Artificial Intelligence (AI) in BFSI Market to Grow With a High CAGR through 2028F

According to TechSci research report, “Artificial Intelligence (AI) in BFSI Market – Global Industry size, Share, Trends, Opportunity, and Forecast, 2018-2028F”. the global artificial intelligence (AI) in BFSI market is projected to expand in the coming years. The increasing demand for AI-based security features is indeed expected to drive market growth in the AI industry. With the growing digitalization of financial services, cybersecurity threats have become more sophisticated and prevalent. AI-based security solutions can provide advanced threat detection and prevention capabilities, leveraging machine learning algorithms to identify patterns and anomalies that indicate potential attacks. The demand for AI-powered security features is driven by the need to protect sensitive financial data and infrastructure from cyber threats. AI algorithms can analyze large volumes of data in real-time, enabling quicker and more accurate detection of security breaches and anomalies. By continuously monitoring network traffic, user behavior, and system logs, AI systems can identify and respond to security incidents promptly. This proactive approach to threat detection is vital for the BFSI sector, which faces constant cybersecurity risks. AI-based security features can significantly improve fraud prevention in the BFSI sector. Machine learning algorithms can analyze transaction data, customer behavior, and historical patterns to identify fraudulent activities with greater accuracy. By leveraging AI, financial institutions can detect and prevent fraud attempts in real-time, minimizing financial losses, and protecting their customers' assets.

AI can enhance authentication processes by incorporating behavioral biometrics and user behavior analysis. By continuously learning and recognizing patterns of user behavior, AI-powered systems can strengthen authentication mechanisms and detect unauthorized access attempts. Adaptive authentication solutions improve security while maintaining a seamless user experience, making them increasingly in demand. AI can automate incident response processes, allowing for rapid and effective threat mitigation. AI systems can identify and contain security incidents, initiate automated response actions, and provide security teams with real-time intelligence and insights to facilitate quick decision-making. The demand for AI-driven threat response capabilities is driven by the need to minimize the impact of security breaches and reduce response times. The BFSI sector is subject to strict regulatory frameworks concerning data protection and privacy. AI-based security solutions can assist in achieving compliance by providing robust data protection mechanisms, ensuring secure access controls, and facilitating audit trails. The demand for AI solutions in security arises from the need to meet regulatory requirements and avoid penalties.

As the BFSI sector recognizes the increasing importance of robust security measures, the demand for AI-based security features is expected to grow. AI's ability to analyze large datasets, detect threats in real-time, and automate security processes makes it an asset in protecting sensitive financial information and infrastructure. As a result, the market for AI-based security solutions is anticipated to witness significant growth in the coming years.

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Global artificial intelligence (AI) in BFSI market can be segmented based on component, technology, application, and region. Based on component, the market can be segmented into solutions and services.  By technology, the market can be segmented into machine learning, natural processing language, computer vision, and others. By application, the market can be segmented into back office, customer service, financial advisory, risk management & compliance, and others.

In terms of revenue, North America dominated the market. Due to the growing adoption of technologies and the presence of major market players in the region, North America dominated the global artificial intelligence (AI) in BFSI market in 2021. To remain competitive in the market, major corporations are creating advancements in technologies and introducing new products.

Major market players operating in the global artificial intelligence (AI) in BFSI market are:

          ·         International Business Machines Corporation

          ·         Amazon Web Services (AWS)

          ·         Microsoft Corporation

          ·         Alibaba Group Holding Limited

          ·         ATOS SE

          ·         Cape Analytics LLC

          ·         Avaamo, Inc

          ·         Tata Consultancy Services Limited

          ·         The Hewlett Packard Enterprise Company

          ·         HCL Technologies Limited

          ·         Oracle Corporation

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“Global Artificial Intelligence (AI) in BFSI market is expected to grow at a robust pace on account of technological advancements. Factors like the growing expenditure capacity of consumers and rapid urbanization, globalization, and digitalization are making the users aware of the advancements in technology to live a quality life, and are anticipated to propel the demand for Artificial Intelligence (AI) in BFSI across the country over the next five years.”, said Mr. Karan Chechi, research director with TechSci research, a research-based global management consulting firm.

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