According to a new report, published by KBV research, The Global Generative AI in BFSI Market size is expected to reach $8.7 billion by 2031, rising at a market growth of 32.7% CAGR during the forecast period.
The Banks segment is leading the Global Generative AI in BFSI Market by End-User in 2023; thereby, achieving a market value of $3.6 billion by 2031. In the banks segment, the primary driving factors for generative AI adoption are enhancing customer experience, automating complex processes, and improving operational efficiency. Banks use generative AI to streamline fraud detection, risk analysis, customer service personalization, and compliance management. By leveraging AI, banks can better handle large transaction volumes, detect unusual patterns for security purposes, and offer tailored financial advice, ultimately increasing customer satisfaction and retention.
The Fraud Detection segment captures a CAGR of 31.8 % during the forecast period. Generative AI aids in real-time detection and prevention of fraud by analyzing vast datasets for unusual patterns, allowing early identification of suspicious activities. The technology’s ability to learn from past fraud cases and adapt to new threats makes it invaluable, as cybercriminals constantly evolve their tactics. With rising financial fraud worldwide, BFSI institutions invest heavily in AI-driven fraud detection to safeguard assets, maintain customer trust, and adhere to stringent regulatory requirements.
Full Report: https://www.kbvresearch.com/generative-ai-in-bfsi-market/
The North America region dominated the Global Generative AI in BFSI Market by Region in 2023; thereby, achieving a market value of $3.3 billion by 2031. The Europe region is expected to witness a CAGR of 32.4% during (2024 - 2031). Additionally, The Asia Pacific region would register a CAGR of 33.4% during (2024 - 2031).
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