According to a new report, published by KBV research, The Global Artificial Intelligence in BFSI Market size is expected to reach $252 billion by 2031, rising at a market growth of 32.3% CAGR during the forecast period.
BFSI organizations are leveraging AI to streamline regulatory compliance processes, automate regulatory reporting, and monitor changes in regulatory landscapes. AI-powered compliance solutions enable real-time risk assessment, audit trail generation, and proactive compliance monitoring, reducing regulatory burdens and operational costs. AI algorithms analyze network traffic, identify suspicious activities, and adapt to evolving cyber threats, bolstering cybersecurity defenses, and safeguarding sensitive financial data.
The Software segment is registering a CAGR of 31.7 % during the forecast period. BFSI institutions leverage AI-powered software solutions to analyze vast data, extract insights, and predict future outcomes. Advanced analytics enable financial institutions to identify patterns, trends, and anomalies in customer behavior, and risk factors. As per the data published in 2022 by the Government of Spain, 24% of Spanish SMEs have adopted e-commerce and 62% have at least a rudimentary level of digital intensity.
The Machine Learning segment is generating the highest revenue in the Global Artificial Intelligence in BFSI Market by Technology in 2023, thereby, achieving a market value of $102.9 billion by 2031. By analyzing large volumes of structured and unstructured data, machine learning models identify patterns, correlations, and trends that traditional analytics approaches may overlook. This data-driven approach empowers BFSI organizations to enhance risk management and identify growth opportunities. Thus, these aspects will pose lucrative growth prospects for the segment.
The Chatbots segment is experiencing a CAGR of 31.3 % during the forecast period. Chatbots help BFSI institutions reduce operational costs associated with manual customer service operations and call center support by automating routine inquiries, transactional tasks, and customer support interactions. Chatbots handle many inquiries simultaneously, thereby improving operational efficiency and resource utilization. Hence, these aspects will boost the demand in the segment.
Full Report: https://www.kbvresearch.com/artificial-intelligence-in-bfsi-market/
The North America region dominated the Global Artificial Intelligence in BFSI Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $87.1 billion by 2031. The Europe region is poised to grow at a CAGR of 31.8% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 33.2% during (2024 - 2031).
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