According to a research report titled ‘Artificial Intelligence (AI) in BFSI Market Size By Component, By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision), By Application (Back Office/Operation, Customer Service, Financial Advisory, Risk Management, Compliance & Security), By End-Use (Bank, Insurance, Wealth Management), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, Artificial Intelligence (AI) in BFSI market is likely to garner sizeable returns by the year 2026.
 

Rising digitalization, and government initiatives for promoting AI usage in banking sector are primarily driving the Artificial Intelligence (AI) in BFSI market growth.
 

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For the record, AI is seen as the future of banking since it combines the power of modern data analytics to assist in fraud prevention and compliance improvement. Anti-money laundering operations could be completed in a shorter amount of time using AI algorithms, which would normally take a long time to design manually.
 

Incorporation of biometric fraud detection mechanism, AI bots, and digital payment advisers leading to reduced costs, high profits, and enhanced revenue is further multiplying the market share.
 

By technology, the market is classified into machine learning, computer vision, and natural language processing. Whereas, on the basis of end-use, the industry is segmented into insurance, bank, and wealth management.
 

Based on component terrain of Artificial Intelligence (AI) in BFSI market, customer behavior analytics solution segment is cited to witness a strong CAGR of 40% during the forecast period, due to inclination of organizations towards advanced ways to understand customer behavior. Meanwhile, professional services segment held 80% industry share in 2019, owing to demand for deployment & maintenance of AI solutions among retailers.
 

In terms of application, the bank/office segment is likely to expect a CAGR of 40% through 2026, owing to rising trends of digitalization and automation of banking operations.
 

Considering the regional outlook, Latin America AI in BFSI market is reckoned to grow at a CAGR of 43% over the study timeframe, owing to supportive government initiatives to promote the usage of AI in banking sector. Middle East & Africa market is cited to record 45% CAGR over the forecasted period, due to widespread digitalization.
 

The key players in Artificial Intelligence (AI) in BFSI marketplace are Amazon Web Services Inc., ComplyAdvantage, Descartes Labs Inc. , Google LLC,  ZestFinance Inc., SAP SE, Salesforce.com Inc., Palantir Technologies, Next IT Corp., Oracle Corp., Microsoft Corporation, Lexalytics Inc., IPsoft Inc., Interactions LLC, Intel Corporation, Inbenta Technologies Inc., Digital Reasoning Systems Inc., CognitiveScale, CAPE Analytics, Baidu Inc., and Avaamo.