Key Information – Intel Corporation
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Artificial Intelligence in BFSI Market, 2020 - 2031, USD Million
FIG 3 Key Factors Impacting Artificial Intelligence Market
FIG 4 KBV Cardinal Matrix
FIG 5 Market Share Analysis, 2023
FIG 6 Key Leading Strategies: Percentage Distribution (2020-2024)
FIG 7 Key Strategic Move: (PARTNERSHIP, collaborations and agreements: 2021, Jun – 2024, apr) Leading Players
FIG 8 Porter’s Five Forces Analysis - Artificial Intelligence in BFSI
FIG 9 North America Artificial Intelligence in BFSI Market share by Offering, 2023
FIG 10 North America Artificial Intelligence in BFSI Market share by Offering, 2031
FIG 11 North America Artificial Intelligence in BFSI Market by Offering, 2020 - 2031, USD Million
FIG 12 North America Artificial Intelligence in BFSI Market share by Technology, 2023
FIG 13 North America Artificial Intelligence in BFSI Market share by Technology, 2031
FIG 14 North America Artificial Intelligence in BFSI Market by Technology, 2020 - 2031, USD Million
FIG 15 North America Artificial Intelligence in BFSI Market share by Solution, 2023
FIG 16 North America Artificial Intelligence in BFSI Market share by Solution, 2031
FIG 17 North America Artificial Intelligence in BFSI Market by Solution, 2020 - 2031, USD Million
FIG 18 North America Artificial Intelligence in BFSI Market share by Country, 2023
FIG 19 North America Artificial Intelligence in BFSI Market share by Country, 2031
FIG 20 North America Artificial Intelligence in BFSI Market by Country, 2020 - 2031, USD Million
FIG 21 SWOT Analysis: Microsoft Corporation
FIG 22 Recent strategies and developments: IBM Corporation
FIG 23 SWOT Analysis: IBM Corporation
FIG 24 SWOT Analysis: Palantir Technologies Inc.
FIG 25 Recent strategies and developments: Salesforce, Inc.
FIG 26 SWOT Analysis: Salesforce, Inc.
FIG 27 SWOT Analysis: SAP SE
FIG 28 SWOT Analysis: Baidu, Inc.
FIG 29 Recent strategies and developments: Google LLC
FIG 30 SWOT Analysis: Google LLC
FIG 31 SWOT Analysis: Amazon Web Services, Inc.
FIG 32 Recent strategies and developments: Oracle Corporation
FIG 33 SWOT Analysis: Oracle Corporation
FIG 34 SWOT Analysis: Intel corporation